Is Fantasy Sports skill based?
Fantasy sports are online gaming events in which players play together in a team virtually. The players in fantasy sports are mock copies of actual players playing sports in real life. Virtual teams are created using these proxy players and the sporting event is played using these teams.
The teams play on the basis of the real-world performance of the players. In other words, statistical data showing the performance of the real players are used as a criterion for playing the gaming events in fantasy sports.
Point System base in Fantasy Sports:
These stats become points in fantasy sports which are collected by the manager of the team. The points are maintained in a roster form which can be calculated either manually or automatically. Manually it is done by the league commissioner. The commissioner acts as a coordinator who looks after the entire event.
These points can also be calculated using the computer’s own mechanism of compiling scores. A manager in fantasy sports is like a businessman trading players according to the value of the player. The value of the player is determined according to the points accumulated at the end of the season. Just like real sports team owners in fantasy gaming trade and drop players.
Revenue in fantasy sports:
Commercializing sports has transformed the gaming industry and has made way for fantasy sports platforms. Today there are many games available online that give rewards in terms of money. Examples of online games available are Temple Run, Candy Crush, ice hockey, FIFA, cricket, etc.
The revenue generated by fantasy sports shows the success and popularity of online gaming platforms among consumers. The year 2020 witnessed approximately Rs 2,400+ crore in terms of revenue in comparison to that earned (920 + crore) in the year 2019.
The legal aspect of fantasy sports- skill or chance:
The growth of fantasy sports has sparked controversy over the legality of such events. Whether fantasy sports would come under gambling or betting? According to the ruling issued by the Supreme court of India, it holds gambling is a mode of receiving payment of consideration for a chance to win a prize.
A game could either be of chance or of skill or both. A game of chance mainly depends on luck. While a game of skill is determined by the player’s ability and knowledge. The conclusion of the court’s ruling states that although chance exists in a skill game yet the skill outweighs the aspect of chance.
Research from reputable sources:
Many reputed institutions conducted experimental studies on whether fantasy sports would fall under the game of skill. Premier institutes like MIT (Massachusetts Institute of Technology), IIM-B (Indian Institute of Management, Bangalore conducted research and gathered data to conclude their findings.
They compared the stats of online basketball and cricket platforms to stats of the stock market. They found that players of fantasy sports demonstrated a greater amount of skill in comparison to executives managing mutual funds.
The fantasy sports platforms are self-governed by regulatory bodies, such as the All India Gaming Federation. It checks whether the online games are conducted in a proper way. It makes sure that no wrong means are used in conducting these fantasy sports.
The Federation expects its members to function according to the laid norms and rules. It also expects to keep transparency within the participants and safeguard their privacy. In case of any complaints or problem, a redressal cell has also been set up.