You are in the right place to know the many benefits of hiring the best lawyers for online gambling. Online gaming is seeing a rapid rise worldwide, and in India, the number of gamers increased from 183 million in 2012 to 482 million in 2023. The pandemic, cheap internet services, lack of outdoor activities, and many more are the significant reasons for it. And if you are one to start an exciting and engaging online game in India with or without betting, you need an experienced attorney. It is because only the best online gaming attorney will help you overcome the industry’s many challenges from national and state-level laws and regulations.
So, in this blog, let us check out online gaming and gambling and the many benefits of hiring the best law firm to start and operate the business without issues and with a lot of profits.
What is online gaming and gambling?
Out of the 1.4 billion people in India, 1.2 billion have mobiles, and 600 million have smartphones. This is why nearly 500 million online gamers in India are in high demand and rising yearly. A November report by Google and Venture Capital company Lumikal confirms that the annual average per online gamer in India is Rs 1,600. Many companies want to use the high demand to start an online game with or without gambling to make huge profits. Online gaming is any game played on a device with an internet connection. In recent years, there has been a steep drop in data costs, enabling the rise of gamers to spend much time on online gaming. Though online gaming and gambling have legal approval as per the constitution, it is a matter of the many state legislatures to allow it. Hence, if you want to start and run a gaming business, you need the help of the best lawyers for online gambling.
Ten benefits of hiring the best lawyers for online gambling
Though online gaming and gambling are both played through the internet, there is a significant difference between the two. In the case of online gaming, it is only the skills involved for gamers to spend their leisure time. But in the case of online gambling, it is not only the skills but also luck favoring the gamer to earn or lose money. Hence, in India, gambling laws date back to the colonial period of 1867 with the Public Gambling Act.
Though no federal laws make online gambling illegal, in many states, it is not allowed because of passing laws in the state assemblies. However, many conditions like Sikkim, Nagaland, and others permit online gambling by giving starting and operating licenses. Also, through its 2019 Consumer Protection Act, the central government prevents any display of outdoor ads promoting gambling and betting platforms. Hence, with so many contradictions regarding the legal framework, only the best online gaming attorney can help you start and run the business successfully.
The following are the few benefits of hiring the top lawyers for online gambling to avoid issues and earn huge profits.
- Provides updates on the everchanging legal realm in the many states in India for permitting or banning online gambling to avoid many issues
- Do enough research and analysis and provide legal opinion on starting the gaming platform in the many states in India.
- Help to negotiate and draft contracts with celebrity influencers for streaming content promoting online gambling on specific platforms to be legal and without issues.
- Advice and support to obtain and maintain online gambling licenses from state authorities that allow it with specific regulations
- Helps online gambling companies to have the proper KYC or know your customer norms to have all the essential information for complying with the authorities
- Advice on AML or Anti Money Laundering compliance to prevent any legal actions for violating the norms
- Represent the online gambling companies before regulatory bodies if faced with challenging situations to overcome them without much damage.
- Enables proper data protection as required by the new DPDP or the Digital Personal Data Protection Act, 2023, passed by the Indian parliament in August 2023
- Helps to incorporate an online gaming entity complying with all the requirements of the Indian Companies Act, 2013
- Draft employees’ agreements and contracts with gamers to avoid any future litigations
Online gaming and gambling is a profitable business in India with its rapid rise of gamers and increasing ads. But, investing a massive sum of money to start and run the company needs the best online gaming attorney. Also, to avoid the issues of the changing laws in India and its many states that ban and allow internet gaming with betting, you need the help of the top lawyers for online gambling.