Budget 2022 marks progressive step for India online entertainment platforms
Much has changed in the past two years amid the Covid-19 pandemic, particularly in India, where the majority of the consumers have moved towards the digital route while they are forced to stay in their homes during the mandated lockdowns. Now, the government is also shifting its focus to digital infrastructure and investment—a massively progressive step for online entertainment platforms.
India gaming industry to level up with gov’t help
On February 1, Finance Minister Nirmala Sitharaman laid out the Union Budget 2022-23, which, among other things, placed a heavy focus on digital infrastructure and investment along with plans to set up a task force promoting Animation, Visual Effects, Gaming, and Comics (AVGC) industry. In her speech, Sitharaman noted the sector’s immense potential to generate employment opportunities, particularly for the youth in the country.
The AVGC sector presents huge opportunities for the country’s emerging industries, especially the gaming industry which is now gearing up to level up and expand in India. Case in point is Pure Win, an online betting platform that is already seeing a steady growth in popularity among local players even though it only launched in 2021.
Roland Landers, CEO of the All India Gaming Federation (AIGF), told exchange4media: “The ideas proposed for the sector are very encouraging. We are thrilled and look forward to the AVGC task force that will give a major boost to the game development sector by building scale and adding to the overall online skill gaming industry’s momentum.”
The finance minister also highlighted the importance of improved connectivity in India, which is on track towards becoming a mobile-first market. In addition to the AVGC task force, the government is also looking at investing in the country’s digital infrastructure and mobile connectivity. The AVGC sector is forecast to reach Rs. 3 lakh in the next two years, which, according to Prime Minister Narendra Modi, creates the “tremendous potential for ‘Create in India and Brand in India.’”
Why future Union budgets need to include online betting too
The popularity of online gaming has reached new heights in recent years, particularly with the advent of innovations in digital technology coupled with the circumstances brought about by the pandemic. Now, everyone is going online for anything and everything—even for cricket betting tips as opposed to the more traditional methods of reading newspapers or watching television broadcasts.
Currently, the unstable regulatory climate in the country is resulting in a notoriously low share of the total gambling market towards legitimate and reputable platforms even amidst the existence of online possibilities. India has a thriving online gaming market governed by outdated laws, and it can greatly benefit from having a uniformed regulatory framework that allows the market to keep up with the rapidly changing technologies and give regulators flexibility to upgrade measures that will benefit the players and the operators, and for the state coffers too.
Industry analysts explained it best in the ENV Media report on sports betting trends in mobile first India when they pointed out that “technology waits for no one.” They explained:
“Legitimate global competition has raised the market to the next level, granting access to the young and tech-savvy Indian gamer community. In practical terms, offshore sports betting is the only valid option for desi punters since it’s not made illegitimate in a formal manner in the Union. Given that it is not pursued by regulators or authorities, online wagering is getting more visibility and mainstream recognition as a sensible alternative to back-alley and chat-group bookmaking.”
