Major powers like the United Kingdom, Spain, France, Japan and Germany had made online betting and gambling completely legal and are earning billions through the revenue which they attain through the online betting platforms. When this interface can contribute in improving the revenue produced, Why's the Government of India not stepping forward and legalizing online betting?
The Federation of Indian Chambers of Commerce & Industry estimate that around Rs.3,000,000,000,000/- (3 lakh crore) changes hands every year through bookies, online betting sites or gambling every year in India. FICCI reckons that Indian government is inadvertently forfeiting windfall gains to the tune of Rs.19,000 crore in tax revenue every year by rendering sports betting and gambling illegal.
The sole reason for the government not being interested in making betting official is, gambling and betting are littered with case of addiction resulting in personals and also familial degrading. This concern can be addressed through responsible gaming policies like age verification, enforcing money spending limits and regular audits, thereby curbing addiction. This may be best time for legalising online bettings as the it can help in boosting the incoming revenue. Indian government can be Rs.19,000 crore richer if it legalizes online betting.
Since the betting and gambling are mostly operated in the shadows, the money generated through the sporting events end in the underground economy. It has been proven that this money are used as funds for the terrorist groups as Mafia plays an indispensable role in bettings. Why to let go of all that money into the hands of Mafia and underground economy, when the government has the power to legalize betting. Or, Does the Government run along by the Mafia as they are way more powerful than they are?