Regulation : An Essential Element in the Growth of India’s Online Gaming Industry

Regulation of India’s online gaming industry is now an emerging topic as many of the country’s top venture capitalists are stakeholders of the industry. In April 2021, Tracxn reported that a 6-year high of Rs 9.7 billion, or $131 million, has been infused as financial backing by India’s leading venture capitalists since 2020.

According to Tracxn, which tracks the financial data and investments of India’s private companies, including start-ups, the number of firms provided with financial backing also increased by as many as 11 companies. This has brought the total of online gaming companies in the country to 19.

The entities that received capital infusion are online gaming platforms offering rummy games, poker and fantasy sports. Millions of Indian citizens access the gaming sites either from the web or through smartphone mobile applications.

Are Games of Skill Legal in India?

Online gaming ordinarily involves staking of real money wagers, which under federal Indian Laws are deemed as legal because monies are staked on games of skills.

However, as the turn if events has it, several states have enacted statutes that do not recognize the legality of games of skills when played online. Some others have completely excluded the games of skills exclusion in order to completely ban betting activities in their jurisdictions.

Such developments can affect the ability of online gaming companies to provide stakeholders the expected return on investments. Many are in fact calling the state statutes as unconstitutional as they are tantamount to prohibiting business organizations to engage in a legal activity.

As a result, rummy gaming websites are in fact constrained to reject players from restricting states, as can be viewed in a sample notification published via this website.

How Government Regulations Can Help Solve the Issues

The CEO and co-founder of Mobile Premier League (MPL)Sai Srinivas, believes that regulatory clarity is one way of attracting investors since it clears away any ambiguity that can affect the viability of the sector.

Last year, some investors also infused capital investments on Indian companies that delve in the development of rummy game variants. Mainly because online gaming platforms are seeing a rapid increase in the number of online players.

Millions are now enjoying the different variants of traditional Indian Rummy in numerous, technologically advanced gaming platforms.

Factors Contributing to the Success of Online Gaming as a Business Venture

Based on a recent business report published by Deloitte, the number of online and mobile gamers in India jumped to 326 million in 2020, coming from a previous figure of 269 million recorded in 2018. The Deloitte report also gave an estimate that the market size of India’s online gaming industry will be worth $2.8 billion by 2022.

Actually, online gaming in the country has been on an upward trend in the past three years. The 2020 lockdown had in fact accelerated the growth of the industry particularly in e-sports and games of skills platforms for rummy and poker.

The other contributing factors to the industry’s growth are the improved Internet penetration, along with the delivery of affordable and fast data. Another is the availability of digital payment services not only within metropolitan areas, but also beyond urban geographical locations. All these, plus the timely arrival of affordable smartphones are the key contributing factors that attracted top venture capitalists to take part in India’s online gaming industry,

Malaysia Poised for a Total Lockdown : Lottery Operators Say Illegals will Fill Their Void

Due to lack of improvement in Malaysia’s COVID-19 cases in the midst of the second movement control order (MCO 2), the country could go into total lockdown. As the current MCO is about to expire on February 04, Malaysia’s lottery operators are raising concerns that a lockdown will allow more illegal gambling activities to take place.

Amidst the lockdown speculations, Health Director-General Noor Hisham Abdullah, who is in charge of Malaysia’s health crisis management and control, has not responded to requests for comments regarding the lockdown matter. According to local reports, the heads of other government ministries are trying to workout a compromise with the Health Ministry Director.

Other ministers assert that allowing nonessential businesses to operate with limited activities and capacities can work hand in hand with businesses providing essential services. However, it seems that the Health Ministry is steadfast in the belief that a lockdown is the only way they can stop the virus from spreading throughout the country.

Why Malaysia’s Health Ministry Wants to Impose a Lockdown

Now that the extended date of effectivity is about to expire, the Health Ministry is still seeing numbers of daily infections rising above the 3,000 count that prompted the extension of the second MCO up to Feb. 04. However, last Saturday, January 23, the number of new cases hit a new record of 4,275. Sunday’s report of additional 3,346 daily infection cases was added to the tally, bringing the total number of infections recorded since the initial outbreak, to 183,801.

