In India history and tradition gambling has played a part. We have heard stories of Mahabharata where gambling takes place and the war between good, and evil began. Gambling games like casino, poker, bingo, roulette, blackjack, and many other games are still known as pastime games and gambling is still played during the festival of lights, Diwali.
But now things have changed and the appetite for gambling is more because of the internet and digitalization. Gambling has become a most wanted online platform. The bettors and gamblers chose to play many online gambling games like cricket, football, tennis, cards, and casino games. Websites like 10cric, beltway, fun bet and ComeOn India provide users with a lot of varieties in betting and gambling.
But the betting and gambling laws in India do not allow such activities to take place in the country. Betting and gambling in any form are considered illegal activities in the country. There were many betting and gambling houses in India and now they are also prohibited. The online gambling and betting laws are not regulated and that is the reason why these activities are carried out in large numbers through the online medium.
The Indian players play gambling as a pastime and fun. They also want to make some extra money through this source. But the prime duty of an Indian is also to pay the tax from the income generated from any source and gambling and betting activities do not have any taxation on such activities even though it might be as an income for May. The government is missing an extra source of tax because of this.
India is known for its online sports gaming activities, and it also has a large betting market in the world. The report of KPMG says that Indian betting in sports has gained more than thirteen US Dollars and that might go more up to fifteen lakhs core. The report in 2016 also says that India had turned 75 percent of its GDP through betting and gambling.
The government can earn through the winners of betting and gambling activities. Even a winning percent of thirty percent can be the lakhs and cores as tax collection for the Indian Government. But those collections should be for good use to help people rather than all the money going into the Swiss bank accounts of the politicians and ministers. That money can be a huge help during the crisis of the Corona Virus.
Another good thing which the legalization of betting and gambling activities can do is that crime rates can come down and the unstructured form of people in the society can come in the fold where their personal information and interest will be protected and it can also help the whipping out the black money, money laundering and corruption in sports. The viewership of sporting events will be also increased if there is the legalization of betting. The sports franchise, tournaments, and broadcasters can also earn benefits from that.
So, the government now can tax the gamble and bet wins to 31.2 percent and include cues like the countries have included to betting linked respective GDPs. India can legalize this framework to charge the tax and cues from betting and gambling activities like Australia, United Kingdom, and Italy.
The Indian government should have structured planning and framework for the tax collection from the gambling and betting sources. That might be a handy amount for the good use of the Indian people in the end. The government can also improve on the tax revenues and protect the consumer’s interest. The KYC measures in the betting app India have been a huge help for many sites to pave their way forward.