Gambling is a recreational activity that is enjoyed by people from all parts of the globe. Whether it is in the hottest casinos in Las Vegas, the most luxurious casinos in Monte Carlo, or humble gambling houses on the streets of Asia, there are so many people who engage in this beloved pastime. It’s particularly popular in some of the richest societies and cultures in the world like India. India is a fascinating country because even though it’s a developing nation, its population is incredibly advanced in terms of technology adaptation. Much of the Indian population is not afraid of using tech devices like computers, smartphones, and tablets. On top of that, the Internet is gaining a massive user base all over the second most populated country in the world. As such, Internet products and services are getting more popular as well including online gambling.
It’s been noted that the online gambling industry in India has experienced massive growth over the past few years. Another interesting item to note about India’s gambling sector is that it’s regulated by a very conservative government. Technically, online casino operators are not allowed to set up shop in the country. However, much of the population still has access to offshore casino sites. That means that it’s still possible for locals to access online casinos in India, even though there aren’t really any laws that regulate this activity.
A Growing Industry
Based on a report that came out in 2021, the online gambling industry was valued at around 76 billion Indian rupees in the year 2020. One major factor to take into consideration with regard to the rising popularity of the online gambling sector in 2020 was the global pandemic that forced many people to stay indoors. Desperate for any kind of entertainment or form of recreation, many internet-savvy individuals turned to activities like online gambling as a way to pass the time and keep themselves entertained. Aside from online gambling, the e-commerce industry grew as well.
However, now that the world is moving forward from the COVID-19 pandemic, many pundits and experts have expressed concerns over the sustained growth of the online gambling industry. These concerns are largely founded on the fact that many land-based casinos are now opening their doors to people all around the world. Now, this might be true for places like Las Vegas or Macau. But in India, there are very few land-based casino establishments in operation. That means that most of the population will still rely on online gambling platforms in order for them to play their favorite casino games.
One of the reasons that the Indian government is feeling the pressure of potentially imposing more lenient guidelines and regulations on the gambling sector is the fact that the industry has provided much economic stimulation to the country. In terms of job creation alone, the gambling industry is responsible for employing so many people around the world. This can cover a wide range of talented professionals from website developers to marketing analysts, IT security analysts, data analysts, and even customer service experts. There are so many potential positions to fill as a result of the rising online gambling economy. And India has a population of trained professionals who are more than ready to fill those positions around the world.
Aside from that, India can stand to benefit from the fees and revenues that come from transaction on these online gambling portals. Again, as of now, Indian people can only access offshore casino sites that have licenses in other nations around the globe. That means that the Indian government can’t impose taxes or fees on these sites since they fall outside of their jurisdiction. By potentially regulating and granting their own licenses to local operators, the Indian government can use the revenues from the industry to fund investments and social services that can stimulate the Indian economy even further.
At the end of the day, there are so many reasons why the online gambling market is good for the Indian population. Even despite all the restrictions and challenges brought about by outdated legislation, the Indian population has still managed to find a way to play an active role in the development of this sector.