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Definitions:-In this Act, unless the context otherwise requires- (1) "Gambling" means and includes wagering or betting on games of chance but does not include betting or wagering on games of skill. Explanation: Once a license has been obtained under this Act, wagering or betting on online 'games of skill' or making profit by providing a medium for playing 'games of skill' shall not amount to gambling so long as they are being provided to players and are being accessed by players operating from territories where 'games of skill' are exempted from the ambit of gambling (2) "Territory" shall mean any territory in India which "games of skill" are permitted, and are recognized as being exempt from the ambit of "gambling". (3) "Games of skill" shall include all such games where there is preponderance of skill over chance, including where the skill relates to strategizing the manner of placing wagers or placing bets or where the skill lies in team selection or selection of virtual stocks based on analyses or 297 where the skill relates to the manner in which the moves are made, whether through deployment of physical or mental skill and acumen. Explanation: Forthe purposes of this Act:- (I) All games provided in Schedule A of this Act shall fall under the category of "Games of skill" (ii)'Games' which have been declared or determined to be 'games of skill' by Indian or international courts or other statues, or games where there are domestic and international competitions and tournaments, orgarnes which can be determined to be 'games of skill' shall further be entitled to be included in Schedule A. (iii) Games of skill may be (a) Card based and (b) action/ virtual sports/ adventure/mystery and (c) calculation/strategy/quiz based (4) "Games of chance" shall, subject to the provisions of sub-section (3) above, mean all such games where there is a preponderance of chance over skill. (5) "Wagering" or "Betting" shall mean the staking of money or virtual currency, whether or not it is equivalent to a recognized currency (6) "Matchplay shall mean any game of skill played between two or more players or between a player and the computer. (7) "Peer to Peer Challenge" shall mean a game which is played only between two or more players, where I player issues a challenge to another player specifically or in general, and another player accepts the challenge on the terms proposed. (8) "Tournament" shall mean a contest in a game of skill among a. number of competitors. (9) "Competition" shall mean an event in which individuals or teams contest on the basis of their skill and ability. (10) Virtual means games played online by r1eans of computer automation and exercise of skill. (11) Licensing Authority shall mean the Finance Commissioner or any other authority designated and empowered on his behalf forthis purpose. 298 (12) "Licensee" means a person or company or limited liability company which has applied for and obtained a license as provided under the Act. (13) "Stake" means Indian Rupee. It shall not mean or include virtual currencies.