NEW DELHI (India CSR): The Indian Gaming Convention (IGC) 2024, held at the Taj Palace, New Delhi, brought together key stakeholders to discuss the future of India’s online gaming industry and the critical need for regulations in online gambling.
Brijesh Singh, Principal Secretary to the Chief Minister, Government of Maharashtra, emphasized the urgency of a dedicated legislative framework for online gambling.
A Need for Fresh Legislation
“We need to have a specific act on online gambling. We should look at how society operates and then come up with an appropriate set of regulations. There is a need for a fresh look at the gambling legislation,” said Shri Singh during a panel discussion titled “Wolf in Sheep’s Clothing: Emerging Cyberthreats from Unchecked Online Betting and Gambling.” He stressed that the rise of online betting has brought forth new challenges, and a well-defined regulatory approach is essential.
Enhancing Enforcement and Cyber Protection
On the enforcement front, Shri Singh highlighted the importance of building capabilities within law enforcement. “On the enforcement side, I believe we need capacity and capability. We also need a real-time flow of information with law enforcement. We will soon have a Human Cybercrime Protection Policy,” he added. His comments underline the need for stronger collaboration between the tech industry and law enforcement agencies to ensure user safety.
He further emphasized, “As we embrace the digital era, it is critical to ensure that our people are protected from the emerging cyberthreats associated with online betting and gambling. Technological advancements are becoming stronger, and while they offer great potential, they also bring increased risks.” Shri Singh called for proactive measures, such as in-app warnings, to protect users from cyber risks.
Diverse Perspectives on Regulation
The discussion was moderated by Vivan Sharan, Partner at Koan Advisory Group, and featured industry experts like Vinit Goenka, Founder Secretary of the Centre for Knowledge Sovereignty. Mr. Goenka emphasized the need for consistent regulations across states. “Different states think in different ways, but there is a need for uniform reforms at the central level that identify black holes. We should invest a small amount of revenue generated by a state to create awareness. There has to be a robust mechanism for consumer protection,” said Goenka.
India’s Potential in the Global Gaming Arena
The IGC 2024 theme, “India—the Next Superpower in Gaming,” reflects India’s potential to become a global leader in the gaming industry. With the sector currently valued at $3.1 billion, a recent report projects it to reach $60 billion by 2034. Despite the challenges surrounding regulation and taxation, international investors remain optimistic. The United States alone has invested $1.7 billion in India’s gaming sector, highlighting the confidence in the market’s growth.
Advocating for Responsible Gaming
As the gaming industry expands, the conversation around responsible gaming becomes more critical. Rusen Kumar, Founder and CEO of India CSR, emphasized the importance of balancing freedom and responsibility. “India, as a democratic market, must foster responsible gaming practices that protect consumers while supporting industry growth. Balancing freedom and responsibility is key to ensuring that the sector thrives without compromising on ethical standards,” said Kumar. His comments highlight the need for the industry to adopt practices that ensure user protection while encouraging growth.
The Role of the Internet and Mobile Association of India (IAMAI)
The Internet and Mobile Association of India (IAMAI), a not-for-profit industry body with 580 members, organized the IGC 2024. IAMAI has played a pivotal role in shaping India’s digital economy. It advocates for free and fair competition and progressive policies that support both businesses and consumers. With its focus on public policy, advocacy, research, and promoting consumer trust, IAMAI aims to ensure the sustainable growth of India’s digital landscape.
Partners in Innovation and Growth
The convention featured significant partners like Meta as the Title Partner, alongside Salesforce, Veve, Google Cloud, Bureau, and others. These collaborations aim to drive discussions that shape the future of India’s gaming industry, focusing on innovation and regulatory improvements.
A Path Forward for India’s Gaming Industry
The Indian Gaming Convention 2024 highlighted the urgent need for a dedicated legal framework for online gambling, with experts advocating for uniform regulations, enhanced enforcement capabilities, and consumer protection. As India’s gaming market continues to grow, creating a balanced and responsible ecosystem will be key to ensuring sustainable development. With collaboration between industry leaders, policymakers, and global investors, India is poised to become a leading player in the global gaming arena.
(India CSR)
