- December 29, 2023
When new regulations came out in the beginning of this year for the online gaming industry, self-regulatory bodies were part of regulations. It was proposed that these self-regulatory bodies will certify games and will oversee the online gaming industry. Any game played on the online gaming platforms such as lotusbook247 sign up would need clearance from one of these bodies.
Now the government has put a hold on the formation of such bodies. However the leading online gaming platforms are seeking a fresh look at the formation of these self-regulatory bodies. Top management of leading online gaming platforms and fantasy sports feel that with a better regulatory framework, the industry will process fast. The oversight mechanism will also unlock the potential of the industry.
Several founders of leading online gaming companies mentioned the role of SEBI in creating a growth path for the stock market in the country through an oversight mechanism. They want something in similar nature for online gaming. They prefer a three tier oversight mechanism which will also supervise the self-regulatory body. However, the role of a self-regulatory body needs to be free from any intervention. It should be an independent body for better managing different aspects of the gaming industry in the country. The trust factor which is crucial for success of any institute will come only with an independent role.
Gamers will also bet and wager freely with Lotusbook247 Sign up without any doubt in their minds. Though, goods and services taxation laws have indirectly made betting legal in the country, betting is still banned in many stares of the union. Also the ambiguity on game of skill and game of chance persists.
An independent self-regulatory body can clear many doubts regarding skill games or chance games. Not only will it certify the games for Lotus book 247 Sign up, but also will ensure that games are categorized for betting and wagering with clear rules.