The more critical revelation gleaned by the Health Ministry from their data is the consistency of information that shows workplaces are the primary origins of the Covid-19 infection clusters.

Malaysia’s Lottery Betting or Forecast Number Operators Raises Concern Over Illegal Gambling Activities

Malaysia’s lottery betting operators or better known as Number Forecast Operators (NFOs) are raising concern that gambling syndicates as well as remote online gambling operators have been filling the void created by the closure of their betting outlets in recent weeks.

Betting on numbers that will appear as outcomes of a lottery draw is the only legal form of gambling in Malaysia. Although NFOs like Sports Toto, Pan Malaysian Pools Sdn, Magnum Bhd and Malaysia Sdn, have shut down their betting outlets, they still continue to draw lottery numbers. Prior to the MCO that prompted the closure of their outlets, they encouraged customers to buy lottery tickets in advance so they can still have tickets for the forthcoming draw during the MCO 2. Through their respective mobile app, customers will receive updates about the resulting draw numbers.

Apparently, the lack of open betting outlets still affected their business as many preferred to place bets on casino games that Malaysians can access using their smartphones. Since the MCO 2 was originally intended to last for two weeks but was extended for another week, the prolonged period has created a void being taken advantage of by illegal NFOs who simply make use of agents to collect NFO bets and pay winning customers..

To many gamblers, the offshore online gambling operators licensed by the Philippines’ PAGCOR, are the next best choices of trustworthy gambling operators, since NFOs can pay winners only through their betting outlets. In contrast, mobile casino apps make it possible for players to place deposits and request withdrawal of winnings using mobile banking technologies. Banks after all are among the essential businesses allowed to continue operations while under MCO.

One of the most trusted mobile casinos that Malaysian gamblers access is mega888, because in addition to the rapid settlement of financial transactions, players can also access a wide selection of online casino brands like 918kiss, XE888, Joker888, Live22, Lucky Palace, King888, Ace333, Sky777, and Pussy666.

 

UK High Court to Rule on the £1.7 Million Green vs. Betfred Case Any Time Soon

Currently in the UK’s online gambling arena, the High Court is about to hand down its decision on the £1.7 million lawsuit filed by a British punter versus Betfred.

After two years of court cases proceedings, a 52-year old British gambler named Andrew Green, of North Hykeham in Lincolnshire, will finally know the UK High Court’s decision. If the magistrates rule in his favor, he will become the millionaire he had expected to become when he won the jackpot prize from Playtech’s ‘Frankie Dettori Magic Seven Blackjack’

Still, his lawyer Peter Coyle, gave advice that until the decision has been handed, Green should refrain from getting his hopes high because the case vs. Betfred, while seemingly air-tight can still go the other way.

Presumably, the lawyer just doesn’t want his client to go through the same experience he had two year ago when after Betfred confirmed his jackpot winning, Green took to celebrating the win with his family and friends. According to Mr. Green, he spent about £2.5k, since Betfred had already credited the £1.7 million prize in his account, whilst at the same time conveyed congratulatory messages.

Based on the circumstances surrounding the case filed by Andrew Green, many online gambling customers believe that the punter has a strong case against Betfred.

The Green vs. Betfred Case

There is currently a high level of interest in the forthcoming decision of the UK High Court on the Green vs. Betfred case. Apparently, the outcome will impact how customers will regard the fairness of the UK’s online gambling industry as a whole, as well as the effectiveness of the UK Gambling Commission’s protection of customers.

According to Andrew Green:

The Playtech game ‘Frankie Dettori Magic Seven Blackjack’ did not exhibit or indicate any malfunction while he was playing and up to the time he won the jackpot.

The people at Betfred confirmed his winning and after carrying out the standard verification processes, sent Andre Green a congratulatory message. At the same time Green’s Betfred account was credited with the £1.7 million jackpot money.

Betfred later informed Green that the jackpot win was invalid, offering no other explanation than “software glitch” As a result, the British punter was not able to withdraw the £1.7 million prize since Betfred took it back after denying Green his supposed winnings.

