The Future of Betting in India
Many forms of betting have existed in India for many decades, despite the restrictions imposed by the laws. For example, people secretly operating bookmakers for sporting events, among others. Even in the full glare of the authorities, gambling has been a huge part of India’s entertainment culture.
We have witnessed the growth of sports wagering through the existence and popularity of online betting in India. More and more people are signing up on gaming apps and sports betting sites are undergoing major changes and massive growth.
Staking on games has taken a new turn in India, but is that all that can be achieved? No, with a review of the laws, the industry is capable of experiencing a high return.
Reports even suggest that the betting industry in the country will be worth nearly $3 billion by the end of the year. This number suggests that a certain level of importance should be given to the online betting industry.
The legality of online betting in India
India’s laws aren’t clear concerning the sports industry, especially online wagering. The law does not outrightly or strictly ban online wagering sites, particularly those registered in countries where betting is legal. The difficulty in regulating sports related services is understandable considering that many of these activities are done virtual.
How do you regulate activities done in cyberspace? What laws would govern regulations and to what extent will these laws function for a sports betting app? All these and more are some of the reasons for the slow space of regulations relating to bettor’s activities in the country.
Furthermore, most states in India consider skill games as legal. As a result, bettors can place bets and wagers on major sporting events like IPL every year. More so, big-time wagering companies like Betway have become increasingly attentive to the market in India.
Still, the ambiguity of India’s laws concerning online wagering is keeping the industry from reaching its full potential. If betting is this prominent in India when the laws don’t totally accept it, imagine how it’ll bloom when they do. Due to the legal strain, trustworthy sports betting companies are absent in India. Furthermore, reports suggest the country’s state governments are losing much money for not regulating and legalizing sports wagering.
Moreover, the Public Gambling Act of 1867 regulating betting in India is old and says nothing about the internet. Thus, online wagering activities are neither legal or illegal in most parts of India. Although the Technology Act of 2000 regulates all internet activities, still there is no mention of online wagering. Thus, Indians should be free to bet online on different sites and offshore bookmakers. If at all there’s a problem, it’ll likely be with the operators.
How’s the future looking for betting in India?
There is cause not to believe that the future is bright for the gaming industry in India. For one, many states in the country have begun considering regulating betting; some have even taken steps to do so. Besides that, a prominent politician in India, Shashi Tharoor, proposed a bill in the Parliament for legalization of sports staking.
He hopes that the country will regulate and legalize the industry to curb illegal black money laundering and protect the user base. The activities of hackers and crackers and how often they break into the firewalls of sports applications and websites remains a challenge for the industry as a whole. When these impediments are taken away, one can be sure more users will be attracted and a boom will be recorded.
Meanwhile, the United States is currently among the progressive countries where sports wagering regulation is concerned. The Supreme Court has made moves to make sports betting legal at the federal level, causing states to follow suit. Many states in the US have regulated sports-related activities. India has much to learn from the United States government where sports wagering regulations implementations are concerned.
Nevertheless, despite the green light we’re seeing, it is hard to tell if things will change in the country any time soon. If India will regulate placing bets on bookmakers, it’ll likely not be in the next five years – but, you never know. Three states in India recently announced a ban on all forms of gambling online, including staking on games.
As such, it is difficult to say if this trend will continue or if the tides will turn. Perhaps India will consider the billions of dollars it is losing for not regulating bookmakers and take action to change things. Until then, we will hope, wait, and believe that betting-relevant regulations will one day be adopted in the country.
The betting industry in India is definitely headed in the right direction; all that is needed is perfection of things, especially laws. However, only time will tell if India will regulate and legalize betting and general gambling activities. Until then, users have a responsibility of playing on licensed platforms in India like Parimatch. You know only enjoy numerous games and impressive odds, the security of your activities is guaranteed.