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In a statement released to the press, Dream11 said, “The Karnataka Police Act recently amended its gaming law to prohibit online gambling, betting and wagering. We have been advised by the Federation of Indian Fantasy Sports (FIFS), who have shared an opinion from a former Supreme Court Judge, stating that the Karnataka Police (Amendment) Act 2021 does not apply to its member Fantasy Sports Operators.
Dream11's founders and directors were booked by the Karnataka police after a Bengaluru man filed a complaint that the app was against the law banning online gambling apps. Atom Tech Monday ...
Gambling and betting are prohibited sectors for foreign investment. Therefore, a ruling from the SC holding that a portal like Dream11 in its current format is not a gambling and betting platform has cleared the air for foreign investors looking to invest in and capitalize from the fast-moving sector of online gaming and fantasy sports.
One of India’s most popular gaming apps, Dream11 which is backed by Tiger Global, is facing a police case in the state of Karnataka for alleged violation of a new local law that forbids online gaming. The state law, which came into effect this week, bans online games involving betting and wagering and “any act of risking money, or otherwise on the unknown result of an event including on a game of skill”.
In a statement released to the press, Dream11 said, "The Karnataka Police Act recently amended its gaming law to prohibit online gambling, betting and wagering.
Dream11 - Target Market. The online gaming sector in India has undergone a tremendous change in the last few years. The online gaming market of India is estimated by KPMG to grow at a CAGR of 21% between FY21 and FY25, which will help the gaming industry achieve a size of Rs 29,000 crores, as per June 2021.
Fantasy gaming apps (like Dream11) operate on a very simple premise. Fans assemble a virtual team from a list of real players who they think will outperform in real-life games. Once you have your team, you can enter a contest by paying a small fee. The entry fee is pooled together and the fantasy app promises to distribute the proceeds to the winners.
The law was passed by Karnataka’s legislative assembly last month and makes all forms of wagering and betting illegal in the state, including online gambling. The new law will force all kinds of gambling platforms to stop operating in the state, including platforms like Dream11, Mobile Premier League, rummy and Poker apps to stop doing business in the state.