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Playerzpot’s Sunil Yadav Gives Pre-Budget Statement

India’s Minister of Finance and Corporate Affairs, Nirmala Sitharaman will be announcing the country’s union budget for the year 2022 on 1st February 2022. With a lot of expectations and dilemmas on what changes can come about, it is a crucial day for every industry in the Indian economy. And online real gaming is no different. 

Although the online gaming industry is not mainstream yet, one cannot overlook the contributions this industry has made to the economy. Be it employment, revenues, investments as well as year-on-year growth numbers, the online gaming industry is only gaining solid ground further. 

We got in touch with Sunil Yadav, CEO, PlayerzPot, to understand what the online gaming industry anticipates from the upcoming budget announcement. PlayerzPot is a leading fantasy sports platform, with a strong user base. 

Talking about how the industry has managed to scale greater heights, Yadav said, “Online gaming is one of the fastest-growing sectors with numerous investments, enormous employment opportunities, and immense growth potential in terms of expansion and revenue. The industry was originally scheduled to become a $122.05 billion industry by 2025, but the pandemic has greatly accelerated and helped this sector to grow tremendously, much sooner than expected. 

ALSO READ: PlayerzPot: Weaving A Holistic Approach Into The Fantasy Sports Arena

The sector has the potential to transform the way the younger generation learns, consumes content, and gets entertained. We look forward to transparent and progressive regulations that clearly differentiate games of skill from those of chance.”

The growth of the industry has been evident in the past few years. According to a KPMG report, the online gaming industry was valued at ₹13,600 crore in FY21. Additionally, a report by Tracxn Technologies stated that investment in the Indian gaming sector grew by 108% to approximately $443.3 million in 2021. 

If we were to look at the fantasy gaming sector, a PwC report stated that the online fantasy sports in India is expected to hit the $3.7 billion mark by 2024. As per news reports, there is no provision in the budget that would directly apply to the industry, however, the new budget laws would indirectly impact this fast-growing industry. Whether the impact will be positive or negative, only time will tell. 

Yadav tells us what he looks forward to in the budget 2022. The top boss said, “As a leading platform in the industry, we will of course abide by the laws of the land, but a regulatory body will help oversee the industry and help in drafting progressive policies that are beneficial to the nation by having a safe gaming environment. 

During or after COVID-19 lockdowns, the Indian gaming industry needs stable regulations with national guidelines to achieve its long-term sustainability and competitiveness on a global scale. In an answer to the same, NITI Aayog has already proposed setting up a self-regulatory body for online fantasy sports, along with a framework of possible rules and standards for the sector. We also look forward to standardization among accounting and financial practices.”

Everyone in the sector is eagerly looking forward to the announcement of the union budget 2022 to know what changes the upcoming financial year would bring about. Yadav too is in anticipation of positive changes that would act as a ray of hope to the online gaming industry. He further added, “In this budget, we welcome conducive government solutions that will help us overcome current industry challenges. 

We would also welcome clarification on data privacy and third parties to safeguard user privacy and avoid any breaches in the same. With a proper policy structure, legal framework, regulatory ecosystem, and data privacy procedures, the online gaming sector can easily support the government’s initiatives under the campaign Digital India, Make in India and contribute remarkably to the economy.”

For more updates, keep reading GutshotMagazine.com. Follow us on Facebook, Instagram, Twitter, and Telegram.

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