Technology has made life easier on many fronts and hassle-free. The change has been a marked one even for the gaming industry. In the last few years, the concept of Fantasy Sports in India has picked up a significant pace.
What Is Fantasy Sports?
Visiting the stadium or sitting in front of the television is the average way to watch and enjoy a sports game for most fans. But there has always been a gap between fans and sports, and Fantasy Sports in India are one way to bridge that gap.
Fantasy Sports in India involve a skill-based game formation where a sports fan creates a virtual team of real players. Such teams are replete with captains and vice-captains and playing positions where fans can join for paid contests on the fantasy sports platform. Consequently, based on the player's performance, fantasy points are earned, and the players who earn the most fantasy points earn cash rewards based on their ranking and the type of contest.
Significance Of Fantasy Sports in India
The concept of Fantasy Sports in India is relatively new compared to existing markets such as USA and Canada. It is commendable to see how the number of sports fans enjoying Fantasy Sports in India has risen over the past few years. A passion for cricket is one of the main reasons for the massive growth of Fantasy Sports in India.
Moreover, a key revolution in 4G technology is another reason why the idea of fantasy sports has picked up in the country. In the last few years, smartphones have become quite wide and popular, and the enabling of 4G technology on these phones has further aided the growth of fantasy sports due to quick access through mobile applications.
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Types Of Fantasy Sports in India
There are numerous Fantasy sports platforms in India, and they host a wide array of fantasy sports games. However, cricket continues to remain the most popular among them all. In addition, fantasy football and kabaddi are also quite popular.
Until a few years ago, less than ten companies used to offer fantasy sports. However, today more than 150 companies provide virtual sports gaming. Apart from cricket and kabaddi, other popular sports on these platforms are rugby, baseball, hockey and basketball. By 2022, the fantasy sports industry in India is slated to touch $2.5 billion. Up until 2019, it had a user base of 90 million players. Some of India's best fantasy sports games are Dream 11, Halaplay, Fan fight, MPL, Cricplay, MyTeam11, and Fancy 11.
Legal Status Of Fantasy Sports in India
In India, the Public Gambling act makes the regulation of fantasy sports games. According to the act, any online game which involves the use of any skill or talent is permitted, while games which involve chance are prohibited. In 2021, the Supreme Court of India upheld that online fantasy games do not amount to betting or gambling, which gives them legal status.
The craze for fantasy games will not slow down in the coming times. The platform offers an outlook on several other sports, even other than cricket. However, the industry faces consumer addiction, financial risks and abuse, which is why some states have started banning it.
FAQs on Fantasy Sports in India
Q.1. What is the taxation treatment of winnings from Fantasy Sports in India?
Any earnings from competitions will be treated as winnings under section 115BB. Such income will be taxed at a flat rate of 30% is the taxation treatment of winnings from Fantasy Sports in India.
Q.2. Mention some facts about the First Games in the context of Fantasy Sports in India.
facts about the First Games in the context of Fantasy Sports in India is that the First Games app is powered by Paytm and enjoys an active fan base of 4.5 million sports fans. The brand ambassador of the fantasy sports platform is Sachin Tendulkar.
Q.3. What is the legal status of Fantasy Sports in India?
Except for a few states in the country, fantasy sports are legal in India and are fundamentally recognised as a game of skills. As per the applicable laws, people in Andhra Pradesh, Odisha, Telangana and Sikkim are prohibited from participating in paid contests is the legal status of Fantasy Sports in India.
Q.4. Mention the names of some platforms for Fantasy Sports in India.
Some of the platforms of Fantasy Sports in India are Dream 11, MPL, Premier League, Halaplay, FanFight and more.
Q.5. What are some Indian laws on Fantasy Sports in India?
The Public Gambling Act of 1867 is one of the leading laws in India that govern Fantasy Sports in India.