India has officially formed a government panel that will oversee the legalization of online gambling. This comes as a much-needed break as online gambling can generate huge new revenue streams for the country.
Read on below now to see what this new panel will bring to the table in terms of online gambling in India.
The government has fought the legalization of online gambling in India for the longest time. However, they are starting to realize the benefits of this practice for two major reasons.
First and foremost, the legalization of online gambling will help reduce the number of illegal betting rings within the country.
Recently, authorities have been cracking down on numerous illegal gambling syndicates across multiple states. These were particularly focused on illicit cricket betting.
When online gambling is legalized, the government will be able to regulate the practice. This will help curb the problem of illegal betting.
Another perk of legalizing online gambling will be that India will be able to reap the revenue streams that come with it.
The online gambling market in India had grown by 28% from 2020 to 2021. This is based on findings from a study conducted by Ernst & Young in association with the Federation of Indian Chambers of Commerce & Industry. In 2020, the market was worth Rs79 billion (US$1.01 billion). However, in 2021, the market reached Rs101bn (US$1.29 billion).
This team will consist of seven members, including several state ministers.
This panel will be responsible for:
As you can see, the team certainly has their work cut out for them. However, the success of this will be hugely beneficial for India.
At the time of writing, there is no federal law stating that real momney online casinos are illegal. Therefore, it is currently a grey area within the country.
This is problematic as it allows players to play at questionable online establishments. The legalization of online gambling will allow the government to properly regulate all online casino practices, safeguarding their citizens.