Fantasy Cricket – Gambling in Disguise

What is Gambling?

Gambling is the wagering of money or something of value (referred to as “the stakes”) on an event with an uncertain outcome with the primary intent of winning money or material goods. Gambling thus requires three elements be present: consideration, chance and prize. The outcome of the wager is often immediate, such as a single roll of dice, a spin of a roulette wheel, or a horse crossing the finish line, but longer time frames are also common, allowing wagers on the outcome of a future sports contest or even an entire sports season.

In India we have the Dream11 which offers Fantasy Cricket, Kabaddi and Football.

What is Fantasy Sports?

Fantasy Sports is a sort of game in which you are allowed to select teams before the start of a real match and you are awarded points/cash based on the team selected, the players performance and real match’s result. There is a entry fee to enter into the cash contest and also there is a detailed points chart. The winnings depend on the type of match and ranges from few thousands to INR25,00,000.



These fantasy sports companies claim that what they offer is completely legal because, as per government laws, fantasy sports is categorised under Game of Skills and not under Gambling/Game of Chance. In India, only the State of Assam has no defined law on such games and thus Dream11 does not offer its services to residents of Assam.

As per the website “Dream11 Games – Games of Skill

In order to achieve success at the Dream11 Games a user must have knowledge (gathered through systematic research), attention, experience and adroitness. The ‘skill’ element of the Dream11 Games is found primarily in two aspects: drafting and playing. Users are subject to several carefully structured constraints and limitations in the game rules (which minimizes the instance of chance dictating the outcome) and are required to engage in a qualitative assessment of skills and relative worth of each player based on his strengths and weakness in light of the scoring criteria used by Dream11 and make a theoretical evaluation of the player’s prospective accumulated statistics over the course of the round at the time of drafting a fantasy team in a Dream11 Game. In order to succeed in the Dream11 Games, a user must apply his/her mind and judge the likely performance of each of his players in upcoming matches, and further the user is required to invest time and effort in analysing and tracking the performance of his players and other eligible players. For these reasons, the determination of the outcome in Dream11 Games is based on the predominance of skill over chance and it is our belief that the Dream11 Game is conclusively a game of skill in the eyes of the law. Accordingly, the Dream11 Games do not amount to ‘gambling’ under central and most state gambling statutes in India.”

Also this is from the FAQ’s from the website

“1. How do I win cash?

Your rank in a cash contest is decided based on the points your team earns during the live match. If your team finishes amongst the winning ranks of that cash contest, you’ll be declared a winner in the contest. We’ll credit the winnings in your Dream11 account, depending on the amount that you’ve won.”

Indian Law on Gambling

You would be surprised to know that our gambling laws are as old as 1867. We have the Public Gambling Act, 1867 which governs all kind of gambling activities in India. Obviously it does not have any provision on Internet Gambling.

As per the Act, “The expression “gaming” in the two Acts has to be interpreted in the light of the law laid-down by this Court in the two1957 cases, wherein it has been authoritatively held that a competition which substantially depends on skill is not gambling. Gaming is the act or practice of gambling on a game of chance. It is staking on chance where chance is the controlling factor. “Gaming” in the two Acts would, therefore, mean wagering or betting on games of chance. It would not include games of skill like horse racing.”

There are no elaborate definitions on Games of Skills or Games of Chance. And this is the loophole which companies like Dream11 exploit. Even rummy is considered a game of skill as per the act.

Right now the only Law which marginally governs online gambling is the Information Technology Act, 2000 which has only one provision related to online gambling and it is in no way adequate to regulate such a complicated offence as gambling.

In Conclusion

Till India does not have any concrete law on gambling (specifically Online Gambling) companies like Dream11, Online Poker are going to pop-up because India is considered potentially the largest market for Online Gambling. We just need to be careful with such companies.

