The Rise of Online Sports Betting in the Indian Market
Gambling has been a part of Indian culture for a long time – whether it is the harmless card games that families play during Diwali festivities or the more passionate sports betting that has now risen in popularity across the nation. The Indian love for cricket has also given a significant boost to the sports betting sector in India.
But how has the online sports betting industry managed to flourish in a country where we still do not have a concrete legal framework that defines the activity?
The answer is simple – the vast population of fans that religiously follow sports as well as the great number of betting sites that now accept Indian punters.
Is online sports betting legal in India?
The correct answer to this question would be that online sports betting is NOT illegal in India. It currently exists in a grey area, such that there are no specific laws that prohibit Indian citizens from using betting sites that are based in other countries where online sports betting is, in fact legal.
While the Public Gambling Act of 1867 has conclusively banned physical gambling joints in India, online sports betting sites do not find a mention in the act.
Consequently, betting sites have gained immense popularity in recent times. More and more sports enthusiasts now find themselves betting on all kinds of tournaments, ranging from the IPL to Test Series. Even the Pro Kabaddi League has found its corner within the scope of betting sites in India!
In fact, betting sites like Betway saw an incredible rise in the number of new sign-ups! Here’s a detailed review of Betway that can help you learn all there is to know about the betting site!
Will online sports betting ever be formally legalized?
Judging by the rise in the number of people that have now begun placing bets on betting sites, it is possible that India might be on its way to legalizing and regulating online sports betting in the near future. In fact, there are a couple of states like Sikkim that have legalized betting on cricket. Additionally, the Maharashtra government has contemplated legalizing online betting so that they can capitalize on the industry and give a much-needed boost to the state’s economy.
While not very immediate, these changes have allowed punters to hope that the central government might also legalize online sports betting in the near future. Legalizing the activity will end up opening up many opportunities for punters who are always on the lookout for better rewards, better bonuses, and ultimately a better variety of sports betting sites.
How can regulation of online sports betting benefit the country?
As per the report created by the Maharashtra government officials, the state can hope to earn upto Rs. 2500 crores in funds if they legalize and regulate online betting by charging GST on the transactions. This is a great way of allowing citizens to fully enjoy the activity while also making profit, which is sorely needed to revive the COVID-hit economy.
But until the Indian government gets around to making the most of the online sports betting industry, bettors have found solace with the popular international betting sites that cater to Indians. You can easily find some of the best betting sites right here on MyBettingSites India and get started on your own online betting adventure!