04 February,2022 04:55 PM IST | Mumbai | BrandMedia
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Citing the increasing use of mobile games by minors in India, Modi believes a comprehensive framework for online gaming will help limit the number of young people getting addicted to online slots in the future.
"Crores and crores of youngsters have become addicted to online gaming. As it is online, it is very difficult to prevent kids from getting addicted," he said.
In an article with the Indian Express, he argued how a new and refined regulatory approach could make sense for all Indian nationals.
"Online gaming falls in a regulatory grey area, and there is no comprehensive legislation with respect to its legality, or its boundaries with gambling and betting even as the applicable tax rate is being debated in relevant circles."
"A well-regulated online gaming industry presents compelling advantages in terms of economic benefits too. This industry is expected to generate revenues in excess of Rs 29,000 crore in 2025 with over 65.7 crore users. It is estimated that more than 15,000 direct and indirect jobs will be created."
His thoughts echo the sentiments of recent research published by ENV Media, which offers compelling reasons for establishing a national authority on gambling in India.
The paper, titled Off-Shore Gambling Licenses And Regulated Markets, argues the ability to scrutinise betting practices on hugely popular events, such as the Indian Premier League, will help limit the prospect of illegal gambling in India and promote customer safety.
"Investigations into the infiltration of organised crime groups have repeatedly proven that even some mature markets are subjected to illegal online gaming," the research surmises.
"The practically unlimited list of risks that players are exposed to create potential weak points in the system where negligent, fraudulent, or criminal operators and organisations might seize the chance to act. Gaming services of inferior quality, transparency, and legality lead to unfair loss of funds, odds tampering (e.g., improper RNG or low RTP), and even real-world event manipulation."
Match-fixing is an area where all parties agree on a zero-tolerance policy. It has long been the scourge of cricket, with several spot-fixing scandals embroiling more vulnerable regions in recent years.
Enhanced IPL betting regulation from the Indian government helps remove the likelihood of corruption from all facets of the sport and is another crucial benefit to implementing a regulatory body in India.
Summing up his points on the need for a gambling regulator, Modi also suggested that the industry tackle the issues at hand with a careful and responsible approach - a point the ENV Media research paper also makes.
He writes: "A Gaming Authority at the central government should be created while various forms of self-regulation are encouraged for the industry. This authority could be made responsible for the online gaming industry, monitoring its operations, preventing societal issues, suitably classifying games of skill or chance, overseeing consumer protection, and combatting illegality and crime."
The ENV paper agrees - furthering: "Most Gambling Control bodies are members of the International Association of Gaming Regulators (IAGR). They also have to be transparent about the rules, procedures, and monitoring of the issue and enforce in fields like technology, finance, operational capacity and mechanisms, and other legitimacy requirements. These dedicated public authority bodies are usually delegated with the power to impose fines, renew or revoke licenses and much more."
A consensus is beginning to formulate in India - but will the government and the relevant online betting sites act to ensure maximum safety and security for its consumers? Only time will tell!
