Gambling has been around for many decades in India:
Gambling and its forms existed in the sub-continent for a few decades. Be it just playing card games at home, or people confidentially acting as bookies for major sporting events. Gambling is more than just entertainment, it is a culture for Indians. Off lately, we all have seen the steep rise of the online betting industry in India and the importance of gambling.
The betting industry is growing at 40 percent annually:
With an increasing number of people signing up on real money gaming websites and betting apps, the sports betting websites and the online betting industry have grown in leaps and bounds. As per reliable sources, the betting industry is growing annually at forty percent and by the end of 2022, it will be worth a staggering $ 2.8 Billion dollars! This growth underlines the importance of giving the online betting industry its due importance and creating a much more user-friendly room for Indian gamblers.
Are Indian online sports betting legalized?
The Indian sports betting industry is in an ambiguous situation. The public gaming act of 1867 (that is accepted by most Indian states), does not directly ban the use of online betting websites, especially the ones based outside India. Moreover, card games like rummy and poker, and skill games like fantasy sports, are legal in most parts of India. All this means is that users have many choices when placing wagers on important events like IPL, every year. As a matter of fact, betting sites like Bet365 and Betway are increasingly attentive to the market in India.
Due to legal battles betting is still illegal in India:
Moreover, this particular legal ambiguity has kept the Indian online betting industry from taking off. As a result of the legal battles, there are no trustworthy and legal online sports betting companies in the sub-continent. And the government is losing huge sums of money (typically Billions of dollars) worth of tax, by not regulating and legalizing the sports betting industry.
What is the road map for the betting industry?
Against all odds, there is still a positive future for this industry. The reason behind this is that some states have already started legalizing betting. An eminent person has proposed a bill in the parliament called the Sports Bill- the online gaming and prevention of fraud. Through this, he intends to legalize the online sports betting industry. And he even wants to put in place some regulations to prevent the illegal laundering of money and safeguard its users.
This sports betting industry is already heading in the correct direction, and only time can tell whether India will regulate and legalize gambling in India.