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?
Topic: India to legalize gambling and sports betting - page 7. (Read 984 times)
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.
This is indeed a great news for Indian gamblers. However, gambling is negatively portrayed in India yet there are lot of people who are doing it illegally. As far as I know in India online gambling is in the 'grey area'. With the advance of technology and adaption of cryptocurrency as a payment in online casinos made it lot more easier for people from India to gamble. So, I think more people would be come forward to gamble if it is going to be legal in India.
I believe that India's legalization of sports betting and gambling can increase the state's revenues and reduce the problems associated with illegal gambling. Since a country can not completely prevent this activity, regulation remains the only option. I am sure that legalization will also help create new jobs and increase the level of tourism.
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.
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.
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.
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.
I know that Indians were mad at cricket betting and there were lot of money is circulating while the games happening in their country so by regulating means they can earn lot of money,but is they have separate regulations for crypto gambling too?
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
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
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