Famous American author, screenwriter, and journalist who is well acclaimed for this crime novel, ‘The Godfather’ aptly quoted “Show me a gambler, I will show you a loser”. Lately, online gambling has become a very flourishing business in India. However, this billion-dollar industry lacks regulatory oversight left many legal questions unanswered.Notwithstanding the legal stance of the Indian Govt. many have flocked to try their luck and further started depending on this modus operandi for a livelihood.
There are three types of สล็อต. They are classified as follows: –
- E-Sports More akin to erstwhile video games which were played on private consoles. However, the same is being organized and played online.
- Fantasy Sports Wherein the player chooses a team/ player and earns points as per the players’ performance in real life.
- Casual Games Wherein the earning depends upon the skill of the player or on luck.
As of today, the global online gambling market is worth more than $ 45 billion every year. The source of revenue depends upon the following: –
- Amount of time spent online.
- The complexity involved in the creation of the game.
- The intention behind the game (recreation/ professional).
At this rate of proliferation, by the end of 2023, the global gambling market is estimated to hit $525 billion. To add to this, the deep ingress of mobile applications across developing nations will help the graph of growth jump exponentially over the next few years. A few of the online casino transaction modes are as follows: –
- Credit Cards.
- Debit Cards.
- Wire Transfers.
- Prepaid Cards/ Coupons.
- E-wallets
- Cryptocurrencies.
Foreign companies who offer their services in India are allowed to operate legally and they ought to possess a global regulatory license. Though every state has its legislation on gambling, there still exists a lacuna that pavesthe way to ambiguous interpretations as most of these legislations came into force before the widespread acceptance or advent of online gambling in India. The onus of paying the tax is solely the responsibility of the player alone. So, the chances of tax evasion loom at large. The following are the harmful effects: –
- Money Laundering.
- Addiction.
- Hacking.
- Medical Disorders.
The negative effects outweigh the positive aspects. Therefore, a strict regulatory law should beenforced to nip the evil in the bud.