Fantasy sports industry hails regulatory certainty with the appointment of MeitY as the nodal ministry

FIFS’s vision for 2023 is to bring more fantasy sports platforms under its umbrella and foster responsible growth for the industry.

Fantasy Sports
FIFS’ 36 members, which doubled in the last six months, deliberated on the upcoming regulatory and tax regulations at the FIFS members meeting.

During its member meeting, the Federation of Indian Fantasy Sports (FIFS) commended the Government’s appointment of MeitY as the nodal ministry, which provides regulatory clarity for the online gaming industry. 

The meeting was attended by CEOs of Dream11, Fantasy Akhada, Khelo Fantasy, and representatives of other 34 members.

FIFS’s vision for 2023 is to bring more fantasy sports platforms under its umbrella and foster responsible growth for the industry through a collaborative and structured approach. The meeting focused on various topics such as online gaming industry regulations in the Union Budget 2023, the future of the AVGC sector, and the changing policy landscape for the industry.

“The fantasy sports industry contributes extensively to the growth of the country’s economy and we hope to continue on the same path in the coming years. We hope that the discussions and insights shared at this members meet will help set the stage for a bright future for the industry. We are confident that through collaborations such as this, we can pave the way for more robust and sustainable growth of the industry in India.” said Joy Bhattacharjya, director general, FIFS.

The meeting took place in Goa, where FIFS leaders and industry experts discussed policies for the online gaming sector.

“Recognising the potential of start-ups in creating employment and attracting investments, Goa has formulated a start-up policy. The Government of Goa is keen to attract investments from the Online Gaming sector which is expected to attract billions of dollars in investments. Goa is truly an inspiring destination and considering online gaming is about creativity, Goa is the best place for innovation in online gaming. I urge the industry to invest in Goa and the government will provide all required support” said Mauvin Godinho, Goa’s Transport, Industries, Panchayat, and Protocol Minister.

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First published on: 05-03-2023 at 13:40 IST
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