Esports and fantasy sports are two contemporary examples of skill gaming hobbies that have flourished in India. The last few years have seen the esports sector grow rapidly. This is partly spurred by the rising use of the internet in India and the rise in popularity of skill-based video games among Indians.

According to a KPMG report published earlier in 2022, more than 420 million individuals play online games in India. The analysis further highlighted the fact that the esports business would soon grow five times larger.

The industry of online skill games is already growing economically for the government currently. Luring investments in the startup ecosystem promotes innovation and economic development in India. An ET report claims, the market for online skill games is presently estimated at INR 150,000 crore, and it is poised to reach INR 11 billion by 2025.

Growing landscape of Gaming

According to Statista, between 2022 and 2030, the worldwide eSports industry is anticipated to expand at a compound annual growth rate of 21.9%. In 2030, it is predicted that the global eSports market will be valued at 5.74 billion US dollars. The market growth variables include expanding live-streaming of games, sizable investments, growing audience reach, engagement initiatives, and infrastructure for league competitions.

Furthermore, influencers, gamers, event planners, and game developers gain from the lucrative prospects of the industry’s growing professionalization. Due to the growing popularity of gaming competitions, one-to-one sponsorships, streaming earnings, and extensive international prize pools, millennials’ view esports as a viable alternative for a professional career. In order to foster the development of qualified professionals, schools and institutions have also begun offering specialized esports programs.

Sectors of Online Skill Gaming and the Call for Regulation

Industry experts and High Courts all around the country have started to draw attention to the shortcomings of the laws and demand that the government creates regulatory standards.

Online skill gaming companies that cater to the esports community have been more vocal in their requests for an express affirmation of the legality of their service. Companies emphasize that skill-based games are legal, according to organizations like the All India Gaming Federation (AIGF), Federation of Indian Fantasy Sports (FIFS), and eSports League (ESL) firms.

Experts are astonished by how the government fails to collect the tax and licensing revenues that may result from regulation, while hindering the expansion of skill gaming enterprises. When creating regulatory guidelines will promote responsible gaming, the potential for tax revenue and job growth should be enough to persuade authorities to fill the gap.

States that have already barred skill gaming have effectively suppressed local firms while failing to prevent residents from accessing legal offshore online gambling sites. Currently, certain governments, including Maharashtra, are attempting to legalize the entire industry. Courts have encouraged the governments of Kerala and Karnataka to embrace modern regulations.

A bill to regulate virtual sports has just been put out in Rajasthan and was created to control fantasy sports in the state. After the draft’s made available for public comment, organizations like the Skill Games Council of India and the E-Gaming Federation (EGF) came out, urging the government to include regulations for all other skill games as well as fantasy ones in the draft.

The Road Ahead

With the ever-changing landscape, India is currently emerging as a significant Esports and gaming hub due to a large number of players and the audience. The pro-gamers have access to a sizable prize fund because of the events. When you include fantasy in the picture, the audience is likewise inundated with numerous awards. Hence, the popularity of fantasy Esports is rising and will grow even more. So, keep up with all the evolving trends to stay ahead of the game.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.