India serves as a huge market for budding industries and many companies, thanks to being the second most populated country in the world. Apart from having a population of 1.4 billion, India possesses immense potential due to the developing status of our country. Being a developing country, it has room for new industries and ample manpower. This serves as an interesting market for gambling companies to place their product in this market. 은꼴, 야짤 Gambling has been a popular pastime in India for years, thanks to the British. Gambling activities increase in India during festivals like Holi and Diwali.
How is Gambling Regulated in India?
In India, gambling is regulated on a local level in all states, except lottery and horse races. Even though gambling is very popular among Indians, most of them want to do it legally, to avoid any unnecessary nuisance. The license to run a proper casino venue in India is provided in only three states- Goa, Daman, and Sikkim. Many people are still comfortable with placing bets in unlicensed casinos. If caught in illegal gambling, both the casino owner and the customer of the casino are fined and can be imprisoned for 3 months and 1 month respectively.
Where Can You Enjoy Gambling in India?
If you want to experience gambling in a physical casino venue, Goa, Daman, and Sikkim are the states you can go to to do so. There both Indians and tourists can experience the traditional casino games. The most popular casino venue in India is Goa. The Goa, Daman, and Diu Gambling Act of 1976 limits casino venues to five-star hotels or floating vessels. This effectively prevents entrepreneurs from simply running a casino of their own to reap the benefits of this booming business. Foreign companies are also allowed to provide their products to Indian customers, but there is a condition that these companies have to enable the customer to deposit, play and withdraw in the local currency, that is, the Indian Rupee.
Thanks to the digital era, even casinos have now gone online, making it much more accessible to the regular gambler than a brick and mortar casino. But unfortunately, there are no licensed casinos online in India. Sikkim was in talks for an online casino but sadly those negotiations were not fruitful.
Online casinos are a thriving industry that can contribute financially to a great extent. According to the Sikkim-based lottery company PlayWin, India is losing out on $1.5 billion in taxes due to the negligence of the potential of the online casino industry. Allowing offshore companies to market their products and raise awareness about them is also affecting the amount of taxes that can be collected through gambling.
What if India Legalizes Casino in All State?
If India were to provide licenses to online casinos, it would generate a lot of tax income for the government. While it could have a negative impact on society, that does not stop Indians from gambling. Instead, providing licenses to online casinos will allow the government to provide a proper regulatory framework and maintain it while protecting customers.