Currently, India has strict laws against gambling at race tracks, sporting events and casinos. However, the Law Commission of India recently recommended shifting the current policy to regulate gambling and betting. The commission asserts that regulation would prevent underage activity, black markets and risky betting environments. If gaming were to be legalized, there are many factors to consider. Many citizens feel that the advantages would significantly outweigh the downside. Moreover, the government could end up seeing additional revenues. For many Indians, the legalization of gambling in India would have wide ranging implications.
Curtail Black Money
Legalizing gambling in India would curtail black money and stem the underworld’s finances. Without regulation, a large portion of gambling and sports betting are controlled by underworld syndicates. Many of these finances are used for a variety of unethical activities. Nearly $60 billion of gambling revenues could be removed from the black markets. Moreover, the Indian government could earn thousands of crores as tax revenue. Just with sports betting for cricket, the revenues would be very substantial because of the game’s growth. If regulated, the legalization of gambling in India would lower the amount of black money falling into the hands of underworld organizations.
Updated Laws On Internet Gambling
The current set of gambling laws in India do not cover online gaming and sports betting. As of now, many Indians are gambling and betting online. The online casino and sports betting platforms are separate from the existing land-based casinos in Goa and Sikkim. Since the outdated law does not explicitly cover internet gambling, the Law Commission has trouble controlling these activities. Wit the proper law, Indians can bet legally while the government will be able to control these activities online and offline. Addressing the lack of proper legislation, legalization of gambling would offer an updated law that would be enforceable.
Funds for Major Government Projects
Legalizing gambling and sports betting could lead to tax revenues that fund major projects in health and infrastructure. Many financial experts estimate that the tax revenues to government agencies could pay for much needed projects. These constructive projects would allow the market to continue to experience growth in the future. In turn, the government would also bring in more revenues for future projects. Down the line, this would impact many government agencies and partners of the private sector who rely on strong infrastructure. It would also help the healthcare funding projects that would immediately impact the population. If regulation gets introduced, it could lead to the growth required to support major social projects.
Opportunity for Indian Based Casinos
If the government creates laws that allow online gambling and betting, Indian casinos would be able to offer their own games online. Thus, Indian casinos could compete by pending their own websites for people throughout India. Since the commission already knows that Indians are gambling on foreign websites, this would give the opportunity to local casinos to compete with global websites. As a result, more transactions would be conducted in rupees. Additionally, more of the profits and wagered amounts would stay within the country rather than going abroad. By taking this action, the Indian government enables local casinos to participate in the global online gambling market.
Verification Citizen ID Cards
Legalizing gambling online would allow casinos to verify each person’s identity. This creates the opportunity to get more people gambling legally and verifying their identities with the government. Once verified, the government would be able to provide several restrictions to regulate the industry. For example, the government can limit how much a citizen is making or not making. This prevents social welfare individuals from gambling their funds online. Moreover, it would limit the amount of money fraud and laundering. Though the use of caps and limits, ID verification would be one of the biggest implications of legalized gambling.
There is a significant push for legalization of gambling in India. If this change is made, it would have far reaching impacts on Indians. Firstly, it would reduce the amount of black money on the market. Updated laws would keep citizens out of grey areas with betting online. With legalization, the government could receive more than enough funding for major societal projects in healthcare and infrastructure. More so, local casinos would be able to create their own websites and complete online in the global market. With a strong form of verification, regulations would confirm and regulate the safety of gaming on a large scale. Of course, the legalization of gambling would impact Indians in a variety of areas.