Can legalizing Gambling actually help the economy through these tough times?
The Covid-19 pandemic harms the economy all around the world, and many countries struggle to overcome these challenging times. They need to be inventive and search for alternative ways to cover their budgets. It may sound strange, but the gambling industry can help governments bypass this crisis. Gambling is built-in human nature, and it has been present for centuries. It is everywhere around us, even if you toss a coin. However, gambling activities that include real-money betting are not allowed everywhere. Still, that does not prevent people from putting money on casino games, cockfights, horse races, or cricket. Of course, those markets are mostly illegal, but they involve vast amounts of money. How can the country benefit from those activities? Let’s take a deeper dive into the topic.
Gambling regulations in India
Only three states allow gambling activities in India, and those are Goa, Sikkim, and Daman. According to the Goa, Daman and Diu Public Gambling Act of 1976, five-star casinos and offshore vessels can facilitate physical casinos. On the other hand, gamblers across India can still enjoy playing their favorite casino games since the law does not regulate the online gambling market. It is still in a gray area, and although it is not entirely legal to gamble online, it is not illegal either. Since gambling is very popular among Indian people, they take advantage of these gaps in the regulations and register accounts at online operators. Especially after the lockdown imposed by the Covid-19 pandemic, the online gambling market is on a steep rise. Many international operators admit Indian players since it is an enormous market. However as shown on online-gambling.com/india/ it’s essential to always make sure you are playing at trusted online casinos.
A big debate surrounds the question of whether India should legalize gambling or not. The truth is that laws are not keeping pace with modern times. The Public Gambling Act of 1867 does not include any amendments regarding the contemporary ways of gambling, including online casinos. Those that are against the legislation say that it would only increase the prospects of money laundering, crime, and corruption. Also, the aspect of morality is pretty questionable since gambling can bring dangerous consequences to those who are not responsible that can affect their families too. On the other hand, the gambling legislation proponents advocate several benefits that this industry can bring to the country’s economy.
Potential benefits from gambling legislation
The primary argument for those who support gambling legislation is the increase in tax revenue . The government should be able to collect tremendous amounts of money by imposing taxes on gambling activities, as there is already an enormous market that is operating under the radar. Those revenues can bring a change to the Indian economy, and the government should be able to invest it in several social prospects. It doesn’t apply only to the land-based casinos and sportsbooks, but should also cover the online gambling market.
The regulated gambling market could also open new employment possibilities. India is the world’s second most populated country, and it can use gambling legislation as an opportunity to cut down the unemployment rate. Other states don’t need to go very far to see the benefits of it since the examples of Goa and Sikkim speak in favor of this claim. The regulation of the gambling industry would not bring just the revenues and new job opportunities, but would also protect vulnerable people from unwise betting. The government would work in cooperation with the casinos and sportsbooks to prevent match-fixing .
The gambling legislation can have a positive impact on other industries as well. Tourism is definitely one of them, as the foreign investors could get the opportunity to build luxury casinos within their resorts. It would attract many people all around the globe to enjoy this beautiful country, along with having fun in state-of-the-art casinos. Those investments could make India the next gambling hub, and Macao and the Philippines would get another competitor.
Despite the negative perception of gambling in society, it can bring certain benefits that can help India overcome the global economic crisis successfully. There are numerous examples of how a regulated market can be a source of significant revenue. The gambling wouldn’t just impact the entertainment, but it goes beyond to move forward other industries as well. We hope that the prospect of a gambling legislation is going to be addressed shortly.