2021 witnessed a huge growth in the online gaming market. The pandemic and lockdown had a lot to contribute to the same. The people were forced to stay indoors and they had to turn to their smartphones to kill the time. Thus, they have played more games than usual during this time, helping the economy to grow, in a way.
During this time, people did discover online betting and were hooked to it not only because of the entertainment but also the fact that they can earn money. This had helped many investors to come up with new ideas to keep the users hooked in.
Now, the laws in the country are confusing. The Central Government has no words about the legality of online IPL betting sites while there are a few states who have banned the same. However, there are still a few games that aren’t banned here because of their help in economic growth in the country.
Can online betting impact the economy?
During this pandemic, almost all the market was slashed but the online gaming market did see a significant rise. Online betting has a lot to contribute to this space as well. Now, this had happened even when there are a lot of restrictions, beginning from the awareness of the law in the country.
According to experts, online betting could bring in a huge profit for the country. For starters, the Government can come up with taxes. With thousands of sites being accessed at the same time, there could be a lot of money.
How can the Government take it forward?
To begin with, the Government can come up with clear laws for online gambling and betting. They can also help in creating awareness about online betting. Should they take it forward, they must come up with a few laws that suggest that these games are just for fun and entertainment.
going by the law in the country, online games are classified as “game of chance” and “game of skill”. A few of the online betting games do fall in the latter category because it takes more skill than just luck to win those games just like betway in India.
When online gambling entered the foreign markets, there were mixed reviews at that moment but the market has recently begun to click. The time is not far for India to witness the same.
Considering the huge market in the country, the Government might loosen up some rules when it comes to online gambling. It is high time for the country to realize the potential in the market and to make use of the same. This is probably the right time because most of us are working from home and are finding new apps to kill time at the moment.
Nevertheless, before getting into online betting, one must keep in mind that online gambling is just for fun and must take them as one. They must also be aware of the fraudulent sites which are available in huge numbers. It is always good to read about the sites before getting involved in any such activities.
To simply put: There is a huge profit in this online gambling and betting market and we might see the Government come up with better laws and regulations for the same.