The online gambling industry is a multi-billion dollar market. Even though government officials, lawmakers, regulators, online casino players and citizens have been fighting for its regulation in India for almost a decade, the current laws are still unclear. The industry does not seem to have a place in the Indian economy.
However, the online gambling industry continues to develop rapidly. Online casinos are now part of the new digital economy and should be regulated in India.
Indeed, some online casinos are operating actively in India
In the last few years, India has seen an increase in both players and the number of operators. This change is because many online casino India offers their services to Indian players and have proven safe and trustworthy.
The truth is that the legal landscape surrounding online gambling is complex in India. On the one hand, gambling is permitted in the state of Sikkim, but there are stringent restrictions on operators. The state does not issue licenses to international operators, and only three companies can operate gambling platforms within its borders.
On the other hand, many of the operators are based outside the country but have been able to establish an active presence in India through modern technology.
Online casino regulation will generate new revenue for the federal government
A recent study found that regulating the online casino industry in India would eliminate the black market economy and generate revenue through taxation, which could then be invested into a variety of causes and industries. In addition, it would create employment opportunities by creating new positions within existing companies.
The study also revealed that many people who gamble online do so because they cannot find work elsewhere. Regulation would encourage these people to play at licensed casinos instead of unregulated ones, thus increasing their chances of getting caught and prosecuted by law enforcement agencies.
The regulation will protect Indian consumers
Online casinos are a growing source of entertainment for millions of people worldwide and in India since they allow players to access a wide range of games from the comfort of their homes and mobile devices.
By 2023, the market is expected to reach more than INR 50 billion. This data confirms that gambling is an essential source of revenue for governments and needs to be regulated. In addition, many unregulated black market gambling sites still do not provide adequate protection to their players.
It is quite contradictory that India has a strong tradition of gambling in its culture, yet its laws have only recently been updated to reflect this reality. Online casinos can be regulated by introducing new rules and creating an online gambling authority (OGA). The creation of new laws will ensure that all players are protected from illegal operators while also enjoying their favourite casino games safely at home or on the go.
