Establishing a company in the completely new industry used to come with its pitfalls. Since the industry is too small and young to be regulated by the government authorities, the possibility of contaminating threats remain constant. On the other hand, Dream11 was the only fantasy gaming industry in India in a few years ago. However, the number is now gone up to 70. This is where the requirement of the regulatory body felt.
Hence, Harsh Jain and his compatriots have established the Indian Federation of Sports Gaming (IFSG) and therefore the industry can be self-regulated. In fact, IFSC is the first and only sports gaming self-regulatory industry body in India, which formed to protect the user interest and develop the best practices in the industry.
Back in 2016, around 10 ventures have started doing the fantasy sports and the number becomes 60 at the end of 2017. Now, around 70 companies are doing the fantasy sports in the country. When this number is increasing every year, Harsh felt the requirement of having a regulatory body in order to self-regulate the fantasy sports platform. It is because many companies offering false things to people. To protect the user’s interest, IFSG has started last year.
With this effort, there has been a notable rise in the sports gaming in India. According to the statistics, about 69% of users from North India display the higher awareness of the fantasy sports. Next to the North, more participants come from West India (67%), East India (66%), and South India (64%).
Even though Harsh set up the self-regulatory body, he faced the biggest challenge that is getting everyone on the board because people never care about regulations. It is not easy to make everyone unite for the greater result of the industry growth. If the government needs to govern this industry, everyone in this niche should work together. He is very happy to say that already twelve of the largest players in the arena have joined the IFSG.