Citing the enormous potential of the Indian Gaming industry and the inflection point that it is at, the panel was unanimous in vouching for a system or an authoritative body which would be empowered with good governance and a dispute resolution mechanism to curb any kind of illegality taking place. In view of this, AIGF will soon be launching Gaming Skill Board and Charters with a special focus on self-regulation. Important points regarding self-regulation were discussed by an expert panel during the All India Gaming Summit (AIGS) 2017).
The panelists felt that the success of any regulatory or self-regulatory framework depends largely on ensuring continuous compliance. Without compliance, the agreed rules are not properly implemented, resulting in ambiguity and non-conformity towards the set rules. “Game of Skill is considered to be outside the ambit of Gambling but no rules are set on how it has to function. Hence, Self-Regulation could start with regulation of Games of Skill where standards will have to be laid down to protect the consumer as well as the operators” said a panelist.
One of the critical aspects sited in the compliance process is the timely auditing of Gaming operators; not only will this help the undertaking to fulfill the relevant requirements, but will also serve as a benchmark for various stakeholders to have confidence in that company actually fulfilling the expected requirements.
Since new products with evolving technologies are being developed by the day, it is imperative that a Self-Regulating system needs to be put in place for safety, stability and sustainability. This will not only bring integrity to sports betting but also streamline the Gaming Industry as a whole.