Sports betting has been something that Indians have long attracted. The situation is that international bookmakers have long been available in the country, however, in fact gambling is banned in almost all states. If the Indian government takes the decision to legalize or not, it could lead to a good increase in the annual income of the country.
In our article, you will learn more about the real situation in India, the statistics and get an answer as to what the legalization of gambling in the country will lead to.
Current statistics in India
Statistics show that Indians love sports betting. Everyone is ready to spend their time watching games and betting. However, according to the law, this is prohibited in the country.
The real situation is that India has a personal example of how the legalization of betting and casinos affects the economy of the country. Thus, in the state of Goa gambling was permitted. And for now, in the future, the revenues of this industry will increase to $ 1 million. And you have to keep in mind that this is only one state.
Experts have estimated India’s gambling potential at US $ 930 million. Where is this money going? The main problem is Indian deposits on offshore gaming platforms. These include bookmakers such as Betway, 22bet, 4rabet, Bet365 and many more. The answer is simple: other states receive money from Hindus by providing their gambling services.
Betting on cricket
If we take any information about the situation of sports betting, especially cricket, then the situation is as follows:
General polls have been conducted on the Internet, according to which 40% of Indians love and support betting and gambling.
The illegal sports betting market is growing by 7% every year.
Overall, 80% of all bets at offshore bookmakers are cricket.
Globally, 60% of all bets are made on illegal gaming platforms or black markets. This means that legalizing rates in India will reduce this process and help the country reduce the level of financial terrorism. In addition, taxation will increase the country’s GDP.
The point to remember is that with all of the above there is every reason to start developing a new sports betting and casino policy.
You can read more on the subject by following this link to the https://cricketbetonline.in/.
Legal framework of sports betting and casino in India
The legal framework in India consists of many laws that prohibit gambling on various grounds, areas, etc. It is important to note that the states of the country can make their own decisions regarding their gambling policy. Thus, there are states where betting or casinos are permitted in part or in whole.
Below are several important laws:
Sikkim Online Game Rules (Regulations), 2009;
Payment and Settlement Act 2007;
Information Technology Act, 2000;
the law on the games of Pondicherry;
Assam Gambling and Betting Act;
The Andhra Pradesh Gaming Act, and so on.
How India can benefit from legalization
If we talk about the contribution of legalization, the list will be long, ranging from the position of the entertainment sphere of the people to the economic situation of the country. In fact, it is not necessary to fully allow gambling, it is enough to solve this problem, and the country already receives benefits.
Currently, there are legalized games of chance such as lotteries or horse racing. There is a certain tax on winnings. If we imagine that all variants of gambling are available in the country, then:
According to the calculations, if the country levies a 30% tax on winnings and regulates local payment transactions on gaming platforms, then the total revenue for the year will be around $ 393 million. By 2024, the total profit will be $ 1 billion.
Another advantage of setting up land-based casinos or bookmakers is the creation of hundreds of new jobs for the population. Experts are convinced that the total number of employees will be 100,000 if establishments are opened across the country.
A little extra is the regulation of the agreed matches. This provides a reliable mechanism for monitoring online sites.
In addition, it is another opportunity to earn real money, as well as increase income from sporting events. The more legally Indians bet on cricket, the larger the audience will be.
Benefits of legalization
If we briefly touch on all the advantages of legalization, here are their main ones:
Increase in annual state profit;
Increase in the number of jobs;
No injustice in sport. Solve the problem of agreed matches;
A large audience of sporting events;
Possibility of additional earnings.
What steps should India take?
There are already states in the country where gambling is partially permitted. This means that the basic legal framework is already in place. On this basis, India should develop a new system of legalization of betting and casinos. To do this, it is necessary to start analyzing certain aspects such as:
Some experts advise adopting the UK system, which has a special commission on gambling. Such a body takes care of the problems mentioned above, which guarantees safety and reliability.
Should India legalize gambling soon?
It is difficult to answer this question precisely. However, it is most likely not. The intention of the state is not to plan, not to create such an opportunity for Hindus. What reason? Not clear. Most likely, the question rests on morality. Indeed, according to the legislation for example, all gambling entertainment is divided into “game of skill” and “game of luck”. In the first case, it is allowed, in the second, it is strictly forbidden.
It should be noted that it is not clear exactly how sports games are divided into these categories. Thus, horse racing has become a game of skill and has obtained its own legalization. Betting on cricket will likely remain illegal.
What are the advantages for India if gambling is legalized?
First of all, it’s huge revenues. Then more jobs, more income, more audiences for sporting events, less black market betting and matchmaking, and so on.
How much is India losing by banning gambling?
According to the calculations, the country’s annual income from the percentage of earnings tax alone will amount to more than $ 300 million.
Are there any hopes for legalization of betting in India?
So far, there is no clear hope that the situation will improve.
What is India’s gambling potential?
Experts estimate India’s opportunities in the gambling industry at $ 930 million. Unfortunately, this money is received by foreign foreign bookmakers and casinos such as Bet365, Betway, 22bet, 4rabet, LeoVegas, Royal Vegas, and many more.
What is the income from gambling in Goa?
The state of Goa is a prime example of legalization. Every year, the amount of revenue from the game exceeds $ 1 million. This number will only grow.