Sports betting is an activity which has been passed on from generation to generation for thousands of years, and has always improved and adapted with its current era. Nowadays with worldwide access, the sports betting industry is making a major growth and is becoming one of the largest industries in the world. We are seeing countless new companies forming from all around the world. Thanks to the accessibility of the internet from any mobile device, which by the way are being used by pretty much everyone, we can now follow and bet on our favourite sport from wherever we are, whenever we like.
The advancement sports betting has made throughout the years was incredible. Transforming in a particular way for any competitive sport available, and now with more and more competitive activities taking part than ever before, It’s bound to grow more and build a bigger variety. With the recent addition of Esports betting, where betters wager on high class gaming tournaments and competitions. We are also seeing the addition of the possibility to bet on competitive TV shows and reality television. Now that’s something we haven’t seen before!
We are seeing both major international companies known from pretty much everywhere, while also smaller local based companies. We can even find a few Indian local betting sites which are starting to grow more and more with a constantly evolving fanbase. People from India like to bet on all sorts of sports, like football, NFL, NHL, Boxing, MMA and most of all cricket. Each sport has its own unique ways to bet and each one is just as enjoyable as the other.
How are the laws regarding online gambling in india?
India is witnessing a rapid growth of the online betting industry, while gambling as a whole is very small nationwide. Horse racing and lotteries are the only gambling practices which are entirely legal.
India’s steady rise in the online gambling industry over the past few years is mainly due to middle-class growth and the country-wide expansion of internet access. Cricket is the most bet on sport in India at this time and most punters prefer regional websites that offer simple payment choices.
While the Indian government does not grant licenses to run websites for gambling, there are no clear laws specifically banning online gambling. The ambiguous, obsolete online gaming law makes it very difficult to decide what’s allowed in India and what isn’t permitted.
If online gambling is banned or not is uncertain, but the Indian government has the right to block international gambling websites and prohibit the use of betting and gaming sites for its residents.
Two Indian states have adopted strict laws relating to online gaming.
Online gambling is fully banned in Maharashtra, while in Sikkim the government now has the authority to grant licenses to operators who plan to offer online gambling services within the state.
A new legislation – the Foreign Exchange Management Act – has recently been introduced, which specifies that online payment on gambling platforms must be made in Rupees. Yet most players prefer to use an online wallet like Skrill, PayPal and Neteller.
If we need to conclude on India, with such a large population and the Internet distributed throughout the world, we have to expect an ever growing demand for online betting, but also for regulation measures.