Technology is booming the e-gaming market. Online games and fantasy sports are no longer just for entertainment. Online games are platforms to show your skillset and use your knowledge to win exciting rewards. Online games have grown exponentially since the launch of the first video game.
Global Online Gaming Business
According to estimates, the global gaming market will reach $62 million in 2020. According to statistics, the business will be worth $300 billion by 2026A market share of almost 50% is generated by mobile gaming, which generates revenue of $80 globally. Online gaming includes streamliners, developers, publishers, gaming arenas, coaches, and 2.5 billion users around the world.
Over the last few years, online gaming start-ups in India have attracted over $1 million in funding from both domestic and foreign investors artforms are split between there are 24 percent shares of gaming platforms in the US and China, 23 percent in Asia-Pacific excluding China, 4% in Latin America, 2% in Canada, and 23 percent in Europe, Africa, and the Middle East.
Despite the huge success of the online game and its massive user base, the Indian government does not consider it legal. Fantasy sports are illegal in some states of India and are considered gambling. In terms of fantasy sports app development and fantasy sports app platforms, Pandemic has just doubled the growth of the online games and fantasy sports industry in India.
Instead of considering all online games as gambling, the government should approach online gaming with an open mind. Betting and gambling can be targeted by the government, but fantasy sports, however, fantasy sports can generate huge revenue for the government and increase the country’s economy of the country.
Fandoms
It is one of the most popular gaming platforms for sports fans. Fantasy gaming online is completely different from other types of gaming. A real-time team is created by the user. A user’s performance completely depends on the player and the game’s real-life statistics.
The Indian Premier League is the most popular fantasy sports format in the country. In addition to playing the game, many users follow the score and live matches on fantasy sports platforms. You need skills and knowledge of the game to play and win rewards. The “NITI Aayog” has released guidelines for playing fantasy sports. Fantasy sports can be played for free or for real money.
There is exponential growth in the fantasy sports industry, and the number of users is increasing exponentially. Due to the involvement of money and the few cases on the fantasy platform, the government considers it to be a gambling platform and does not consider it legal. All the rules of the Advertising Standards Council of India are followed by online fantasy platforms. Fantasy sports guidelines have been requested by the government from state governments.
Revenue and user base
Fantasy sports will generate Rs 2470 crore in revenue in 2020. In India, almost 80 crore people watch fantasy sports and, play them.
Playing online rummy
Rummy is a very popular online card game with a large user base. As a game of skill, rummy demands the ability to memorize discarded cards and calculate the probability of winning. All the player’s decisions depend on the undistributed cards and he/she must be keen observers. You can play it for free or for money. In the game, the user determines whether he or she wins or loses.
Revenue and user base
Online rummy was worth $335 million in the Indian market and is expected to reach $1.4 million by 2024.
The user is solely responsible for winning or losing the game.
Sports involving electronic
Revenue and user base
According to estimates, esports in the US will reach $1.08 million in 2021. Asia and North America consume the most esports. Sponsorships and advertising generate all esports revenue ports worldwide in 2021, increasing to 577 million in 2024.
When India won a medal in the Asian Games 2018, the Olympic Council of Asia and the International Olympic Committee recognized esports.
iPoker
Revenue and user base
Poker is growing at a rate of 35% to 40% every year in India. Online poker has 3 million active users in India.
Conclusion
The NITI Aayog’s final guidelines for a smooth gaming platform are eagerly awaited by all online games involving money. Online games can conduct numerous tournaments and generate huge revenue with government approval. I hope the government will soon legalize online games.