SPiCE2019 - 26 Feb Recap

Throughout the day, speakers and audiences discussed topics ranging from regulation and legislation, obstacles to entering the Indian market, data handling, taxation and the growth of poker in India.

Leading through the program was Christina Thakor-Rankin, Principal Consultant of 1710 Gaming Ltd and chairperson of SPiCE 2019. Having been the first woman trader in sports betting, Thakor-Rankin has seen the industry grow and change tremendously during her career and reminded the conference that gaming and gambling is at a crossroads in India.

“India is getting closer and closer to getting legislation and regulation in place,” she said, alluding to a pending bill. “At the moment we have a number of different groups, including rummy, sports betting and others. You need to pull together and start coming up with a game plan. Start working with the right people and get things going.”

The case for legalization and regulation was a recurring theme throughout the day. “Regulated businesses tend to partner with other regulated businesses,” explained Alderney eGambling CEO Susan O’Leary. “There are interesting opportunities for international businesses to partner with Indian companies, but they need to be regulated.” She went on to explain that regulation is akin to a seal of approval or a golden standard and that businesses from regulated countries are accountable in their jurisdiction, so it becomes difficult to deal with unregulated businesses elsewhere. These kind of standards are also needed in order to be able to obtain banking and payment processing services, as well as for being listed on a stock exchange.

However, several speakers reminded the audience that in order to legislate and regulate, several definitions are required, including what constitutes “a game”, whether a game is one of skill or of chance, etc.

Another key point of discussion was obstacles to entering the Indian and South Asian market, which includes not only the lack of a legal framework, but also restrictions on foreign direct investment.

Mike Blosover, CEO and Co-Founder of Silver Heritage Group, explained that his company was focusing on building a business in Nepal rather than India because foreign direct investments are allowed there and legal processes are less uncertain. “We are reluctant to enter India,” he said. “We don’t discount it but it would probably take at least another five to seven years for us to start something in India, if we did.”

Other speakers echoed his concerns about the uncertainty in the Indian environment, as well as the difficulty of finding a legal framework that works for all. “India is unique in that there are so many conflicting ideas and ideologies,” explained Varun Mathew, counsel at law firm PLR Chambers.

In addition discussing the burning issues in the gaming and gambling industry, the emphasis was on making connections. Many attendees of SPiCE 2019 travelled from afar, with delegates flying in from more than 20 countries around the globe with the goal of meeting top players in the industry and starting relationships. The second day of the event did not disappoint in this regard, with a networking lunch and several networking tea breaks offering ample time to connect and converse.

The day finished in style, with the “SPiCE It Up” poker tournament aboard the Deltin Royal Ship before delegates return for a promising final day of SPiCE 2019.