The Indian gambling market is estimated to be worth $60 billion per year, with illegal gambling accounting for half of that. The value of these skill-based games could exceed a billion dollars, and they are growing at a rate of around 30% per year.Casinos in Goa alone generate more than 100 crores of rupees in tax revenue for the state, demonstrating how states can benefit from a regulated and legalised gambling market.
The Global Situation
The global gambling market is expected to generate more than $525 billion in revenue by 2023, growing at a CAGR of about 4% between 2017 and 2023.
If you play a game with a house edge of 10%, you would have to bet $1,000 to win $100. This means that you are risking more money when you play online gambling games. Other things to consider are the odds of winning and the payout. These are all things that you should consider before playing online gambling games.
Tax implications on online gambling
- Because playing on offshore online casino sites is considered legal, any winnings are subject to taxation.
- Because these online lottery website cannot use TDS like domestic companies, the burden of paying the tax is shifted to the players.
Negative impact of Online gambling
I. • Money Laundering
Money laundering is a criminal activity in which illegal profits are transferred into ostensibly ‘legal assets’. While security is tight at both online and offline casinos, there is no way to know where the money that players deposit into their accounts comes from.
II. • Addiction and Criminal Behavior
Playing at online casinos can lead to addiction, which can lead to a variety of issues. Gambling addiction can lead not only to divorce, but also to a life of crime.
III. • Hacking
Hackers may be enticed to hack into online casinos because large sums of money are deposited and withdrawn from their accounts on a daily basis.
IV. Gambling Addiction:
Like all addictions, gambling disorder is caused by biological, psychological, and social risk factors. Psychological risk factors include depression and anxiety, which can lead to gambling as a coping mechanism for emotional pain.
The current state of online gambling in India
In India, there is no clear regulatory framework that can be used to determine the legality or illegality of online poker, online rummy, online card games, fantasy sports, and so on.