The government has decided not to set up a single regulator for online gaming. Instead, it is considering the establishment of an independent regulator to ensure that only registered businesses can operate in this area.
The National Law University (NLU) Delhi is currently collecting opinions from industry stakeholders to determine the best course of action for gaming regulations. The NLU is in the process of organising discussions with various stakeholders to find a balance between industry growth and regulation. This balance can be achieved through joint discussions between the industry, stakeholders, regulators, and in-depth research on regulatory needs.
The government had previously proposed creating multiple self-regulatory bodies (SRBs) under the proposed IT Rules 2023 to oversee gaming companies’ operations. However, this proposal was met with criticism that the SRBs might be biased against major industry players, resulting in the abandonment of the idea in early 2024.
The online gaming sector in India, now worth around $3 billion, largely benefits from real-money platforms. A recent report highlights India’s increasing competitiveness in the online gaming industry, making it the world’s largest gaming market, with 568 million gamers and over 9.5 billion gaming app downloads in 2023.
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Anuraag Saxena, CEO of the E-Gaming Federation, expressed gratitude to the government for recognising the necessity for regulatory clarity in the sector. According to Saxena, proper regulations will enable the sustainable growth of the online gaming industry while also safeguarding consumers and maintaining ethical standards.
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