India’s laws are state governed and therefore not the same in all regions. Some states have higher online gambling limits than others with no specific rules. Since online gambling is not banned nationwide, it leads to less regulation in Indian gambling markets. Since 2020, there has been a steep increase in activity at online casinos due to the COVID-19 Pandemic. As a result, there has been an increase in gambling addiction-related deaths. Therefore, Indian lawmakers have been lobbying for regulation. Some states such as Andhra Pradesh, Telengana, Tamil Nadu, and Kerala, have already banned online gambling. So the questions that arise, are what happens if India were to regulate online gambling? What are the benefits of regulation?
Regulated Online Gambling Would Curb Money Laundering
Gambling may be illegal in many states. However, it remains a popular pastime. Particularly due to long lockdowns, online gambling has become very popular. If they decide to regulate online gambling it would curb a lot of black money, scamming, and money laundering. Furthermore, regulation helps in the battle against terrorism and organized crime, resulting in a country with a better quality of life.
We have seen that online gambling is on the rise in India. This has been followed by an increase in the number of complaints received. Mainly for money laundering, fraud, and cheating. Regulation of online gambling can curb these activities without stifling an industry that potentially brings income gains to the Indian government.
Regulated Online Gambling Generates Tax Revenue
Revenues generated from gambling are a vital part of any country’s economy, together with tobacco and alcohol. It is estimated that the unregulated online gambling industry generates billions of dollars each year in revenue. However, all the casino and betting operators sit offshore. When gamblers win the winnings are supposed to be declared. They should also pay taxes on them. But many due taxes go unpaid. If the government would regulate online gambling it will force many operators to declare all player activity to the governing body.
But there is also considerable concern about a number of social and psychological elements associated with gambling. Gambling can have a serious impact on people’s relationships and health. Many economists have concerns about this and they are often debated. And also investigated by psychologists. So the big question for lawmakers is do the Pros outweigh the Cons?
India is currently in an economical depression with unemployment at an all-time high. So, regulating online gambling will create many jobs needed to run a successful government operation. A study by the Heritage Foundation and the International Trade Union Confederation found that gambling has affected worldwide employment, creating 4.3 million jobs. The study also found that America’s casino industry supports 176,000 permanent jobs and generates $396 billion in wages for American workers every year. So, just think how many jobs and families regulation could support in India, with a population of close to 1.5 billion citizens.
Until they regulate online gambling, you can enjoy playing casino games online. Live Casino India reviews and rates a variety of online casinos in India. You can play online roulette, online blackjack, and Teen Patti, or try your hand at sports betting at our recommended online bookmakers. We cover all the latest news and updates from the gambling industry and provide in-depth live game guides.