Gambling, in its many forms, has existed in the country for more than decades. Whether it is people secretly operating as bookies for major sporting events, or simply families playing card games at home, betting small stakes to make things more fun, gambling has been a huge part of the entertainment culture in India.
In recent years, we have witnessed the importance of gambling through the rise of the online betting industry in India. With more and more people now signing up on betting apps and real money gaming websites, the online betting industry as well as sports betting sites have undergone massive growth. In fact, reports suggest that the industry is growing at an annual rate of 40% and will be worth about $2.8 billion by the end of 2022!
That sort of growth establishes the importance of giving due attention to the online betting industry and coming up with new strategies to create a more user-friendly space for gamblers in the country.
Is Online Sports Betting Legal in India?
As it happens, the sports betting industry of India remains in a legally ambiguous position. The Public Gambling Act of 1867, which is accepted in most Indian states, does not strictly prohibit the use of online betting websites, especially the ones based outside the country. Additionally, skill games such as fantasy sports and card games like rummy and poker are considered legal in most of India.
This means that users have their fair share of choices when it comes to placing wagers on major sporting events such as the IPL, year after year. In fact, many international online betting sites such as Betway and Bet365 have become increasingly attentive to the Indian market.
However, this legal ambiguity has kept the online betting industry of India from truly flourishing. Due to the legal struggles, there are no legal and trustworthy sports betting companies in India, and even fantasy sports sites struggle with regulation. Moreover, it has been estimated that state governments are losing out on billions of dollars worth of tax revenue by not legalizing and regulating the sports betting industry.
What Does the Future Look Like?
Despite these hurdles, the future of the online betting industry seems to be positive. That's because many states have started considering legalizing betting or have already taken steps to do so.
Moreover, the well-known politician and MP, Shashi Tharoor has even proposed a bill in Parliament, named the Sports (Online Gaming and Prevention of Fraud) Bill. Through his bill, he hopes to legalize the online sports betting industry as well as put in place regulations in order to stop the illegal laundering of black money as well as safeguard the interests of the userbase.
While the industry is definitely headed in the right direction, only time will tell if India is ready to legalize and regulate the gambling operations in the country!
