India to legalize gambling and sports betting - page 6.

Betwrong

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I stand with Ukraine.

I've been meeting a lot of players from India on various gambling sites, so I wasn't even aware it was illegal there.

Now, after googling the subject, I know that gambling in India is severely restricted except for some categories including lotteries and horse racing. It reminds of the situation in the former Soviet Union where only these two types of gambling were legal and where wholly controlled by the government. Some reports say that the Indian gambling market is around $60 billion per year (USD), half of which is illegally bet. I think legalization will do good to the economy of India, and also I agree with avikz's words above that the legalization can't be for a shorter term.

Script3d

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Quote from: JanpriX on July 19, 2018, 03:23:48 AM

Quote from: Hiltohen on July 19, 2018, 03:11:51 AM

Quote from: sunsilk on July 12, 2018, 06:19:38 AM

They are struggling to fight against the underground market of gambling and just like the saying "If you can't beat them, join them."

That's their final choice of regulating and legalizing gambling, just imagine the population of India is one of the biggest and what if big portion of it are gambling.

Tax profits aren't going to the government, Indian gamblers doesn't need to hide anymore.

Yeah that is the main point that there are millions of gamblers in India and they cannot quit gambling, so the government now decided that they will allow gambling throughout India and by this way they can figure out their gambler numbers.I think it is not good because gambling is a worst game and addicted gamblers lose almost everything in gambling.

Additionally, if I'm not mistaken, they can get some tax from it and we all know that we are talking about huge money here so if my guess is right, their government will rake in gazillion amount of money from the gambling industry in their country. They literally don't have any way to stop it and they don't have the money to waste on putting different gambling services to stop at all cost. It is, in every way, a very logical thinking from their part if you consider all the aspects that is available out there.

there would be always tax why would they stop their income then goes into their pockets it would be also good for the country if the politicians aren't corruption even tho it might destroy lives of some people. the government knows there are some illegal gambling happening they just let it slip or take actions it would be either.

avikz

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Quote from: audaciousbeing on July 19, 2018, 03:37:47 AM

Eventually, its about how much money government can get from every activities they tend to pursue and the moment a slight understanding can be ascertained that no harm is done to the populace, they are surely going for it. The point is, its not about the welfare of the people but about what the government will get in its own coffers.

The same government that ban the use of crypto is considering the legalisation of gambling due to the financial inflow that would accrue to them that they had initially detested. That's why I am hope that whatever they launched against crypto is temporary that the moment the income to government is established, they are definitely reviewing their stand.

The current government of India is not doing populist politics at all. What they are trying to do since the beginning of their tenure is to cut down the treasury deficit, which has always been a challenge to all previous governments. So the current government has to take some drastic measures like, withdraw the subsidy from fuels and cooking gas, Option to withdraw the train travel subsidy, Reducing the interest rate etc. So the government is actively looking to increase the internal revenue. That's where exactly we are hoping that the government can take measures to legalize gambling and sports betting. Also treasury deficit is an ongoing matter, so if they decide to legalize gambling in India, that can't be for a shorter term.

audaciousbeing

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Quote from: avikz on July 12, 2018, 04:56:25 AM

On July 5th, Indian Law Commission recommended the government to legalize gambling and sports betting in India. Gambling in India was legal during the British time but the first independent government banned it. Since then Indian was turning blind eye towards the gambling sector. However, the picture may change in near future seeing the benefits it can bring to government.

1. Cricket betting in India is already a billion dollar market but completely unregulated and underground. Government is loosing millions of tax revenue
2. It has suggested classifying gambling into two categories, one is proper gambling with big money and small gambling for occasional gamblers
3. Eyeing to boost tourism sector with a huge foreign money turnover
4. Employment generation

Even though nothing has been finalized yet, but India has shown negative responses towards gambling earlier. However, currently the government is struggling to maintain the treasury deficit within the required limit. Also the changed Eco-political scenario and duty-war among the big economies has led India to think about increasing internal revenue. So things may change this time. Lets hope for the best!

News source 1:
https://blogs.timesofindia.indiatimes.com/toi-editorials/legalising-betting-in-sport-just-do-it/

News source 2:
https://timesofindia.indiatimes.com/sports/more-sports/others/allow-gambling-betting-on-sports-as-regulated-taxable-activities-law-panel/articleshow/64873545.cms

New source 3:
https://www.hindustantimes.com/india-news/legalise-gambling-and-betting-to-help-generate-revenue-jobs-law-panel/story-0oe6dPPdTbKEACaq9wyPYJ.html

Eventually, its about how much money government can get from every activities they tend to pursue and the moment a slight understanding can be ascertained that no harm is done to the populace, they are surely going for it. The point is, its not about the welfare of the people but about what the government will get in its own coffers.

The same government that ban the use of crypto is considering the legalisation of gambling due to the financial inflow that would accrue to them that they had initially detested. That's why I am hope that whatever they launched against crypto is temporary that the moment the income to government is established, they are definitely reviewing their stand.

