Business of betting in India is harming the economy
Business of betting in India is harming the economy

The T20 Cricket World Cup is now taking place in Australia. In such circumstances, reports of people being busted by bookmakers are also frequently reported. There is a thriving gambling industry in India despite its prohibition. There are wagers placed every day totaling billions and crores of rupees. Now that bookmakers are placing wagers online, it is challenging for bookies to keep up. Let us inform you that several betting apps are now accessible, allowing for online betting. These apps make it possible to gamble whenever and anywhere you want.

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These apps have made it more challenging to arrest bookies and have caused significant economic losses for the nation because of gambling. The Indian betting market has already surpassed the ten lakh crore threshold. Let us inform you that on October 3, the government issued a warning stating that while betting advertising is not aired online, they are regularly broadcast from abroad. The government has previously threatened to take action if these adverts did not stop running.

10 lakh crore market

The illegal betting market was estimated by Doha’s “International Center for Sport Security” to be around 150 billion at the time, or over 10 lakh crores of rupees, in a report published in 2016. The government was previously informed by the Justice Lodha Committee, which the Supreme Court had appointed, that the value of the speculative market in India at the time was approximately $ 82 billion, or approximately Rs 6 lakh crore.

Which apps are included?

These applications, according to the government’s warning, include Fairplay, Parimatch, Betway, Wolf 777, and 1xbet. The government claims that on OTT platforms and their substitute news websites, several sports channels as well as online betting commercials are shown on television. Additionally, many apps are externally operated. These apps are also used to evade taxes.

Government is tightening

India’s government is getting ready to tighten its grip on online betting as a result of how popular it has become there. In the past several months, the ED has conducted raids on numerous businesses that offer online betting in an effort to reduce gambling. Despite this, gambling is not declining, and many online betting sites that operate from outside are still in operation.

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