The Flow of Funds in India

An alternative lens to understand economic transformation

At its heart, capitalism is a financial system. Every entity in the economy, whether an individual, a household, a business, or a state institution faces monetary constraints in its operations and must constantly balance the exigencies of cash inflows and cash outflows. Thus, money flows, including the accumulation of debt and the acquisition of financial assets, are the very lifeblood of the system. Despite this fact, most of our understanding of the macroeconomy is based on the national accounts system which foregrounds current expenditure by various sectors. While highly useful, such an approach often misses or obscures underlying monetary relations. To provide a sharp example, if one is buying a second-hand property, perhaps one of the most important financial transactions in one’s life, this will not show up in the national accounts because the property has already been accounted for when it was originally built and there is no current expenditure associated with it.

Finance Ministry’s Vision

Given such a divide, an alternative approach was originally suggested in 1947 by Morris Copeland, who promoted the Flow of Funds (FoF) account approach. This is an accounting system created to capture the pattern, duration and timing of money flows within the economy. Examining these flows of funds provides a simple but effective portrait of the nature of financial claims in an economy, and acts as a very useful adjunct to the national income accounts in understanding the current and likely future trajectories of an economy. Interestingly, due to the pioneering efforts of the then Finance Ministry, India was an early adopter of a domestic FoF framework and has always had one of the most extensive and up-to-date sets of data on money flows for developing economies. These accounts examine flows across six sectors — households, government, private corporations, banks, other financial institutions (OFIs) and the Rest of the World.

Surprisingly, despite the availability of the data, there have been very few attempts to provide a description of the monetary flows in the economy. Some of this may be because the data are calculated from balance sheet positions and may not always tally with other published accounts, some of it may be because the data is not easily collated, but neither are sufficient to explain the lack of scholarly engagement with the data. In a recent paper, we collated this data published by the Reserve Bank from 1955 to 2014 to provide a broad-brush picture of the evolution of Indian financial relations over this period. A few key findings were evident. Households in 2010 saw their net assets increase by 10% of GDP while the government increased its net liabilities by 5% of GDP.

First, almost across the entire period, the government sector is the largest net deficit sector while the household sector is the largest net creditor. Second, following the onset of liberalisation, the private corporate sector is running larger deficits as a fraction of GDP than any time in the past, although these deficits rarely exceed those of the government. Third, since the period of liberalisation there is a lot more volatility in financial positions than before it, signalling the growing complexity of monetary relations during this time. Fourth, the rest of the world has moved from being quite unimportant to becoming the second largest net surplus sector in the economy after households.

In addition, we find several striking results that are often glossed over in the general discourse on the Indian economy and that therefore bear highlighting. First, we find that the patterns of sectoral transfers have changed substantially over time. For example, the private corporate sector relies much more extensively on households and the rest of the world for their financing now than in the past where they relied on banks and OFIs.

Similarly, since 2010, banking has suddenly seen an influx of funds from the rest of the world and these funds account for a larger part of banking sources of funds than ever in the past.

Second, while the government is funded by the issuance of securities, the private corporate sector still relies more extensively on loans and advances and while this spread has reduced since the 1980s it is still large and significant.

Third, despite this India is moving from a bank-based to a market-based financial system. Between 1970 and 1990 loans and advances exceeded security issuances in all but two of the years; between 1991 and 2010, by contrast, loans and advances were smaller than security issuances in 11 of the 19 years.

Devil’s in the detail

These are only some of the results and insights that one can obtain from an examination of the data. While such a broad-brush picture necessarily omits details, using the flow of funds allows us to have significantly enriched picture of the broader economy. As Indian financial markets become more sophisticated and important, more fine-grained analyses will certainly need to be made for anyone wishing to understand the patterns and financing of India’s development. Finance Ministry’s early and insightful development of these accounts provide a very useful starting point in this regard.

Internet Education



Internet is everywhere. Smartphones are new televisions, everybody has one, and now they all have internet connectivity. We have millions of apps and services we use on our phones. Youtube, Facebook, twitter, Instagram and many more apps consume almost 80% of our internet time.

In this world of social networking apps and websites we are starting to neglect the need of internet education which is very important for a person who is using a computer for the first time or has a smartphone. India is becoming the next target for google, apple and everybody. They are increasing their efforts to penetrate our economy. I don’t blame them or I am not against apple setting up stores here or google setting up another data research centre here. It will definitely boost our economy.

