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Panaji, Aug 2 (IANS) The All India Gaming Federation on Monday announced its partnership with international management consulting firm Arthur D. Little, which is aimed at developing best industry practices and a self-regulatory process covering all aspects of the online gaming business, according to an official statement.
"With the help of Arthur D. Little's expertise in understanding changing business ecosystems, we aim to support the overall online gaming industry of India. Moving forward, this exercise would help both the federation and the member stakeholders in laying down industry best practices and setting concrete foundations for the self-regulatory landscape," a joint statement issued by the Federation and the consultancy firm said.
According to the statement, the online skill gaming industry in India, which has generated a double-digit compound annual growth rate over the last three years, follows a "self-regulatory model which incorporates the necessary checks and balances to ensure sufficient responsible gaming and protection of players".
"With the exponential growth seen in the industry over the last 3 years, the need to strengthen the self-regulatory process was imperative. By adopting extensive compliance audits for its members with the help of ADL, the aim is to validate the games across parameters comprising user verification standards, player protection, responsible gaming practices, financial integrity, conflict redressal, advertising and promotions as well as legal and gaming compliances," the statement also said.
According to a 2021 report prepared by Federation of Indian Chambers of Commerce and Industry (FICCI), in association with knowledge provider EY, the online gaming segment grew 18 percent in 2020 to reach Rs. 77 billion, as online gamers increased by 20 percent from 300 million in 2019 to 360 million in 2020.
"Transaction-based game revenues increased by 21 percent due to fantasy sports and casual gaming revenues increased by 8 percent, led by in-app purchases. It is estimated that the online gaming industry will continue to grow to double revenues to INR 150 billion by 2023 and reach 500 million gamers by 2025 to become the third-largest segment of the Indian M&E sector," the statement said.
--IANS
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