Earlier this month, Indian authorities ordered the blocking of 22 sports betting sites, claiming they are operating illegally. At the same time, the betting tax was increased to a mind-boggling 28% revenue tax. One of the biggest in the world.
Yet, even in such a harsh climate, sports betting is thriving, and it seems that Indians are not ready to give up on it, regardless of the restrictions. As always, gambling is here to stay, and Indian authorities are behind, exposing the citizens to risks instead of tackling the issue in a timely manner. Visit https://bestindiancasinos.co.in/
Big Numbers, Zero Understanding
Statista, a German online company specializing in data, claims India’s sports betting market could reach a value of over 1.07 billion USD by the end of this year. By the end of 2027, the industry could be valued at 2.47 billion USD. Despite these impressive numbers, Indian authorities are failing to take advantage of the regulated gambling market, and are focused on restrictions instead, thus displaying an utter lack of understanding of potential benefits.
Other countries, such as the UK, took advantage of the industry to educate players, fu worthy causes, and still add money to the treasury. In India, the current situation is anything but.
The proposed 28% income task is almost twice as high as the one in the UK (15%), indicating the Indian Government, once again, has no plan or idea other than to get its slice of the money cake. By imposing a more reasonable tax, the United Kingdom created a stable, transparent and safe market, that keeps players out of the domain of illegal brands. In spite of having more than a few flaws, Albion’s market is safe for the player, easy to navigate for companies, and lucrative for the state. Complete opposite of India’s gaming market.
Wagering on Black (Market)
India promised to reconsider the 28% tax after six months, but when the time comes, it could be too late. Many gambling companies are frustrated with the lack of legislation and are leaving the country, while others are increasing charges for the customers to compensate for the new costs. It also doesn’t help that the retrograde taxing mechanism makes life more difficult for companies than necessary. For instance, the GST Council is now processing the year 2018.
That all being said, the chances Indians will stop gambling and wagering on sports are very low. Instead, they will focus on companies that offer what seems a better value for money, even if it is a curse in disguise. Black market sports betting brands in India are thriving. It is estimated that around 50% bets are placed with offshore brands, without proper licenses.
More diligent gamblers will visit BestIndianCasinos.co.in website to find reliable and trusted brands, reviewed by gambling experts. Such review websites are a precious source of knowledge for players in markets that fail to recognize the importance of proper and timely regulation.
Players Will Adapt
The silver lining in the entire situation is that Indian sports bettors will quickly adapt, no matter the circumstances. There are a couple of potential scenarios that may roll out, after the complete implementation of what is supposed to be a new gambling law in India.
Players Will Choose Brands Regulated Elsewhere
This is a scenario that is already happening, and different interpretations of betting laws in the country encourage it even further. Instead of focusing on brands licensed in India, players will continue to seek gambling refuge with bookies across the globe.
In this scenario, their understanding of the sports betting industry is crucial in making educated decisions and choosing reliable, safe and trustworthy brands. However, the risk of ending up with a scam supplier is very high, often forcing players to give up not only their profits but also the deposits they make.
Bettors Will Stop Betting
The most unlikely scenario is that Indians will ditch sports betting altogether. In case the law develops into a more oppressive environment, players will have nothing left to do but forget about their favourite pastime altogether.
At the same time, it is important to remember how gamblers will gamble, regardless of the laws. If they stop betting on sports, or even playing casino games, they will still be betting in their private domain. Even if it’s just for peanuts.
Indian Gambling Market Will Evolve
It is very likely that the Indian market is, along with its regulators, going through some growing pains that may result in a stable, safe, and user-oriented market. But just like any other evolution, this one will take time. We are talking years, perhaps even decades.
In the end, we could end up with a modern and responsive market, similar to that in European countries for that to happen, our authorities will have to open their minds to progressive ideas, and contemporary politics, and avoid pitfalls they did in the past. As the Public Gambling Act becomes a thing of the past, bettors are looking for a new one, that will protect them, without restrictions.
