Por Aftab Ahmed e Aditya Kalra
New Delhi (Reuters)-The Government of India plans to prohibit play with money, according to a bill presented on Tuesday, which would be a hard blow to a sector that attracted billions of dollars in foreign investments.
Quoting psychological and financial damages which, according to him, can be caused by these games, the online game promotion and regulation bill says that no person will “offer, help, will be accomplice, induce or otherwise surrender or get involved” in the offer of online games with money and services of this type.
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The 13 -page bill, which has not yet been made public, but was seen by Reuters, describes an online game to money like that played by a user who deposits money in expecting money and other gains.
The Indian market for this type of game should be worth $ 3.6 billion by 2029, according to the Risk Capital company Lumikai.
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The endorsements of leading Indian cricket players and other marketing efforts have increased the appeal and interest of investors in real money game apps, such as popular cricket fantasy games operated by Dream11 and Mobile Premier League startups.
Dream11 has a $ 8 billion review, while Mobile Premier League is valued at $ 2.5 billion, according to Pitchbook data.
The Indian government has long been concerned with the fact that these games cause dependence.
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The IT ministry of India, which elaborated the bill, did not immediately respond to a request for comment. MPL and Dream11 did not want to comment.
In Cricket Fantasy Games on Dream11, users create their teams paying only 8 rupees ($ 0.19), with a total prize of 1.2 million Indian rupees ($ 14,000). Applications become more popular during the Indian Premier League season, one of the world’s most popular cricket tournaments.
The bill states that anyone offering these games with money can be sentenced to a prison sentence of up to three years and a fine.
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“These games usually use manipulative design resources, addictive algorithms … and promote compulsive behavior that leads to financial ruin,” says the bill.
