For a very long time gambling has been a major part of the culture in India. Many festivals take place such as the Diwali festival where card games are played. In recent years sports betting has become a popular past-time which has led to many match-fixing scandals as crooks try to beat the system. Overall, however, most just play for fun with an app downloaded to their mobile phone.
Like with many different industries in India the legality is not crystal clear and it is expected over the coming years due to its vast popularity that things will change. The Indian Government has a history of making the wrong decisions so hopefully, they will get this one right. There is no stopping gambling from taking place so the regulation of the industry would be a better choice compared with prohibition.
The public gambling act is due for a major update as it has been in existence since 1867. It banned physical gambling but does not mention online better which is how companies are getting around the current laws in place.
Some states such as Sikkim have decided to take action and they have legalized some sports betting like cricket. It is likely others will follow as states look for ways to generate extra revenue as they are in dire need of money due to the major financial impact the pandemic has had. The best course of action would be for the centralized Government to take action but at present, this is not on their agenda.
Many major gambling companies such as Ufabet have taken advantage of this loophole in the law. Over the last few years they have experienced major growth and thousands are signing up for a new account each week. Betting options have been tailor-made for the Indian marketplace with Cricket betting and traditional Indian gambling games such as Teen Patti is the most popular.
The main driving force behind the growth of gambling in India has been mobile gaming and sports betting apps. These have opened the marketplace for the average citizen to be able to place bets easily and millions have downloaded at least one app. It used to be the case of having to visit dodge back street bookmakers to place bets but this is becoming less popular.
The gambling industry is a big driving force in creating new revenue streams for sports teams. The Indian Super League is prime example of this as out of the 11 teams that take part 7 of them have sponsorship deals with online betting companies. The sports industry during 2020 has taken a hammering due to COVID restrictions preventing spectators from watching events live. Without these lucrative sponsorship deals, many would be out of businesses so expect to see more attempts to get a betting partner onboard.
India is going to be the country with the world’s largest population and gambling companies know this which is why you will see more and more enter this marketplace in the coming years. The revenue that it could bring in for the Government could help resolve financial issues that many are struggling with but it will also increase gambling addiction problems so there needs to be a balance going forward.
