In the past five to ten years, the gaming industry has witnessed a remarkable surge in growth, driven by technological advancements that have revolutionised gaming experiences. However, amidst this progress, a complex challenge emerged — the misguided conflation of Real Money Gaming (RMG) with betting or gambling. This confusion had cast a shadow of uncertainty over the sector, impeding its development and hindering its true potential.
Consider the traditional card games played during festivals in India, deeply rooted in our cultural heritage and cherished by generations. Unfortunately, due to the unfortunate conflation between gaming and gambling, these beloved card games were unjustly associated with illicit activities. This wrongful comparison not only tarnished the image of these cultural practices but also created unnecessary obstacles for visionary entrepreneurs striving to establish scalable gaming ventures.
The impact of the gaming industry reaches far beyond mere entertainment — it is a thriving economic sector with immense potential for revenue generation and job creation. Statistical projections reveal that the global gaming market is set to surpass a staggering $365 billion by 2022. Closer to home, India’s gaming industry is poised to create over 40,000 new job opportunities by 2025. Moreover, gaming has proven to offer numerous cognitive and educational benefits. Research consistently demonstrates that gaming enhances problem-solving skills, nurtures creativity, and fosters engagement in learning. Multiplayer games, in particular, serve as platforms for social connections and cultural exchange among players from diverse backgrounds.
Yet, the journey for gaming entrepreneurs has been riddled with challenges, including limited access to capital and difficulties in attracting top talent. These hurdles compounded the industry’s struggle to find a clear path forward. However, our unwavering efforts have not gone unnoticed. They have yielded understanding and support from the government, which recognises the immense potential of the gaming sector. In response, the government has taken a forward-thinking approach and established a robust framework of rules and regulations. This framework serves as a well-defined roadmap for the gaming industry, instilling a sense of assurance among entrepreneurs and heralding the advent of a regulated and thriving gaming ecosystem.
Now, it is the responsibility of businesses within the gaming industry to ensure compliance with these laws and regulations. By diligently upholding these laws and regulations, businesses within the gaming industry bear the responsibility of establishing a safe and secure environment for users, while concurrently cultivating trust and credibility in our offerings. Prioritising the safeguarding of users and delivering exceptional gaming experiences should be the cornerstone of our pursuits. Such a commitment not only ensures compliance but also fosters the creation of a sustainable and scalable business model, enabling us to flourish in the long run.
To achieve this, collaboration between industry stakeholders, government bodies, and regulatory authorities is essential. Transparency, open dialogue, and a collective commitment to responsible gaming will pave the way for a vibrant and inclusive gaming ecosystem. Together, we can nurture an environment that fosters innovation, empowers entrepreneurs, and ensures fair competition among all stakeholders.
As a spokesperson for the gaming industry, I am confident that we possess the collective ability to navigate the challenges that lie ahead. Let us seise this moment to shape a future where gaming is celebrated as a catalyst for positive change. By embracing compliance, prioritising user protection, and striving for excellence, we can solidify gaming as a legitimate and respected sector, driving economic growth and providing countless opportunities for employment.
For the gaming industry, users are the biggest assets, and we should always strive to create products that are centred around what users want to experience. To make the industry thrive, companies should bring in processes which not only helps users in building trust and but also provides them an immersive experience. The gaming revolution is upon us, and it is our responsibility to build a sustainable and thriving industry.
(The author is the Chief Strategy Officer at Witzeal Technologies)
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