India should create a regulatory agency to regulate online gambling based on skill or chance, introduce laws to curb banned types and take tough decisions on online gambling, a panel said the government according to Reuters reports.
The long-awaited news is seen to shape the future of the Indian gambling industry, which is estimated to grow to $5 billion by 2025 from $1.5 billion now.
Here are some of the details that respected legal experts put forward in his journal:
-The federal government should consider issuing a separate law to regulate online gambling as a "long-term measure". As an "interim measure “until this new law is introduced, the company can be regulated by the rules prescribed under the IT Act in India.
-The IT Ministry of India will act as the central information for online gaming, excluding e-sports and gambling.
- Any new regulations should apply to both real money and free games, including esports, online fantasy games, card games and other casual games that can have a significant impact. The law will apply to both gaming companies in India and those operating outside but targeting Indian users.
-Make this a regulatory body for online gambling companies, which will among other things determine what is considered a game of skill and certification of different game formats.
- The introduction of a provision for a "code of ethics" for sports publishers; Conduct due diligence of online gaming platforms, including strong complaint redressal procedures and mandatory customer-your-customer standards.
-Any online game that offers real money to Indian users online games must have a legal entity under the laws of India. Give the government a ban on unregistered online gambling platforms.
- Have a three-level dispute resolution system, which consists of the gambling platform, the independent regulatory body of the gambling platforms and the supervisory committee led by qualified officials.
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