Despite the taboo surrounding gambling and betting in India, the industry is thriving, especially online. Most of the gambling takes place inside closed doors or underground. It raises the need for legalizing betting in India at a federal level and in a regularized way.
Law Commission Urges The Indian Government For The Legalization of Betting and Gambling
The examination of the rampant underground gambling issue in India began about two years ago. The Law Commission of India started scrutinizing the untaxed and illegal activities related to betting, gambling and casinos. They were allotted the task of finding an effective way to curb the issue.
According to the report by LCI, the only way to minimize the illegal running of gamble houses and casinos is to regulate the activity. The regulatory measures can prevent youngsters from falling into the trap of uncontrollable gambling.
It is next to impossible to ban gambling betting sites in India completely. The least the government can do is to make laws governing the activity. This will also improve the revenue in the form of taxes.
The gambling laws in India have exempted horse racing from being illegal. LCI suggests that even other skill-centric betting activities should be brought under this exemption rule.
Details Regarding The Proposed Regulation by The LCI
According to LCI suggestions, gambling should be made entirely cashless. Wagers should have to link their PAN or Aadhar numbers with the transactions so that constant supervision is possible. Only those in the higher income group should be permitted to wager on higher stakes. Those individuals out of the taxable income bracket should be barred from indulging in betting or gambling activities. Same goes for those who are receiving welfare or aid from the government.
Depending on the financial situation of an individual, there should be some upper limit restrictions and the maximum amount to be spent on betting in a particular duration should be fixed. According to the recommendation of the LCI, the government should allow agreements for brand sharing, licensing, collaborations in technology, etc.
What The Future Holds For Gamblers and Betters In India?
More and more people nowadays are inclined toward earning more money online with the help of their skill which makes them ideal candidates for betting as it is entirely a game of skills and wit. There is no shortage of Indians turning sports betting into full-time jobs and earning their revenue from something they are incredibly passionate about.
The main reason behind unhealthy gambling behaviour is the restriction imposed on Indian citizens regarding the activity. As long as it is banned, players are going to be more focused on hiding rather than acquiring the necessary skills to excel. Welcoming the logical approach with open arms is a wise move. However, rejecting the LCI’s suggestion on the grounds of prohibitionist and conservative instincts or adopting a pragmatic approach towards betting is in the hands of the government of India.