While Green asserted that the Playtech game did not exhibit any malfunction or error while he was playing, he demanded that Betred show proof of the error.

Instead of presenting proof of the alleged software glitch, Betfred offered Andrew Green a £60,000 Non-Disclosure Agreement as a way to settle the issue. The British punter rejected the offer as he firmly believed he won the jackpot fair and square.

Through his lawyer, Green contested Betfred’s assertion that under the online casino’s Terms and Conditions, Betfredd reserves the right to void “all pays and plays’ in the event of software malfunction. Green asserted that if indeed the software malfunctioned, then Betfred should have voided all winnings received by other players who were also playing the game at the time of the alleged malfunction.

Moreover, under the UK Gambling Commission’s regulatory guidelines, game providers are required to submit a report about any software glitch affecting the online casino games being offered by site operators. Upon verification withf the UK Gambling Commission, Playtech had not submitted any such report before and even after the cited malfunction was used as reason in denying Green his winnings.

Even Asian gamblers, particularly in Indonesia, are anticipating the UK High Court’s ruling. After all, they are taking greater risks when playing at online casinos they consider as Judi Online Terpercaya or trusted online gambling sites. Inasmuch as Indonesia’s predominantly Muslim government does not recognize gambling activities as legal, there is no law in place to protect them in similar incidents as the Betfred software-glitch fiasco.

Online Gambling and The Trustworthiness of Online Casinos

Gambling products come with implied promises of big returns on wagers, yet responsible gaming sites institute features aimed at preventing gambling addiction. After all, if actors in the global gaming industry had not adhered to such regulatory requirements, online gambling would not have attained the growth it has achieved, and will continue to achieve, despite the economic crisis wrought by the COVID-19 pandemic.

Factors that Drive Growth in the Global Online Gambling Business

In 2019, the size of the global online gambling market reached a value of USD 53.7 billion and is expected to experience growth at a compound annual growth of 11.5% from 2020 up to the 2027.

Widespread cultural approval and legalization initiatives, as well as the introduction of cost-efficient mobile applications, continue to fuel the global growth of the online gambling industry. In fact, growth occurs even in jurisdictions like Indonesia, where Islamic laws dominating an entire nation comprising diverse religious beliefs, impose a ban on gambling activities.

High Internet penetration and affordability of smartphones have enabled nascent Asian online casinos to offer gambling products across borders. Aggregation platforms made it possible for European igaming companies to efficiently deliver their video slots and casino table games to Asian customers.

Such factors must all work toward trustworthiness, because it is the most important element that will promote and sustain growth in the online gambling market. Mainly because online and mobile gambling customers are inclined to stake real money wagers only in gambling sites that actually pay winnings.

The Promise of Multi Million Winnings from Progressive Jackpot Slots

Many online gamblers worldwide pin their hopes on winning huge jackpot prizes at stake in online slots that open up opportunities to win progressive jackpots offered by major igaming companies.

Microgaming as an example, offers two kinds of progressive jackpot: Mega Moolah and The Dark Knight The Mega Moolah has a higher prize since several Microgaming online slots participate in the random generation of combination that will trigger the release of the jackpot money.

Only recently and while nations across the globe were going through a lockdown period, Microgaming’s Mega Moolah Progressive Jackpot was won on three consecutive occasions in just a short span of time.

The first was the Mega Moolah jackpot won by a Canadian in April 05, 2020, valued at CA$16.4 million. Afterwhich, the jackpot seed money restarted at US$4 million, and progressively grew to US$10.8 million when it was won again in May 08, 2020. This time by an online gambling customer from New Zealand, who collected an equivalent Mega Moolah Jackpot of NZ$ 13.6 million. Shortly after the jackpot seed money was reset, another lucky Canadain gambler won CA$9.9 million.

Indonesian online casino gamblers can also hope to win a mega jackpot prize by playing at online casinos that include Microgaming video slots in their offerings. One such casino is VSLOTS888, where customers can choose a Microgaming slot online carrying the Mega Moolah or Dark Knight Progressive Jackpot feature.