The popularity of gambling throughout history suggests that this phenomenon serves some basic functions for mankind as well as for the social order. Gambling in its commercial forms may add excitement and the ability to take risks to our lives.
When it comes to the national economy, gambling has its pros and cons, however, there is no denying that the online betting market can heavily contribute to the growth of a country’s economy.
Online Betting and the Indian Economy
Undoubtedly, the regulations governing online betting in India are ambiguous and often prompt prospective players to ask themselves: is betting legal in India? To add to the confusion, each state has its own laws for online betting.
Many states have approved commercial casino and online betting primarily because they see it as a tool for economic growth. The greatest perceived benefits are increased employment, and greater tax revenue to state and local governments.
In the past, the Law Commission of India recommended that sports-related betting be legalized as it could positively impact the country’s economy. The online gaming market has witnessed exponential growth over the past few years, with revenue crossing Rs. 6000 crore in recent years.
Can online betting benefit the economy?
The debate regarding the positive impacts of online betting on the economy has gained momentum, especially during the COVID-19 pandemic, as most countries’ economies, including India’s are in the doldrums. Experts believe that legalizing online betting can actually help the economy through these tough times.
The government will be able to collect tremendous amounts of money by imposing taxes on gambling activities, as there is already an enormous market that is operating under the radar. Those revenues can bring a change to the Indian economy.
The regulation of the betting industry would not just bring revenues and new job opportunities, but would also protect vulnerable people from unwise betting. That is why an increasing number of people believe online betting in India should be regulated. After all, you can easily access thousands of gambling sites and spend countless hours playing, all without having to leave the house.
The pandemic has impacted the economy all around the world, and countries need to be inventive and search for alternative ways to cover their budgets. The online betting industry can help governments bypass this crisis.
The future of the online betting market in India
Although a few states in India have prohibited gambling over the past couple of years, the stance on gambling at a national level has become increasingly liberal. Perhaps that is why some of the more conservative states in India have attempted to push back by implementing more strict regulations on gambling.
However, gambling is a benefit for the economy and most countries around the world are now realizing this. Therefore, we will probably see India move towards a regulated gambling market sometime in the coming decade. Exactly how it will look or what shape it will take is yet unknown.
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