Betting and gambling has existed in our country for several decades. Whether it is a group of people operating as bookies for major sporting events, or simply people playing card games, betting small amounts or stakes to make things more interesting. Sports betting has become a very common event in today’s world. It is a form of gambling in which a wager or bet is placed on the outcome of a sporting event. There are different types of sports betting that take place everywhere and online betting is one of them. Betting has transformed how games are watched and even played and brought about a certain sense of passion
We have been witnessing a steady rise in online betting in India, with more people now signing up on betting apps and real money gaming websites. The sports betting sites, as well as the online betting industry, have undergone massive growth in the past 2 years. In fact, reports suggest that the industry is growing at an annual rate of 40% and was able to reach a humongous value of over 203 billion USD in 2020 and it’s not yet done growing.
According to https://bettilt.co.in/, the sports betting industry of India remains in a legally ignorant position. According to the constitution, the regulation of sports betting and any other forms of gambling has been left to the dispensation of each state in India, and so, each state in the country has the power to decide whether such activities will be considered to be legal or not. There are already several states in India that have gambling and betting regulations in place. Goa and Sikkim are already regulating both online and offline gambling activities within their territories and these are places where people are operating and managing online and offline gambling businesses.
The Public Gambling Act of 1867 that is accepted in almost all Indian states, does not strictly forbid or prohibit the use of online betting websites, especially ones that are based outside the country. Also, card games like rummy and poker and skill games such as fantasy sports are considered to be legal in most parts of India. The legal obscurity in rules regarding gambling and betting has kept the online betting industry of India from reaching its full potential. Due to the legal struggles, there is difficulty in finding legal and trustworthy sports betting companies in India. Above all, it has been estimated that state governments are losing out on several billions of dollars worth of tax revenue by not regulating and legalizing the sports betting industry.
Several gambling companies spread throughout the world have been observing the progress in the betting industry and is looking for an opportunity to immerse themselves in the Indian market. India’s growing population and along with it, the number of internet users, and the love and passion for sports in the country are all salient features that make India’s betting industry the “ Golden Apple ” and everyone is on the lookout to take a major bite out of it.
The statistics and numbers all imply that India would be a lead contender in online betting if it was legalized. With all these statistics it is predicted that it would only be a matter of time before the government finally considers making gambling and betting legal in the country. Even though the online betting market in India is huge, the underground betting market is still operating under the radar and the government will have to take steps to close it, to regulate the industry. However, when it comes to how long it would take for the government to do this, the time period is still unpredictable.
Despite these struggles and difficulties, the future of the online betting industry in India seems to be taking a positive turn. One reason for this is that many states have started considering legalizing betting/gambling or have already taken steps to do so. While the industry is definitely making higher profits and is headed in the right direction, no concrete steps have been taken by the government to utilize this industry with such high potential.