In the international arena, India’s gambling market is considered one of the most profitable in the long term. The IT sphere is highly developed here, a large percentage of active users and there is a local, extremely popular sport. However, international companies are wary of entering the Indian sector due to the lack of proper regulation by the state. Read on about the problems of local gambling and prospects for integration into the Indian market.
Expert Opinion
Jay Saita, an expert in legal regulation of gambling in the Asian market, stated that the main problem in the Indian gambling market is the lack of clearly defined rules. If permission to operate is granted, it is within overly restrictive limits. When bans are imposed, operators resort to conducting games illegally. Decisions are made at the state government level.
According to the expert, legalizing gambling and sports betting, which have significant potential, and further regulating them at the legal level will ultimately contribute to the state’s treasury. Currently, popular forms of gambling in India include rummy, various types of lotteries, online poker, fantasy games, and quizzes.
Advantages of regulating this industry
According to forecasts, the gambling market will continue to thrive as over 560 million Indians have access to the Internet. This rapidly developing market is eagerly awaited by many casinos. Some have already taken advantage of this opportunity, as there is an increased number of players who prefer using their mobile devices.
A regulated gambling industry can offer numerous advantages beyond tax revenues. It can allow players to compete on an international level, although this requires the enactment of strict laws.
Regulating this industry will protect players from fraud and minimize cases of unscrupulous gambling websites. Thus, the gaming environment will be safer and more stable.
Read about Popular online casino games in India.
Legal trade has been an incredible way to boost the economy. In addition to creating more job opportunities, qualified professionals have a chance to advance their careers. This is an excellent way to develop all industries related to casinos, such as online payment platforms, game development, and more.
Most Indians consider this as parallel growth. Revenues obtained from other companies can be used to support the local economy and national development projects.
It is expected that the current standoff between the Indian authorities and stakeholders in the gambling industry regarding the regulation and ban of fantasy games and poker will take a positive turn. As authentic gambling websites continue to dominate the online sphere, more spam websites are emerging, creating further confusion, which could influence the court’s decision in the recent Avinash public interest litigation in Delhi court.
Conclusion
Although gambling and sports betting are illegal throughout India, there are no specific laws prohibiting online gambling. The Indian government has banned the activities of online betting sites, but offshore sites can still offer their services to Indian citizens. Therefore, online gambling in India cannot be categorized as either legal or illegal.
India’s regulatory and legal framework for gambling and sports betting has gaps that prompt the government to make changes in the near future, considering the estimated $60 billion that is illegally wagered annually in the country. This underscores the emergence of independent websites that provide thorough reviews of the best, authoritative, and licensed online casinos, with a selection of welcome bonuses and new games.