There have been more steps towards the legalisation of gambling across India thanks to the creation of a panel that will regulate online gaming. This seven-member panel that features different national ministers from Modi's government have been tasked with identifying a ministry to oversee this sector that plenty of officials see as a sunrise industry within India.
Not the First Country to Take Tentative Steps with Gambling Regulations
India is not the first country to take baby steps with their gambling regulations, and they certainly will not be the last. There is a raft of licensing authorities to learn from and explore and this includes the United Kingdom Gambling Commission, the Swedish Gaming Authority, and the Malta Gaming Authority.
It has been reported that this panel will pay close attention to the legislative and legal frameworks that are used by the aforementioned regulatory agencies to knit guidelines together that local Indian regions that have anti-gambling sentiments will deem acceptable.
The experts argue that one of the main advantages to regulating gambling is that there will be the chance to decrease black market betting. In an unregulated gambling market, criminals have plenty of opportunities to take advantage of Indian gamblers. However, with authentic operators there will be licensed gaming providers, secure deposit methods, and there will be stringent verification processes which will help to eliminate fraud.
"The experts argue that one of the main advantages to regulating gambling is that there will be the chance to decrease black market betting".
Is the Panel a Sign of a Gambling Legislation?
The creation of a regulatory panel is hot on the heels of the new online gambling bill that was introduced on the 1st of April to the Lok Sabha. It gives India an exit route from their 155-year-old 1867 Gambling Act, which is an Act that has been twisted and interpreted in a number of ways since its inception, and none of these hold up to modern day real money online gambling.
This bill moves to make it illegal for users to make use of unlicensed operators, and this means that players can be fined for making use of them to play their favourite casino games. However, ENV Media, a group of international gambling analysts, has criticised this because they state that regulated gambling markets usually work towards preventing access to unregulated gambling sites, while fining local actors who break the law instead of punishing users. If there are good, safe, and regulated online casinos, then players will obviously opt to use these over illegal ones.
However, the general consensus is that this bill is mostly positive for the pursuit of a sensible regulations in the Indian gaming industry.
The Gambling Regulatory Perks That India Can Look Forward to
There are many perks that come with a regulated gambling industry, and below we have decided to list some of the main ones that India can look forward to, should they finally decide to regulate online gambling.
· Stringent marketing guidelines
· Responsible gambling tools
· Guaranteed fairness
· Taxation
· Player Rights
· Social Responsibility
In addition to the above, India will see many new job opportunities pop up within several sectors since more people relocate to or from within India. This has already been seen when Goa regulated gambling and saw an influx of job opportunities arise there.
Overall, proper gambling regulations will be great for gamblers all across India. Gambling regulations can be used by governments to make sure that their citizens have access to safe forms of gambling. In addition to this, regulations also ensure that those who offer gambling products to Indian citizens are remaining respectful in the way that they act. This is done via licensing fees and taxation, which are funds that will be put back into the country's economy instead of being put into the pockets of offshore companies.
