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Why It Is Time To Regulate Online Betting In India?

by GoNews Desk 5 months ago Views 2610

online betting
The online betting market in India has been heavily active for over a decade, and only continues to grow.

Since people who are betting and gambling enthusiasts are always on the lookout for new nooks and opportunities to earn with their speculation, the number of online betting sites such as Betway are thriving in India.


These top-notch online betting websites consist of several sports such as cricket, horse racing, football, basketball, and other pro league level games that are up for bets to be placed.

Moreover, they also possess additional perks such as free bets, bonuses, and VIP rewards that bettors can take advantage of.

These betting sites make the experience of online betting appear safe and legit: with the professional interface that such betting sites present, betting is no longer a shady concept that people hide from.

In India, research shows that 40 percent of the internet users engage in betting on some scale.

For a country that is heavily invested in stock market trading, which is another kind of speculation, gambling is just another way for people to boost their “side-money” or enjoy light entertainment while wagering on their favorite sport, teams or players.

So why is it still an underground business in India, and why do Indians still have to look for loopholes and grey areas when it comes to online betting? This is due to the Indian laws surrounding online betting and speculation, which are vague and not specific.

One of the most searched questions regarding online betting in India and whether or not it is legal, which is enough to highlight the neglect the betting operators in the industry face from the government. The resolution to this problem is simple: regulation of the online betting market.

Why does the online betting industry in India need Government regulation?

The term regulation does not refer to banning online betting and wagering but making clearer laws while tightening any loopholes, so that there is an official structure in place.

This will help in setting restrictions as to who can and cannot bet online, while providing officially approved operators with the seal of trust that punters can rely on.

The regulation of the online betting industry will also shed light on grey areas, thereby creating transparency in dealings.

The government will benefit from this the most, as currently, there is no accurate figure to know how many citizens are involved in online betting.

This would change with regulation, and the government can collect taxes either directly from players or by taxing the betting sites operating in India.

One of the biggest betting comparison sites in India named MyBetting.in believes that proper regulation of the market by the Indian government will usher in the opportunity to create thousands of new local jobs, which is a pressing need in 2020.

The regulation will also put a tab on the age limit and encourage responsible gambling on government licensed online betting sites.

The advantages of regulating online betting in India are clearly better than the current don’t-ask-don’t-tell scenario. It is time for a change, which will bring an age-old business out of the darkness and into the light for a safer betting experience, benefitting not only the players but also the government and the betting operators.


 

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