AIGF announces All India Gaming Summit 2017
All India Gaming Federation, a not-for-profit entity announces the All India Gaming Summit 2017. The summit which intends to bring the relevant stakeholders on a common platform to highlight the ills of the present system, issues & challenges, showcase global best practices from regulated economies, and work towards finding implementable solutions, will be organized on 28th October, 2017 at India Habitat Centre.
Gaming in India is a restricted business. While the gaming legislations are state-specific, there are a number of legal and regulatory developments which have an impact on such business countrywide. The FICCI report, released in February 2015, valued the sports betting market in India at INR 3 trillion (approx. USD $47bn) and stated that if taxed at a rate of 20%, the Indian government could earn revenue of INR 120bn (approx. USD $1.8bn). The report further suggested that legalizing sports betting in India could be seen as an “effective measure to reduce the element of black money and help the Government raise the tax revenue receipts”.
It may be noted that the Lodha Committee report made a strong recommendation to lawmakers to legalise betting in cricket for all except cricket players, officials and administrators.
Legalising betting is expected to reduce the prevalence of black money making its way into the economy, and promoting nefarious activities. It is also expected to bring significant revenue for the government while at the same time helping monitor and regulate sports related activities and discrepancies.
The All India Gaming Summit will witness speakers from Indian judiciary, law firms, bureaucracy and International regulatory bodies.
Speaking on the launch of the All India Gaming Summit, Roland Landers CEO, AIGF said, “This is an endeavor to bring on a common platform, Indian & International stakeholders to discuss pertinent issues We believe that our members and other attendees will hugely benefit from the key sessions that will highlight the importance of legality and why regulation is the need of the hour for the Indian Gaming industry. AIGF has been liaising with many Indian States & Central Government bodies, and has submitted various reports that define ways of implementing a legalized & regulated framework for Gaming in India.
Owing to the increase in young population, purchasing power, economic growth, technological advancement and the desire for varied means of entertainment, the industry has a potential for growth. The industry is instrumental in generating tax revenues for state governments and creating employment opportunities. The Digital India drive has led to improving the infrastructure as a whole. Better internet speed even in the remote areas has led to more consumption of content. Post demonetization, the digital online payment systems received a boom with a larger part of the population being incentivized and compelled to use the same. All these factors add to the potential of the market in India.
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