In the middle of the 20th century, sports betting began to rapidly gain popularity. The emergence of online bookmakers and a multitude of land-based establishments has led to the 21st century becoming a new era where people can enjoy a new kind of entertainment.
However, not all countries approve of this prospect. Even though sports betting has become a normal and common thing, there are places where criminal liability is imposed for this kind of activity. And India is such an example.
In our article, you will learn more about how sports betting could change India and how old laws are affecting the development of this industry in the country.
What is the place of betting in the world?
At the moment, sports betting is the main form of entertainment for residents of many countries. Bookmakers are legalized in almost all the most developed countries of the world, including the European Union, many US states, and others. For this reason, a huge number of online platforms are developing, which operate in countries where betting is prohibited.
Situation in India
Even though India has the largest number of online users of foreign sports betting platforms, any gambling activity is prohibited in the country.
The government condemns any kind of entertainment associated with money. The reason for this is that people spend money and rely on luck rather than skill. Thus, sports betting was legalized. The state considered that the result of such a game depends only on skill, which means that it is possible to determine who will be the winner.
It is known that cricket is the favorite game of the Indians and is gaining the most views. As the sports industry has developed, more and more people are placing bets. According to general statistics, 80 percent of all bets on foreign platforms are cricket. If we take this into account, then we can conclude that the Indians want to bet.
More information about cricket in India can be found at cricketbetonline.in.
India’s legal framework for betting
The entire legislative framework on gambling in India is reduced to an act that was adopted in 1867 about public gambling establishments. After that, several acts were adopted that relate to betting, casinos, the payment system, gambling, and so on.
The legal framework of India is quite large, among it stand out such laws as:
- The Law on Payments and Settlements of 2007;
- The Information Technology Act of 2000;
- Assam Gambling and Betting Act;
- Sikkim Online Gaming (Regulation ) Rules,2009, and so on.
What is the actual situation with bets in India?
Even though the state is making a lot of efforts to minimize the involvement of people in gambling, the real situation in India is in the direction of bookmakers. The reason for this is the great popularity of foreign gambling platforms. All Indians wishing to bet on cricket register on offshore sites and make a profit for them.
The Indian government is not taking any action to tighten the measures. They cannot, since the bookmakers are foreign companies.
How will the legalization of bookmakers affect India as a whole?
Some certain studies and statistics show how the legalization of bets and casinos would have impacted the situation in India. It turned out that there are many more positive consequences than negative ones. Study the points below to understand that India’s gambling legislation is outdated:
- The emergence of new jobs for people in land-based institutions. Statistics show that there will be over 100,000 locations across the country;
- A huge stream of profits from the gambling industry. The Indian potential in the field of gambling is estimated by experts at $ 930 million. So, with a tax on winnings of 30%, the country will receive approximately $ 393 million per year;
- Attracting people to watch sports events and attend matches, which will also bring profit to the state;
- Public satisfaction. According to research on the Internet, about 40% of all Indians would gladly use gambling services. Moreover, illegal sports betting is growing by 7% every year;
- The ability to make money. Many people can build their careers on bets or predictions;
- Another advantage is the control over pre-arranged matches. This kind of activity is present in Indian sports.
These points prove that the new-age betting begin, but the system of regulation and laws remain the same and outdated. As an example, you can read about the situation in three states of India, where betting is partly legalized.
Sikkim State Example
Sikkim is the state where things are the best with the legalization of gambling activity. In addition to land-based and online casinos, there is an online lottery. She accepts bets from all over India.
In the future, the most serious changes in the field of sports betting will likely take place in this state.
Goa State Example
Goa is one of three states in India where at least some gambling activity is allowed. The total income in this area for the year is about 1 million US dollars. And that’s just 1 state.
Of course, there is still a lot missing in Goa. For example, online bookmakers are still banned. There is an assumption that even if they were legalized, Indians would still use foreign online platforms.
Daman state example
The last state where gambling is also partially allowed in Daman. Casinos and sports betting are allowed here. However, it is worth noting that betting on this sport is allowed everywhere. Therefore, the situation with betting in the state is still not happy.
Why is India’s sports betting law system outdated?
The fact is that apart from sports racing, betting on other games, even cricket, is not allowed in the country. Betting is a new opportunity for people and the state to reach a new level and improve the economic situation in the country. However, the legal framework remains outdated in India.
Why is betting a new age?
Because now sports betting is available almost all over the world and carries certain advantages. However, India is an exception.