The Federation of Indian Fantasy Sports (FIFS) has announced a strategic partnership with Castler, a leader in escrow services, aimed at addressing financial challenges and promoting transparency within the rapidly growing fantasy sports sector in India.
FIFS, established as a non-profit organization under the Indian Companies Act, 2013, serves as the apex governing body for fantasy sports in the country. Its mission centers on promoting fair play, responsible gaming, and industry best practices. The collaboration with Castler reinforces FIFS’s commitment to maintaining the financial integrity of the fantasy sports ecosystem.
Escrow services are crucial for ensuring secure financial transactions in the fantasy sports industry. By utilizing Castler’s escrow mechanism, funds can be held in a neutral account until specific conditions are met, such as prize payouts and tax obligations. This system ensures that all contractual commitments are fulfilled before releasing funds, thereby safeguarding the interests of players, operators, and other stakeholders while ensuring compliance with regulatory standards.
Joy Bhattacharya, Director-General, FIFS, explained how the partnership will help the industry and said, “Castler’s automated workflow suite for escrow banking is truly a game changer for the entire gaming ecosystem. And not only it solves the problem of trust deficit but creates efficiency on the operating side. This will usher a new era of Trust & Transparency.”
FIFS CEO, Neil Christopher Castelino, echoed the sentiments and said, “Castler’s innovative approach to escrow services is a critical step forward for the fantasy sports industry. This partnership reflects our commitment to creating a secure and transparent ecosystem, which will not only address present challenges but also lay the foundation for sustained growth and trust in the future.”
Kumar Amit, Co-Founder and COO at Castler, commented that, “This partnership is poised to be a game-changer. Escrow is becoming the main stay of all gaming in India. The entire ecosystem has embraced it as it ensures complete security and transparency to the users. It also provides gaming companies’ several benefits on the accounting and audit side as well. Castler provides an end-to-end solution for FIFS members which includes Legal Opinion from a Tier-A law firm, SEBI registered trusteeship as escrow agent and an escrow account in a RBI licensed bank.”
This partnership aims to create a transparent and sustainable financial framework for the fantasy sports industry, fostering trust and confidence among players and operators. Together, FIFS and Castler are poised to set a new benchmark for financial integrity, supporting the continued growth of this dynamic sector.
