Federation of Indian Fantasy Sports Ropes In Former CII Executive As CEO

The Federation of Indian Fantasy Sports, a self regulatory body for fantasy sports, has roped in armed forces veteran Neil Christopher Castelino as its chief executive officer.

With over 20 years of experience, Castelino has worked under various leadership roles across corporate affairs, public policy, stakeholder engagement and operations.

As per his LinkedIn profile, he has worked with Confederation of Indian Industry, Flipkart and Bharti Infratel Ltd. 

With Castelino at the helm, FIFS aims to strengthen its position as the premier industry body for fantasy sports in India, fostering a suitable ecosystem for all members and stakeholders, it said in a statement.

Founded in 2017, FIFS is a Section 8 Company incorporated under the Indian Companies Act, 2013 for the purpose of self-regulation and promotion of best practices in online fantasy sports services and contests offered in India.

According to a report released jointly by EY and US-India Strategic Partnership Forum (USISPF), more than 50% online gaming companies in India witnessed stagnant or declining revenues after the government last year imposed 28% goods and services tax (GST).

Until last October, online gaming did not have a specific tax rate, and companies typically paid 18% GST on the platform fee or commission they took from the money pooled by users.

However, last year, the GST Council clarified that 28% GST would be charged on the entry fees paid by users, which significantly increased the tax outlay for gaming startups. The 28% tax is applicable on the full value of bets placed in online games, regardless of whether it involves games of skill or chance.