Fantasy Sports Industry Hails Regulatory Certainty: Believes it will help propel growth
FIFS’ 36 members, which doubled in the last six months, deliberated on the upcoming regulatory and tax regulations at the FIFS members meeting
National, March 4, 2023: The Federation of Indian Fantasy Sports (FIFS), at its member meeting on 3rd March 2023, lauded the Government’s initiative to provide regulatory certainty to the online gaming industry with the appointment of MeitY as the nodal ministry.
Addressing the online gaming industry leaders, Shri Mauvin Godinho, Goa’s Transport, Industries, Panchayat, and Protocol Minister, said, “Recognising the potential of start-ups in creating employment and attracting investments, Goa has formulated a start-up policy. The Government of Goa is keen to attract investments from the Online Gaming sector which is expected to attract billions of dollars in investments. Goa is truly an inspiring destination and considering online gaming is about creativity, Goa is the best place for innovation in online gaming. I urge the industry to invest in Goa and the government will provide all required support”
FIFS shared its vision for the current year as the Federation looks to bring more fantasy sports platforms under its wing and help the industry achieve responsible growth in a structured and collaborative manner.
The meet deliberated on the regulations for the online gaming industry in the Union Budget 2023, the future of the AVGC sector, the appointment of the Ministry of Electronics and Information Technology (MeitY) as the nodal ministry for skill-based online games and changing policy landscape for the industry.
Speaking about the event, Joy Bhattacharjya, Director General of FIFS said, “The Goa meet has provided an excellent opportunity for the industry to come together and discuss important policy changes that impact the fantasy sports industry. The fantasy sports industry contributes extensively to the growth of the country’s economy and we hope to continue on the same path in the coming years. We hope that the discussions and insights shared at this members meet will help set the stage for a bright future for the industry. We are confident that through collaborations such as this, we can pave the way for more robust and sustainable growth of the industry in India.”
The forum gave FIFS members an opportunity to discuss prospects of the fantasy sports market in India while planning for the most effective ways to grow responsibly. The occasion provided the members with a platform to voice their opinions and concerns and gain a broader perspective over the industry’s development.
About Federation of Indian Fantasy Sports (FIFS)
Formed in 2017, the Federation of Indian Fantasy Sports (FIFS) is India’s first and only dedicated Fantasy Sports industry body, established to protect consumer interest and create standardized best practices in the FS industry. FIFS aims to create a thriving ecosystem for FS users and operators by creating guidelines for a common set of practices and setting standards of operation. FIFS works with key industry stakeholders and liaisons with policymakers to support sustained growth of the industry.