The Fantasy Sports market was valued at USD 24.52 billion in 2022.

Yup, that's quite a lot.

And it's only going to grow from here, no matter how many regulations surround it.

And because of that, people are more than happy to jump into this space.

The reason? To get a piece of the pie.

That's what our client recently did.

Our client was venturing into the fantasy gaming space.

He wanted to know all the legalities around it, simply put.

And that's where he needed our help with all the advisory and documentation.

But this is a highly regulated market, so let's understand the problems first.

Problems:

1) Legal Challenges

They wanted to know what legal challenges are involved in establishing and launching a fantasy gaming application.

2) Communication with Payment Providers

He required assistance in communicating with their payment providers and ensuring compliance with legal standards

3) Essential Documentation

They wanted us to draft the necessary documentation for their platform.

Solutions:

1) Provided initial guidance

The first step was to help him understand the different categories of online gaming and associated legalities.

We provided an outlook of license requirements in different jurisdictions.

And also advised on the way forward. 

Basically the best place to incorporate and operate from, and impact on taxation.

2) Communication with Payment Providers

The biggest issue in fantasy gaming is procuring a reliable payment provider.

So we helped him communicate with different providers and their compliance/diligence departments to seek their approval.

While simultaneously providing him with a “legal opinion report” wherever asked for.

3) Legal Documentation

Every Fantasy Sports company requires a platform where the users will be playing their game.

So we drafted the necessary documentation for their platform after understanding their core functioning.

The focus was on T&Cs, Privacy Policy, and Disclaimers, as mandated under the law.

By the end of our project with the client, he had a much clearer idea of what needed to be done.

And also, he understood the areas that could be challenging for him.

But because this is a regulated space, preliminary research is always important!

I guess this will be the final newsletter from me for this year!

Thank you all for those who have subscribed to this newsletter!

All 25 of you!

This year was fantastic - got to learn a lot, met so many nice people, grew the business, and also faced some failures.

But overall, it was a great year. And I hope it was for you as well!

I don't know what 2024 holds for us, but one thing is for sure:

As long as we stay consistent and try our best, success is guaranteed! :)

See you next time! And a Happy New Year! :) 🎉

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