‘Self-regulation key to responsible growth of online fantasy sports’

New Delhi, Jan 14 : In December 2020, the NITI Aayog released the first-of-its-kind draft guidelines, titled ‘Guiding Principles for the Uniform National-Level Regulation of Online Fantasy Sports Platforms in India’. These guidelines emphasise the need to differentiate between fantasy sports and online gaming, create an independent identity of the fantasy sports industry, and appoint a single-purpose self-regulatory industry body for governance.
The guidelines highlight the contribution of the Indian fantasy sports industry towards the growth of sports.
Commending NITI Aayog on the progressive guidelines, Shailesh Haribhakti, Chartered and Cost Accountant and a veteran industry leader, said, “NITI Aayog has taken progressive steps to pave the way for setting up a safe-harbour for the Online Fantasy Sports industry and provide the much-needed impetus for growth and innovation. For an industry as vibrant as fantasy sports, self-regulation is the ideal mode of governance to ensure sustained innovation and responsible conduct from the operators.” “NITI Aayog’s proposition to set up a single self-regulatory organisation (SRO) recognised by the government, is noteworthy. A self-regulatory mechanism will ensure that the OFS industry functions in a manner that continues to benefit and protect the interests of the consumers while maintaining a governance framework that deters unscrupulous operators.” Creating and growing this category also ties in with Prime Minister Narendra Modi’s vision of creating an ‘Aatmanirbhar Bharat’, where growth is tied to self-reliance and employment generation, he added.
As per the NITI Aayog guidelines, the online fantasy sports sector is expected to contribute nearly Rs 10,000 crore to the Indian government over the next 2-3 years by way of taxes. And in the coming few years, it also has the potential to attract FDI of more than Rs 10,000 crore and generate additional 12,000 direct and indirect jobs.