JanpriX

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Quote from: Hiltohen on July 19, 2018, 03:11:51 AM

Quote from: sunsilk on July 12, 2018, 06:19:38 AM

They are struggling to fight against the underground market of gambling and just like the saying "If you can't beat them, join them."

That's their final choice of regulating and legalizing gambling, just imagine the population of India is one of the biggest and what if big portion of it are gambling.

Tax profits aren't going to the government, Indian gamblers doesn't need to hide anymore.

Yeah that is the main point that there are millions of gamblers in India and they cannot quit gambling, so the government now decided that they will allow gambling throughout India and by this way they can figure out their gambler numbers.I think it is not good because gambling is a worst game and addicted gamblers lose almost everything in gambling.

Additionally, if I'm not mistaken, they can get some tax from it and we all know that we are talking about huge money here so if my guess is right, their government will rake in gazillion amount of money from the gambling industry in their country. They literally don't have any way to stop it and they don't have the money to waste on putting different gambling services to stop at all cost. It is, in every way, a very logical thinking from their part if you consider all the aspects that is available out there.

vintages

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Well, in some way, it's a good thing if it's not for the government personal interest. And also, I hope it won't bring negative effect like gambling addiction to the gamblers. At least, gamblers won't have to blame the government for their failure. And it will also be wise if the government will regulate it after the legalization.There are many opportunist who will use this means to rip off people's money.

Hiltohen

newbie

Activity: 76

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Quote from: sunsilk on July 12, 2018, 06:19:38 AM

They are struggling to fight against the underground market of gambling and just like the saying "If you can't beat them, join them."

That's their final choice of regulating and legalizing gambling, just imagine the population of India is one of the biggest and what if big portion of it are gambling.

Tax profits aren't going to the government, Indian gamblers doesn't need to hide anymore.

Yeah that is the main point that there are millions of gamblers in India and they cannot quit gambling, so the government now decided that they will allow gambling throughout India and by this way they can figure out their gambler numbers.I think it is not good because gambling is a worst game and addicted gamblers lose almost everything in gambling.

ethereumhunter

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Quote from: Indamuck on July 12, 2018, 08:48:17 AM

The government is just looking to collect more revenue. You see this in a lot of places with legalization of marijuana, they really don't care about citizen's rights. Governments love to get their hands on any source of money flowing through their country, that's why they hate the black market.

yes, and I am sure that India government will collect a big money from this and their people now can play gambling without afraid. but I am worried for that news because it can trigger to another chaos because once the gambler is a loss, they can do whatever things that they can to get more money so they can continue to play gambling. but all in all, I think India is a step forward from the other countries and I want to know more about this and I hope that there no chaos or accident that will happen because of gambling.

Juggy777

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This will be a really good news for tourists and even the locals of India, every time we'll visit we visit Goa to gamble, now this will be a interesting move from the Asian country and it could fill the coffers of government 100 times than what it could have imagined, though I don't expect it'll pass easily there'll be many critics competing in but let's see if they're able to pass it.

SaShiRaJaVu

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There is a lot of stupid rules and regulations that needs to be changed in India, i hope there will be change in the rule against gay marriage or relationship, they need to legalized those things and they need to legalized prostitution as well as start accepting sports gambling, these things are going on in India in the blind, so what is wrong in have it legal and have a legal framework so that there is no exploitation.

sunsilk

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Quote from: avikz on July 12, 2018, 06:28:56 AM

Quote from: sunsilk on July 12, 2018, 06:19:38 AM

They are struggling to fight against the underground market of gambling and just like the saying "If you can't beat them, join them."

That's their final choice of regulating and legalizing gambling, just imagine the population of India is one of the biggest and what if big portion of it are gambling.

Tax profits aren't going to the government, Indian gamblers doesn't need to hide anymore.

Yes, as I already mentioned, Cricket betting industry is already a billion dollar industry in India. Cricket is considered even popular than religion here. All these betting money is not going to government and they are unable to make revenue out of it. Legalizing it will have a long lasting positive effect on the economy. Also it will boost the alternate employment market in India. The way Macau and Australia successfully ventured in to gambling market and made it successful for the local government, India will be able to do the same if it is legalized finally.

I believe if it was success to Macau and Australia this can also bring success to India's government. At last they have seen that the gambling industry is one of the biggest source of taxation.

They are not only aiming for this industry but they are also into tourism.

Best of luck to them and this can bring them a tiger economy if the progress was good, gamblers from all over the world will start visiting them.

oegarod

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India is a country where gambling is in a partially accepted level. Sports betting and several other gambling services were accessible online, but the offline bookie services seems to be under control. This time the offline accessibility through bookies might be under discussion for legal accessibility.

darkangel11

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Don't let others control your BTC -> self custody

I find it strange that they're banning cryptocurrencies and legalizing gambling at the same time. So, are they a strict government or not? Both things should be legal, but when cryptocurrencies were, gambling was not, now it's going to be the other way round... Living in a crazy country like that can really have an impact on your mental health Cheesy

One day you're playing cards for fun, the next police is breaking down the door Cheesy

SyGambler

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actually it's stupid that governments don't legalize gambling , like even here in Syria it's illegal to gamble but there are many that are gambling using illegal bookmakers in the country and at any moment these bookmakers may steal the money
it's better for the economy and safer for the citizens , governments should realize that gamblers will gamble anyways no matter if it's legal or not so they better benefit from it and protect their citizens from losing money with scam operators

Hamphser

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Quote from: avikz on July 12, 2018, 06:28:56 AM

Quote from: sunsilk on July 12, 2018, 06:19:38 AM

They are struggling to fight against the underground market of gambling and just like the saying "If you can't beat them, join them."

