The online gaming market is booming thanks to technology. Now, fantasy sports and online games are not just for entertainment purposes. Online games are platforms to show off your skill set and use your knowledge to earn exciting rewards. Since the launch of the first video game in 1950, online gaming has not stopped growing.
Online gaming businesses around the world
In the year 2020, the global gaming market was approximately $62 million. According to statistics, the business will be worth $300 billion by 2026. Mobile gaming accounts for nearly 50% of the stock market and generates $80 billion worth of revenue. Online gaming is the family of streamliners, developers, publishers, gaming arenas, trainers, and 2.5 billion users worldwide.
Online gaming startups have grown in India in recent years and have attracted huge funding from domestic and foreign investors of more than $1 million. Gaming platform shares are split between the US and China equally at 24% each, Asia-Pacific excluding China is 23%, Latin America is 4%, Canada is 2 % and finally Europe, Africa and the Middle East have 23% of the shares.
Even after such a huge success and huge user base, the Indian government is not considering online gambling legal. In several states in India, fantasy sports are not allowed and are considered gambling. Pandemic just doubled the growth of the online gaming and fantasy sports industry in India in terms of fantasy sports app development and fantasy sports app platforms.
The government needs to look at online gaming with an open mind and understand it deeply, rather than considering all online gaming as gambling. The government can target betting and gambling, but should avoid fantasy sports. However, fantasy sports can help the government generate huge revenue and boost the country’s economy.
Types of online games
One of the most popular gaming platforms for sports fans. Online fantasy is completely different from other game styles. The user creates his online team from real players เว็บบอล who play on the field. User performance is entirely dependent on the player and actual game stats.
IPL is the most loved format of Fantasy Sports in India. In addition to gaming, many users religiously follow live scores and matches on fantasy sports platforms. It is not a game of chance; you need skills and knowledge of the game to play and earn rewards. “NITI Aayog” has published guidelines for playing fantasy sports. Users can play fantasy sports for free and for real money.
The fantasy sports industry is growing and the user base is increasing exponentially. Due to the involvement of money and few cases in the fantasy platform, the government considered it as a gambling platform and does not consider it legal at the central level. Online fantasy platforms follow all the rules of the Advertising Standards Council of India.