Will India cross 5 crore covid cases? will bitcoin cost 31,00,000 at the midnight of 2nd February 2021? Will u be able to beat Patna Pirates in Mumbai Kabaddi? These are some of the questions on which 4 month old startup Better Opinions has allowed people to trade with almost 1.5 lakh downloads. Better Opinions is backed by Y Combinator and recently raised over $1 million in a pre-seed round. Startup is in its early stages real money game Increasing penetration among Indian consumers. A series of court rulings have opened the door to legitimate bets by Indians on certain types of sports. Dream11, Mobile Premier League (MPL), Paytm First Games are some other online gaming platforms that allow users to play fantasy sports, real money games through cards. Playe.t.c. In a fantasy game, the user selects a real-life upcoming match of a sport to compete in cricket, chooses a team based on real-life performance with a proxy of real players from that sport and earns points. Based on the performance of those players in the match.
legal or not?
Gambling is prohibited in India by the Public Gambling Act, 1867. However, the law excludes the game of skill from its purview. Several judicial rulings over the years have explicitly recognized fantasy sports as a game of skill and therefore the platforms that offer these games are legally allowed to operate in most states. Games of skill are viewed by law as games that require human knowledge and its application in sport to win, as opposed to games of chance which are based purely on luck. The fantasy gaming industry, along with other online gaming platforms such as Better Choice, sees its offerings as games of skill. “We are the stock exchange of opinion. We believe that by trading in related categories like sports, politics and entertainment, users will better understand the nuances of trading, and as a result become more financially literate,” said Samay Jain, Co-founder and CEO, Better Opinions said.
However, there are also state laws on gambling and some states have banned sports such as fantasy sports. In October last year, Karnataka completely banned fantasy sports in association with betting and gambling. The Karnataka High Court on Monday lifted the ban, saying the government should enact a law to ban gambling and omit fantasy sports. Following this decision, Telangana and Andhra Pradesh are the only two states that have completely banned any sport played for betting, including games that require skill. In conversation with Vaibhav Kakkar, Partner (Gaming Law Expert), Saraf & Partners Mint Explaining additional restrictions imposed by other states with respect to fantasy sports, “Assam and Odisha regulate all sports involving real money under the PGA and allow people in Sikkim and Nagaland to play fantasy sports.” needs to be done.”
gambling taxation
Income from fantasy sports or any other sport recognized as a game of skill is taxed in the same way as income from gambling at the same rate of 30%. Further, the taxpayer cannot deduct from the income any expenditure incurred in playing such games or allowances. Loss, if any, is not allowed to be compensated or carried forward. when total income is more 10,000 in a financial year, the distributor of prize money, which will be like Dream11 in case of fantasy sports, deducts 30% TDS before crediting the amount to your account.
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