Why internet education?

Internet is very powerful. Internet is the single most important thing, the neutrality of which, needs to be protected in this world. In the world of biased media and corrupt governments internet is the only source of honest and true information. But the situation in india right now is that everybody is getting a smartphone with 4G or 3G. People who never owned computer their whole life now own a smartphone. Their smartphone is the only way they connect to the internet and it is flooded with Facebook, youtube and twitter. If you ask an average guy in india “Why are you getting an internet pack?” the answer would be because I want to WhatsApp or I want to Facebook or Instagram or Twitter. Now imagine a person whose only interaction with internet is through his smartphone and all he does is Facebook or Twitter.

Companies like Jio or Airtel are always going to push their media services so that we consume more and more movies, songs and tv shows. Because that is the only way right now they are going to earn more revenue from us apart from what they get through subscriptions. And once you get hooked to the service it creates a loop and you get stuck mentally. It forms an habit.

Effects of lack of Internet Education

Now imagine millions of people with a smartphone and all they do with it is Facebook or Instagram. What effect will it have on our society? How is digital india going to liberate our society and culture. I think this is the new age slavery. We will be slaves of our own habits which are planted into us by these companies.


I think Internet Education is very important in India because our society is just getting exposed to internet in such a broad way. Earlier it was limited to very few pockets of our population. Now even your mum is using internet and also your maid is using it. Your 7 year old brother or sister is using it. Your friend in a village and his parents are using it.

I think it is very important at this stage we make efforts before it is very late.

Introduction to Business Environment


Business Environment - Tech


Business environment is the sum total of all external and internal factors that influence a business. You should keep in mind that external factors and internal factors can influence each other and work together to affect a business. For example, a health and safety regulation is an external factor that influences the internal environment of business operations. Additionally, some external factors are beyond your control. These factors are often called external constraints.

External Factors

Political factors are governmental activities and political conditions that may affect your business. Examples include laws, regulations, tariffs and other trade barriers, war, and social unrest. GST is a classic example of Political Factor affecting businesses in India.

Macroeconomic factors are factors that affect the entire economy, not just your business. Examples include things like interest rates, unemployment rates, currency exchange rates, consumer confidence, consumer discretionary income, consumer savings rates, recessions, and depressions.

Social factors are basically sociological factors related to general society and social relations that affect your business. Social factors include social movements, such as environmental movements, as well as changes in fashion and consumer preferences. For example, clothing fashions change with the season, and there is a current trend towards green construction and organic foods. That is why see Patanjali and others heavily promoting Ayurvedic and organic products.

Technological factors are technological innovations that can either benefit or hurt your business. Some technological innovations can increase your productivity and profit margins, such as computer software and automated production. On the other hand some technological innovations pose an exCloud Computing Photoistential threat to the business, such has Internet video streaming services challenging DVD business. Cloud Computing has made a huge impact on how businesses work today.


Internal Factors

Organisational Culture is the framework of values, visions, and norms, and customs shared by the members of an organisation. Your business culture affects how the employees in your business interact with each other, its customers and other stakeholders. According to studies effects of positive or negative employee habits are huge on organisation’s growth and profitability.

Customers/Consumers are the most important component for an organisation. Organisations sell products to customers which help them to achieve growth and profitability. Organisations should continuously monitor the use of their goods and their acceptance by consumers to sustain a growth in the competition. This is were businesses use data mining to determine patterns and customer habits.

Microeconomic factors are factors that can affect your business, such as market size, demand, supply, relationships with suppliers and your distribution chain, such as retail stores that sell your products, and the number and strength of your competition.Competitors

Competitors are other business entities who compete for same resources and market. Competition provides the correct shape to business. Organisation should regularly analyse the competition in terms of Who are main competitors? What are their present strategies?



Why is Reliance Jio so affordable?


