Indian Government Creates a Panel to Evaluate Legalization of Online Gambling
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The Indian government has recently created a panel to discuss and examine the legalization of online gambling. This follows after a new online gambling bill was introduced in the Lok Sabha on April 1. The bill aims to preserve integrity in online gaming and introduce a new regime where Indians can enjoy gambling in a regulated environment.
Apparently, the government has realized what it misses in terms of potential revenue lost by blocking online gambling. Consequently, this government panel was formed to critically analyze the prospects.
Right now, the country is progressing toward legalizing online gambling. The panel consists of seven members, including state ministers, given the responsibility to introduce strategies to direct the growing gambling industry. Their responsibilities include creating regulatory measures that will lead to a transparent and well-founded gaming market, as well as developing protection policies for players in the country.
The panel will begin by examining the legal frameworks used by many international gambling regulators to guide the activity. This analysis will help them create policies that will defeat the anti-gambling mindset in many areas of India.
Online Gambling Keeps Rising
Three months ago, the Federation of Indian Chambers of Commerce & Industry in cooperation with a global company – Ernst & Young, released a report on the Indian online gaming market.
According to the report, there’s been a 17% growth in the number of paying customers in the market, with the figure increasing to 95 million in 2021 from 80 million in 2020.
The users in the online gaming sector also increased during this time, climbing up to 390 million users from 360 million. This figure is expected to increase to 450 million in the coming year, as per the report.
Additionally, the Indian online gaming industry increased by 28% within that period. As of 2020, the industry was worth Rs. 79 billion but increased to Rs. 101 billion in 2021.
The gambling sector is a huge contributor to this segment and the introduction of regulations will definitely yield profits for the country at large.
Key Drivers of the Online Gambling Growth
Several things have led to the growth of the Industry. One of them is the availability of Indian local games online. An example is Teen Patti. Today, there are several online gaming sites and apps that allow you to play Teen Patti with cash.
Another driver is the numerous cricket betting sites online. Indian gambling websites are not just featuring Cricket as one of the sports but making it the main attraction. They offer special odds on Cricket bets and also provide special bonuses for betting on the sports.
Also, the availability and affordability of smartphones and internet services in India have contributed greatly to the sector. According to Statista, India is currently the second-largest online market in the world. As a result, popular Indian online casinos such as 10CRIC and ComeOn are recording wagers from many Indians daily.
Reducing the Rate of Underground Gambling
One of the things the government hopes to achieve is curbing black-market gambling in India. Currently, many Indians gamble illegally in different states. More raids have taken place in the recent few weeks and officials are carrying out numerous operations to end illegal betting on Cricket games.
One of the organizations that welcomed the news is the Federation of Indian Fantasy Sports (FIFS). The organization stated that the move to legalize online gambling shows that the country acknowledges the role of the online gambling industry.
In recent times, there have been attempts to ban gambling. An example is a ban implemented by the Karnataka state lawmakers which were overturned by the High Court. It is hoped that the introduction of regulations will allay the fears of concerned stakeholders and the state governments.
What’s the Future Like?
Since the bill was introduced in April, Authorities have begun to look at possibilities to create regulations for gambling online and more states have seen the revenue potential. Subsequently, the Indian government will try to create a new authority to regulate the sector.
If successful, online gambling in India will be regulated by the Online Gambling Commission. This commission will be responsible for providing policies and rules, as well as monitoring online gambling operators and enforcing punishments for those that do not comply with the law.
Nevertheless, the online gambling bill has been heavily criticized by many, including the President of the Working People’s Party, Anbumani Ramadoss. Despite that, the ball has been set rolling.
