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Online Gaming At Crossroads, 2022 May Be Decisive Year For Anxious Industry – 2021 In Review – Outlook India

The year 2021 was marked by a gradual economic recovery with most sectors limping back to normalcy especially towards the latter half of the year. However, one sector that was a topic of considerable debate and discussion, both in the media, in the courts, in parliament and state legislatures was online gaming. (More Sports News)

Given its sheer rise in popularity and consumption, the impact of online gaming on Indian society was a matter of argument as some states and operators seemed to be on different pages.

Proponents of the industry highlighted the contribution of the industry to the economic, employment and growth of the technology services industry while many others, including those in Parliament and media, questioned the industry’s close connection to gambling and betting as well as propensity to cause addiction, health-related issues and financial losses.

Notwithstanding this polarising debate happening in various fora, by all estimations, the online gaming industry has seen impressive growth over the last few years, especially post the Covid-19 pandemic.

GROWING DAILY

As per a recent KPMG report, the online gaming industry is worth Rs 13,600 crores as of Financial Year (FY) 2020-21 and the industry is expected to more than double within the next four years to reach a total market size of Rs 29,000 crores by FY 2025, with a compounded annual growth rate of around 21 per cent.

The report estimates that the total number of users of online gaming apps in India are around 43.3 crores, which is almost 50 per cent of the total population in the 15-64 years age bracket.

The consulting firm’s analysis also indicates that more than 50 per cent of the contribution to the revenues of the online gaming industry currently is from real money card or fantasy games. These are online games where users have to stake or put his own money and play against other users for cash prizes.

REGULATORY TURBULENCE

Despite the meteoric growth of online real money games and aggressive advertising on television as well as through sports sponsorships, the online skill-based real money gaming industry has faced turbulence over the past couple of years, with state governments increasingly taking note of the potential problems of addictiveness and financial losses caused due to online games.

The issue of online games and its impact on the youth has been raised multiple times in Parliament. In the Rajya Sabha, earlier this month, BJP MP and former Bihar deputy chief minister Sushil Kumar Modi raised the issue in Zero Hour. Modi noted that uniform taxation and regulation of online games was the need of the hour.

Twenty-one other MPs across parties and regions agreed and associated themselves with the matter, with Vice-President M. Venkaiah Naidu (who was presiding the proceedings as Rajya Sabha Chairman) intervening and asking Union Information Technology Minister Ashwini Vaishnaw to look at the issue.

AGAINST ADDICTION

Several other MPs have also raised similar questions on various occasions in both Houses of Parliament. Although the central government has maintained a consistent stand …….

Source: https://www.outlookindia.com/website/story/sports-news-online-gaming-at-crossroads-2022-may-be-decisive-year-for-anxious-industry-2021-in-review/406087

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Warhammer 40,000 Finds New Fans During Pandemic Gaming Boom – The New York Times

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