New Online Gaming Rules to Spur Innovation, Boost Investor Confidence
The industry on Thursday said the new rules for online gaming will spur innovation, boost investor confidence and weed out gambling platforms while making the sector globally competitive.
The norms are expected to help reduce regulatory fragmentation at the state level, and foster a more stable business environment, the industry said in one voice as it described the regulations as "watershed moment", "game-changer" and "landmark".
All India Gaming Federation (AIGF) termed it a decisive first step for comprehensive regulation for online gaming, one that will propel the industry to compete globally, while WinZO games said the move "truly brings the dawn of a global gaming industry right here in India".
The government on Thursday released new rules for online gaming that prohibit games involving betting and wagering, and entail an institutional framework of multiple self-regulatory organisations (SROs) to determine permissibility of an online game.
Under the rules, the SROs (three SROs will be notified to begin with) will have to publish a framework to safeguard users against the risk of gaming addiction, financial loss and financial fraud on its website.
The framework should include repeated warning messages at higher frequency beyond a reasonable duration for a gaming session and provision to enable a user to exclude himself upon user-defined limits being reached for time or money spent.
“...we are grateful to MeitY (IT Ministry) for notifying the amendments to regulate online gaming under the Indian Information Technology Act, and acknowledging the long-standing demand of the gamers and the online gaming industry," Roland Landers, CEO, All India Gaming Federation, said.
The government recognised the industry demands and
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