Federation of Indian Fantasy Sports (FIFS), the industry’s self-regulatory body in India, has partnered with Castler, a global escrow service platform, to address the critical financial challenges faced by the growing sector.
FIFS, a non-profit organisation established under the Indian Companies Act, 2013, is the body governing fantasy sports in India. Its mission is to promote fair play, responsible gaming, and industry best practices. Escrow, a financial mechanism that holds funds in a neutral account until specific conditions are met, plays a crucial role in fantasy sports. By pooling “acknowledgement” amounts into an escrow account, Castler guarantees the secure management of funds until all contractual obligations, including prize payouts, taxes, and operational expenses, are fulfilled. This robust system not only safeguards the interests of players, operators, and other stakeholders but also ensures compliance with regulatory frameworks.
FIFS CEO Neil Christopher Castelino 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.”
Castler co-founder and COO Kumar Amit commented, “Escrow is becoming the mainstay 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.”
Together, FIFS and Castler are committed to creating a transparent, secure, and sustainable financial landscape for the fantasy sports industry.