Today at Reliance industries AGM Mr. Mukesh Ambani announced the launch of Reliance Jio on 5th september. The main highlight of this announcement was the lowest tariff rates of Jio services in the world. Jio will provide 1GB of 4G internet for as low as 50 rupees. And with free night usage you can get the cost to as low as 25 rupees per GB. Also free voice calls for life and extra 25% for students.

Reliance JIO tariff

Now the first questions that comes to anybody’s mind is “Why is Reliance Jio giving away its services for such low prices when it can charge a much higher amount.” The answer to this question is Data Mining.

What is Data Mining?

“Data mining is an interdisciplinary subfield of computer science. It is the computational process of discovering patterns in large data sets involving methods at the intersection of artificial intelligence, machine learning, statistics, and database systems.

How is Jio going to benefit from Data Mining?

Since Jio services are so cheap a majority of customers are going to flock at Jio stores to buy their Sim or Wifi Devices. This means that from a small labourer to a large business everybody is going to use Jio. Now with such a large customer base Jio will have a ton of data on how people spend their time on Internet. What products do they like, What movies or TV shows they watch, What do they do on Weekdays or on Vacations, What clothes they like to wear, What food they like, Etc. Even the Jio app suit which consists of Jio Chat, Jio Play, Jio OnDemand, Jio Beats, Jio Mag, Jio XpressNews, Jio Drive, Jio Money, Jio News are all designed to attract customers to use them instead of any rival services. These apps will provide Reliance with lots and lots of Data about customers likes and preferences.  This data is very important for business. Today businesses pay a large amount of money for data which help them to take business decisions like what products to develop or which services to provide. Have you ever noticed google shows you ads which are tailored for you. For example try looking for a mobile on Amazon and then visit Google or any other website that has ads from Google. You will see the mobile you searched on Amazon in those ads. Google tracks your every click on the internet, whether it is on a computer or mobile phone, and creates a database of your preferences.

Imagine a billions people using these services. Imagine the amount data Jio servers will aggregate. Reliance will sell this data and information collected from these data to other businesses and earn billions of Dollars.

Jio by keeping low tariffs is just passing a fraction of the benefits they are going to get back to us.

Does that mean we should not buy Jio?

No, Jio is offering the best services in the industry and will definitely revolutionise Indian Telecom Sector once again. Now with Jio we can truly say that India has the lowest tariff rates in the world. With this a large chunk of indian population is going to get internet access which is great. Like everybody I am also going to stand in line for my Jio Sim.

Is data mining bad for us?

We should be careful sometimes because companies sometimes influence our decisions and when they know so much about our choices and habits that process becomes even more effortless for businesses. You can not protect your self or your data from data mining. It is important. Data mining holds great potential for the healthcare industry to enable health systems to systematically use data and analytics to identify inefficiencies and best practices that improve care and reduce costs.  Some experts believe the opportunities to improve care and reduce costs concurrently could apply to as much as 30% of overall healthcare spending.  This could be a win/win overall.

But again people always try to influence others. We should always make informed decisions.

First Blood

This is my first post here. It took me 26 days to actually start writing this post. I was ignoring it since these many days for some or other reason. The reason I am writing this today is my friend and this book I am reading. First, lets talk about the way my friend motivated me to get going. I was reading a book and my phone bussed with a notification from twitter. My friend had tweeted about his post in a blog he is writing since 2012. I clicked on the link and saw this awesome blog he had created. I was justing wasting my time from these many days in place doing so many useful things with my time. I got my motivation and here I am writing this post today.

Second is the book I started reading yesterday. It is “The Power Of Habit” by Charles Duhigg. The book explains about how our habits govern our decisions (even the major ones) and how our mind makes and works with a habit. It also explains how we can actually change our habits. I have read many books but never a book has had such effect on me. Normally I spend my day watching TV or YouTube videos (I am a big Procrastination Champion) but I haven’t watched even a single video since yesterday (Trust me it is a big thing for me) and I am actually doing something useful today.

I am in a very weird state right now. My Company Secretary result is going to declared tomorrow at 11:00 a.m. I am nervous at the same time my mind is trying to not care about it. But tomorrow is definitely a very important day for me. It will bring big changes to my life.