India cracks down on betting games

News Summary

  • Fantasy sports startups insist that their offerings test customers’ skills and is different from gambling.“Steep growth in fantasy sports gaming will come from tier 2 cities driven by increasing adoption of fantasy platforms and cross-migration of users from other games.
  • Additionally, online games will not be permitted, either directly or through a third-party, to offer credit financing options to their users.The vast majority of betting games focus on IPL, a two-month long T20 cricket tournament.
  • An earlier version of the story focused on the amendment to rules pertaining to online games betting.
  • “We have seen over the last few months many startups running afoul of state laws, state rules and state regulations.
  • Revenue for fantasy sports is estimated to grow as much as 35% this year to over $375 million, according to consultancy firm Redseer.
  • Our estimates suggest that the average revenue per user is expected to grow from INR 410 ($5) in IPL 2022 to INR 440 ($5.37) per user in IPL 2023,” the firm said.Jagmeet Singh contributed to this report.
India is cracking down on games that offer betting services by amending its IT Rules 2021 that will require selfregulatory bodies to ban apps that offer wagering, potentially disrupting a wide range [+2116 chars]