Gandhinagar: The Minister of Sports of Gujarat, Hon’ble Shri Harsh Sanghvi, during the round table discussion on The Dialogue and Regulation of Indian Fantasy Sports Platform organized by Gujarat National Law University (GNLU), emphasized the need for progressive policy-based regulation in the region. . Mr. Sanghvi believed that in order to be able to draft more effective, progressive and inclusive regulation, it is important to evaluate the socio-economic impact of fantasy games and the obstacles faced by the platform. The Round Table was organized against the backdrop of the vision set by the Hon’ble Prime Minister for the AVGC sector and India’s potential to become a global mobile gaming hub.
While interacting with leading Indian experts, academics and lawyers on fictional sports, Mr. Sanghvi explored the potential of this sunrise area which is also recognized by the Policy Commission and ways that can help Gujarat to promote this industry to take full advantage of its potential as a sports driver. Suggested. Development, economic growth and job creation. The Forward-Looking Sports Policy recently launched by the Government of Gujarat also recognizes the key role of sports technology in the promotion of sports in Gujarat and proposes to set up a start-up incubator to promote technology based sports start-ups.
Justice Mohit S. Shah, a former Chief Justice of the Bombay High Court, was the keynote speaker and he recognized the nature of the development of technology in sports while highlighting the positive development of fantasy sports. He pointed out that the various approaches adopted by the state governments are creating regulatory barriers for fictional sports platforms. To address this, he stressed the need for the center to establish a uniform regulatory framework.
Two round table discussions were held after the keynote address by Justice Mohit S Shah. Participants came from a variety of backgrounds, including economists, sports journalists, academics, lawyers, and more. The round table discussion covered two topics – “The role of fiction as a driver of economic growth and sports development” and “The need for a uniform regulatory framework for security” promotes consumer interests and responsible growth. “
The main takeaways from the following sessions were:
Given that fictional sports are a sunrise field, it is imperative that the center intervenes and introduce a uniform national level regulatory framework to reduce the uncertainty currently facing the platform to unlock their full potential.
Fantasy sports industry helps drive investment, innovation and wealth creation. The need of the hour is to create a competent regulatory environment that will invest more in the sector and increase employment. The industry also supports ancillary industries, including technology solution providers, sports analytics, content streaming, sports travel and merchandising, marketing and creative services.
Fantasy sports industry contributes significantly to the development of sports ecosystem in India. Many fictional sports brands are actively supporting the sports ecosystem by supporting grassroots level sports development, adoption of athletes, etc.
● The fictional sports industry will be regulated by a comprehensive framework of guiding principles promoting responsible innovation and user safety as directed by the Policy Commission.
● While the industry is still in the early stages of development, a government-recognized SRO with a panel of experts will be able to promote light-touch regulation to protect the interests of consumers and promote innovation in the industry.
There is a need for a united front in which the gaming industry stakeholders need to come together to build consensus on the type of regulation they want and how it should be implemented.
Empowering the fictional sports industry is in line with the government’s vision that India should explore expanding its footprint in the online gaming sector, which has a huge international market and is emerging as a global leader.