Fantasy Cricket Companies Jump Ship From Federation
Self-titled as the industry's only fantasy sports self-regulatory body, FIFS must now operate with a much weaker voice, and its future is uncertain.
Some fault lines are beginning to crack across the foundations of the previously rock-solid fantasy cricket industry, with several cricket companies pulling out of the Federation Of Indian Fantasy Sports (FIFS)
A report revealed three platinum members of the Federation Of Indian Fantasy Sports (FIFS) - MPL, My11Circle and MyTeam11 - have not renewed their membership after profound and unresolvable differences with the organisation's founder Dream11.
Self-titled as the industry's only fantasy sports self-regulatory body, FIFS must now operate with a much weaker voice, and its future is uncertain.
Many onlookers are predicting any faction in the fantasy sports offering may bring through a more significant number of online cricket satta bazar sites, particularly in an era of easing regulatory conditions in India.
Why Is This Good News For The Betting Sector?
Will this open up a union of online betting sites in India? At the time of writing, international sports betting brands in the country do not belong to any organisation. Individualism in this sector can only harm betting sites - in a battle between the government and a standalone operator, there will only be one winner, and it isn't the oddsmakers.
At the time of writing, there is no membership for sports betting international brands. Were the Indian government to allow for it, an alliance of more minor, national sports betting sites could help sustain the sector through what will undoubtedly be choppy waters once regulations are lifted across the board.
One only has to look to Europe to see how the industry works together to achieve the best results for its customers and business needs.
A classic example is eGaming Review (EGR), which styles itself as a "leading information and membership networking group combining business-critical news and analysis with a range of prestigious events."
The site works with Europe's leading operators to get a handle on regulatory news, unpack sector-specific data collaboration, and provides the latest news that affects every gambling company.
The benefits of belonging to an industry-wide group are many. The weight in numbers analogy holds true - government officials are more likely to address the concerns of industry leaders when they are coherent and united.
Why It All Depends On Regulation
A regulatory framework doesn't only have extensive benefits for the consumer (safety and protection) and the government (taxation income and crime prevention) - the most significant upsides belong to the betting industry.
Operating legally within an agreed-upon framework will alleviate many of the issues facing the myriad of betting companies operating in India.
A paper from industry body ENV Media believes the sooner Indian government officials can regulate, the better for everyone.
The study, titled Off-Shore Gambling Licenses and Regulated Markets, surmises: "Initiating reform to adopt a Central policy will allow for timely capacity-building in national and state authorities in terms of knowledge, assets, technology, trans-border, and inter-industry cooperation. In the end, the fundamental (and initial) regulatory needs are similar for all jurisdictions:
- Transparent ownership and funding;
- Clear licensing and subsequent standard compliance;
- Cyber expertise to monitor, test conformity, control or block;
- Legal grounds to investigate and prosecute illegal operations."
The paper concludes: "The goal of growing yet unregulated markets should be to achieve high consumer and public interest protection levels through modern legislation. Local jurisdiction licensing and legal channelling has proven as the most efficient means of achieving such ambitious long-term benefits."
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