New Real Cash Game – The author is professor, Department of Economics, P.G.D.A.V. College (University of Delhi) For some time you must have seen ads for some apps where sports celebrities advertise online games, although at the same time in the same ad there is also a quick warning, ‘play these games carefully, they can be addictive. In fact, our youth today are captivated by the apps and games endorsed by these celebrities. This real money gaming industry has expanded significantly due to the expansion of internet and mobile in the country for some time now. It is believed that by the year 2025, the business of this industry will exceed 5 billion dollars.
Different types of online and app based games including virtual games i.e. fantasy sports, rummy, ludo, stock trading related games and crypto based games are called real money games, which are played for money and rewards. These games are skill based as well as chance based. But it doesn’t matter if they are skill or chance based, they are expanding rapidly and companies promoting these apps and websites are making big money.
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Since the emergence of these real money games, there have been many cases of young people ending their lives after being in debt. It happens because they are almost addicted and the chances of winning in these games are very small. In some cases, even families have been destroyed after a youth member was caught in heavy debt by these addictive apps.
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In 2020, an app company called Dream-11 bought the sponsorship rights of IPL cricket by paying rupees Rs 222 crore. After this, the Dream-11 app became a household name. Apps of other fantasy cricket games also bought advertising rights in IPL. All these apps are promoted by big cricket celebrities. The celebrities include M.S. Dhoni, Rohit Sharma, Hardik Pandya and Rishabh Pant.
Reports suggest that most of the youth who commit suicide due to gambling addiction through these apps are in the age group of 19-25 and they include students, migrant workers and businessmen.
Most courts have validated these fantasy games, accepting the argument that it is a game of skill. But understandably, six governments have so far banned or disallowed fantasy cricket platforms. Andhra Pradesh Chief Minister Y.S. Jagan Mohan Reddy has asked the Union government to ban 132 such apps.
Although some studies state that winning in this game of fantasy cricket is not random and is therefore not gambling, some sports psychologists believe that fantasy cricket is actually gambling and can lead to pathological gambling. However, the logic of the people associated with this “industry” is that there is no reason to get addicted to fantasy sports because the average ticket price in this is only Rs 35, so a person cannot lose more than 10 thousand in such games in their lifetime .
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But with the information of people committing suicide after being trapped in debt of lakhs of rupees due to these ‘games’, this argument has been proven wrong. There is therefore a need for more research on this topic. It is worth noting that this sector is currently unregulated and self-regulated. Therefore, instead of information from the industry itself, only a thorough examination of these apps can reveal the truth.
Risk taking is not only said to be important in neoliberal economic theories, but is also glorified. Many financial instruments have been introduced in an era of neoliberal policies and speculation has become an integral part of today’s economies. Although speculation in the stock, commodity and currency markets has many side effects, it is legally permitted. With the entry of speculation into ordinary life, the practice of fantasy games has also gained general acceptance.
In fantasy games, some players may win and others lose, but app companies that run these games make huge profits. This profit makes them buy sponsorship rights by paying huge fees to cricket organizers like BCCI. It should be understood that their profits come at the expense of the poor students, workers, farmers and common people who gamble their savings in these games, or even borrow to play these games for real money.
We find that courts and administrative bodies have information about these games, which the customers do not. The Supreme Court has noted that the results of skill-based games can be affected by mechanical tampering.
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Disclaimer: The list is based only on the ratings and downloads of monetizing apps in Google Play Store and App Store.
Starting with Winzo, it is an online gaming platform that has tons of casual games like Ludo, Carrom, Football, Cricket, Bubble Shooter and many more in different categories. By paying a small fee, players can enter any game of their choice and earn money based on points or points they achieve in the games. With robust connectivity to popular payment and digital wallet apps like PhonePe, Paytm and Google Pay, users can withdraw the winning amount directly to their bank accounts. Android users can download the Winzo app from the company’s official website while iPhone
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