How Regulating iGaming in India can help boost the national economy?

As we all know, the gambling world is quite erratic and perilous when it comes to investing large sums of money. In recent times, people either go for OTT platforms or iGaming sites mainly for entertainment.

Certain sites like ‘Dream11’ have flocked among Cricket enthusiasts. where they can gamble on their favourite teams and watch who hits the jackpot. Furthermore, Dream11 is deemed safe and legal to operate in India, implying a profitable revenue for some gamblers and also sounds positive from a tax & revenue perspective.

It is a well-known fact that every legal or illegal business must adhere to government laws when it comes to paying taxes.

Moreover, the government could generate a significant sum from the gambling market, but the concept of 'money laundering has been very prominent in recent events. As a result, the Indian government only permits land-based casinos in three states across the country.

Besides, some sources reported that the cumulative value of India’s online gambling industry is estimated to be $930 million, but now the money has been diverted to foreign companies. However, no such prohibitions apply to playing on overseas casino platforms or earning money in foreign currency, which has proven to be a lucrative option for Indian gamblers.

Is it legal to regulate online gambling in India?

As per the Public Gambling Act, 1867 Gambling is entitled to be legal in India, which is a state subject, that allows certain Indian states to have the authority to enact laws governing gambling activities within their borders.

Several gambling sites in India are still considered illegal, including horse betting with bookies, sports parlay cards, numbers, and illicit casinos. If any person is involved in any such illicit gambling activities, should pay Rs 200 fine and be imprisoned for up to 3 months, without any parole.

Despite the fact of permitting gambling in three Indian states- Goa, Daman, and Sikkim, the Indian economy has a huge opportunity to extend betting and casino markets to all Indians in order to build their own online casino platform. This would result in an expansion of the Indian economy as well as national income. In spite of this, India also should really boost other online casino sites which are legally functioning in India, such as Pocket Play, Casino Days, Royal Panda, 10 Cric, and Roku Casino.

The biggest concern people have while online betting is that it is hard to know which is a real site for it. There are very few sites that are real in this case. However, you can check out review sites that provide review particular casino sites.

How come iGaming helps in boosting the national economy?

Of course, legalizing and regulating online betting in India impacts a positive approach on tax as well as revenue point of view. Whereby, Betting or any such Casinos gamings are taxable at 30% under Section 115B of the Income Tax Act and fall under the heading of 'Income from other sources.' For this, the Government of India should maximize and leverage to gain revenue from regulation and taxes, by raising a large sum of money towards the Indian economy. As we know, India is the second-largest online market after China in the world, with 560 million netizens.

Following the diversion of $930 million to foreign casinos enterprises, Indian gamblers see opportunities to participate on such foreign casino platforms, which are anticipated to grow at a rate of 41% yearly, implying that investing money on foreign platforms might bring a large fortune to the Indian economy. For example, if casinos were regulated and taxed at a rate of 15%, the Indian government would get $140 million in gross revenue via taxation. As a result, regulating iGaming platforms such as Hello Casino, LeoVegas, Twin Casino, Genesis, 22bet Casino, and many other sites, for Indians will strengthen the national economy in such a way that India might become the world's largest online market in the future years.

A case study on Paytm, being removed from Playstore by Google?

Paytm was deleted from the Google Play Store in September 2020. Paytm appears to have broken Google's regulations and standards regarding online gambling, which led to the judgement. However, One97 Communications' other apps, such as Paytm For Business, Paytm Money, Paytm Mall, and others, are available on Google Play.

After Suzanne Frey, Vice President, Product, Android Security and Privacy, announced the addition of a few recommendations about online gambling, the app was quickly withdrawn. She noted that these guidelines were implemented to safeguard consumers from damage. One of them was that an app could not direct users to an external website where they may enter paid tournaments to earn real money or cash prizes. It was also mentioned that the consulting app would receive a notification if they broke the regulations, and if they did not correct their errors, they would suffer harsh consequences.

Paytm made no mention of why the app was deleted from the Play Store or that it was eliminated due to a policy violation by Google. As per the statement made by Paytm's officials, the app is currently inaccessible on the Google Play Store owing to fresh upgrades and downloads. Paytm said in a statement that the Paytm Android app is temporarily unreachable for new downloads or updates on Google's Play Store, but users shouldn't panic because their money is safe.

Paytm was apparently informed by Google before the app was removed from the Play Store, according to some sources. Paytm was regularly contacted by the Google team that worked with engineers in order to resolve the app's concerns. Paytm repeatedly violated Google's rules, despite several attempts. Paytm may reappear once it meets with Google's criteria. On Apple's App Store, it's still available.

Conclusion

Gambling over the internet is not a new concept. The vast majority of people prefer online gambling to traditional gambling. Connoisseurs of iGaming, gaming, and betting can immerse themselves in any game that satisfies their hunger from the comfort of their own homes.

FAQ

Is iGaming illegal or legal in India?

Almost all types of gambling are prohibited in India, according to the Public Gambling Act of 1867. Betting on horse races or cricket matches is technically forbidden based on this conduct alone. While several jurisdictions are exploring legislation to legalize online gaming, Nevada, Delaware, New Jersey, and Pennsylvania are the only four states that already allow regulated iGaming.

What are the top safest online gambling sites for India in 2022?

India's top online casino sites in 2022:

• 22bet
• Europa Casino
• Betway
• Casino Days
• Spin Casino
• Jeet Play
• Casino Planet
• Jackpot City Casino
• Casino Tropez
• Fun88