BCCI has called for a new Invitation for Expression of Interest (IEOI) for this sponsorship. Bidding for this will close on September 16 Highlights
Regulators have raised concerns about crypto trading
Online real money gaming was banned in the country last month
Dream Sports has had the sponsorship rights of Team India
Recently, online real money gaming was banned in the country. Due to this, companies associated with this segment will have to close their business. The Board of Control for Cricket in India (BCCI) on Tuesday said that companies associated with crypto and real money gaming will not be allowed to bid for the lead sponsorship rights of Team India.
BCCI has sought a new Invitation for Expression of Interest (IEOI) for this sponsorship. Bidding for this will close on September 16. To bid in this, the parties will have to deposit a non-refundable payment of Rs 5 lakh (GST extra). According to the guidelines given by BCCI , companies related to crypto trading, crypto exchange, crypto tokens, online money gaming, betting, gambling or similar services are prohibited from bidding for these sponsorship rights. There will be no exemption in this as this ban also applies to proxy branding and indirect tie-ups with crypto-related companies.
Last month, the Promotion and Regulation of Online Gaming Bill was passed in Parliament. After the implementation of this law, online money gaming will be banned in the country. This law provides for imprisonment of up to 3 years or a fine of up to Rs 1 crore if found guilty of online money gaming. After this, big companies related to fantasy sports like Dream Sports, MPL and Zupee have said that they are preparing to close the business of games played with real money . Dream Sports has had the sponsorship rights of Team India. Regulators including the Reserve Bank of India (RBI) have expressed apprehensions about crypto trading in the country.
The ban on crypto and online real money gaming companies for sponsorship of Team India has given a clear signal from BCCI. This segment is very important from the marketing point of view in the country. This ban also shows the increasing strictness of regulators on crypto related companies. This move of BCCI can also put pressure on other sports organizations to distance themselves from the crypto segment.
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