That's their final choice of regulating and legalizing gambling, just imagine the population of India is one of the biggest and what if big portion of it are gambling.

Tax profits aren't going to the government, Indian gamblers doesn't need to hide anymore.

Yes, as I already mentioned, Cricket betting industry is already a billion dollar industry in India. Cricket is considered even popular than religion here. All these betting money is not going to government and they are unable to make revenue out of it. Legalizing it will have a long lasting positive effect on the economy. Also it will boost the alternate employment market in India. The way Macau and Australia successfully ventured in to gambling market and made it successful for the local government, India will be able to do the same if it is legalized finally.

No doubt, they would really heading on that way. Good thing that they do consider now to legalize it yet it seems that they cant able to benefit if they would tend to ban or completely block it and now they do revert such decision because they are the only ones who would miss out the chance on getting benefits which would totally help out the entire economy or such country. This is indeed a good news for India.

Pab

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It is much better for India to legalize gambling and sports betting Ban anything is easy but if we look history in
time of prohibition in USA we can see that it was mafia best time.It only caused corruption and criminal organisation huge benefit.I think India will need to think about creating some regulations for crypto

kurian

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Quote from: Indamuck on July 12, 2018, 08:48:17 AM

The government is just looking to collect more revenue. You see this in a lot of places with legalization of marijuana, they really don't care about citizen's rights. Governments love to get their hands on any source of money flowing through their country, that's why they hate the black market.

That's right! This why Indian government recently tried to ban Cryptocurrency and as a result Reserve Bank of India barred banks from supporting Bitcoin. They admitted it has done without proper research. Government should accept new revolutionary technologies.

mostkey

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Activity: 742

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It is a good idea to legalize in gambling so that the government can fully control it will automatically benefit from gambling to further advance the level of quality of gambling in order to attract more rich people to enter, but it will not materialize as soon as there is an agreement with each government to aligned in response to this problem, the technology should be further developed in paired gambling with blockchain for a very clear level of security, anonymity is necessary so as not to risk every gambler.

Wipro

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Quote from: avikz on July 12, 2018, 04:56:25 AM

On July 5th, Indian Law Commission recommended the government to legalize gambling and sports betting in India. Gambling in India was legal during the British time but the first independent government banned it. Since then Indian was turning blind eye towards the gambling sector. However, the picture may change in near future seeing the benefits it can bring to government.

1. Cricket betting in India is already a billion dollar market but completely unregulated and underground. Government is loosing millions of tax revenue
2. It has suggested classifying gambling into two categories, one is proper gambling with big money and small gambling for occasional gamblers
3. Eyeing to boost tourism sector with a huge foreign money turnover
4. Employment generation

Even though nothing has been finalized yet, but India has shown negative responses towards gambling earlier. However, currently the government is struggling to maintain the treasury deficit within the required limit. Also the changed Eco-political scenario and duty-war among the big economies has led India to think about increasing internal revenue. So things may change this time. Lets hope for the best!

News source 1:
https://blogs.timesofindia.indiatimes.com/toi-editorials/legalising-betting-in-sport-just-do-it/

News source 2:
https://timesofindia.indiatimes.com/sports/more-sports/others/allow-gambling-betting-on-sports-as-regulated-taxable-activities-law-panel/articleshow/64873545.cms

New source 3:
https://www.hindustantimes.com/india-news/legalise-gambling-and-betting-to-help-generate-revenue-jobs-law-panel/story-0oe6dPPdTbKEACaq9wyPYJ.html

Worst government I see in this world that is India. Many third world countries from Asia started implementing blockchain project and making people to earn the money over online resources mate. Kindly invest the time and check the good gambling site through out this world.
Do not depend on centralized gambling site as crypto users.
I think people from this forum will looking to get the money on gambling as a anonymous player.

jrrsparkles

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Quote from: buwaytress on July 12, 2018, 09:42:32 AM

About time. The US has finally come to its senses about legalising sports betting, and India should get on board. God knows how much their economy would benefit from revenue.

Normally wouldn't immediately see it as a good thing but in India's case, it's way beyond control. With regulated gambling, they should also make some headway into match fixing. Cricket there is such a disgrace, but with so much riding on blackmarket betting, who wouldn't throw a few games for easy money?

Match fixing or what still governments will have lot of revenue from gambling because I heard that IPL involves in Billions which is just by illegal gamblers so imagine how much money will get roll over into this field here after,But I doubt that this will be implemented in near future because Indian laws were working at turtle speed in most cases, Cheesy

Topic: India to legalize gambling and sports betting - page 6. (Read 984 times)