Pros And Cons Of Legalising Gambling In India

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Bitcoin is a form of cryptocurrency, introduced in 2009. This currency has been used increasingly at several web-based gambling establishments. This form of cryptocurrency can be used to fund your online casino account and play games, similarly the way traditional payment methods are used. In case if you have not been involved in Bitcoin gambling before and are thinking of trying it now, you must be aware of the goods and bad associated with it.

If you have already created a bitcoin wallet and are ready to use it as a payment mode for your next transaction, make sure you are acquainted with its pros and cons before placing a bet.

In this blogpost, Pramit Bhattacharya, Student, Damodaram Sanjivayya National Law University, Visakhapatnam, writes about the pros and cons of making betting legal in India. Betting can be a very scandalous topic, especially when considered in the context of betting in sports. For some, it can be viewed as the growth of an economy, and thriving industry. The debate over the legalisation of gambling in India traces its root back to the age of mythology and epics. Indian lawmakers now have decided to not legalize gambling except some parts of the country. But now the winds of change seem to be gathering momentum, as there are possibilities of legalisation of gambling and betting in India. India mulls legalising gambling amid 'spot-fixing' scandal: report. So, we are looking at the pros and cons with great care,' an unnamed sport ministry official told the.

Pros of Bitcoin Gambling

  • Privacy

The first and foremost advantage of using Bitcoin in gambling is privacy. Online casinos offer a wide range of payment methods, spanning through credit cards, online banking and eWallets etc. Many gamblers are not comfortable using these payment methods because they have to reveal their personal information to some extent. Whereas, while gambling through bitcoin, your transactions remain anonymous, which keeps your information untraceable. The players get a high-level of privacy while using Bitcoin in the place of traditional payment methods.

Keep gambling fun, Pros And Cons Of Legalising Gambling In India play safe! Most people enjoy gambling in a moderate and safe fashion which keeps it fun, Pros And Cons Of Legalising Gambling In India but a minority may experience negative effects from gambling which outweigh their enjoyment. Traditionally, governments in India have been loath to allow gambling and betting for fear that such activities might lead to destruction of wealth and peace in society. Of late, there has been a demand to allow betting in cricket, which is, without doubt, the most popular game in the country.

The players only have to share their personal information while buying bitcoins through credit card or any other option. But there is nothing to worry about, the information is not shared with the gambling platform.

It is one of the biggest advantages to the gamblers belonging to the countries, where online gambling is not legalized or regulated.

  • Quick Transactions

Who doesn’t like faster transactions? Everyone loves to be able to fund their casino account instantly to get access to their favorite games. Many traditional payment methods cause inconvenience to the players since they have wait to get access to the games because of delay in processing of deposit amount. However, most online casinos like Pure Casino, possess the payment options that offer instant deposit, but when it comes to withdrawals, the scenario is different. The players have to wait to receive the winning to their account. The withdrawal processing time usually varies depending on the mode of payment.

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But with Bitcoin gambling, the players do not have to wait to bag the winning amount. They can enjoy the winnings within 10 minutes. Bitcoin makes the withdrawal of winning as smooth and swift as a deposit.

  • Security of Transaction

Another great advantage of Bitcoin Gambling is the security of the transaction. This point is closely related to the advantage of privacy. Transaction made using bitcoin is completely secure since there is no involvement of a third party. All the transactions are made through a bitcoin wallet following a unique sequence of characters, called Bitcoin address, which makes it a more secure option than others. It shields your account against hacking.

  • Low Fees

One of the biggest advantages of bitcoin gambling is that it saves you money since no fee is implied by online casinos for depositing and withdrawing funds. Whereas, in traditional payment methods, a fee is applied by online casinos on deposit or withdrawal of funds. With bitcoin transactions, you get to enjoy full amounts of funds. Additionally, with the swiftness of this payment method, sending and receiving funds is a matter of a few minutes.

  • Big Bonuses

This is something the players will really appreciate about bitcoin gambling. Many times, the players can find special offers and bonuses on certain gambling sites specifically for the bitcoin user. Moreover, bitcoin users get to enjoy better promotions than those who use standard payment methods. Well, this is not true for all gambling sites in India. But there are times when the players get lucky and come across a site offering amazing promotions on bitcoin gambling. Hence, it is always advised to check the promotion page before making a deposit, especially when you are intended to transact through bitcoin.

Cons of Bitcoin Gambling

Since the use of anything in excess is bad, Bitcoin gambling is not an exception.

  • Value Fluctuation

Bitcoin currency belongs to a volatile market, which leads to the variation in its prices very quickly. Due to an unsteady rate, the conversion of fiat currency into bitcoin may end up receiving a quite less on spending quite more.

However, the fluctuation can lead to improved value of the fiat currency, but it is seen as a disadvantage of Bitcoin because it is a tricky part. Fluctuation is gambling is one thing, the swiftness in the fluctuation (which can be triggered by any possible thing) is another major disadvantage. The fluctuations transpire in a rapid manner, and the players do not get ample time to do anything.

  • Complex Concept of Bitcoin Usage in an Online Casino

Sometimes, the whole concept of Bitcoin Gambling can be overwhelming for the players, causing frustration to those, who are new cryptocurrencies. Understanding the complex Bitcoin mechanic like how to get access to it, how to transfer it and the estimates on bitcoin values make leave in them frustration, wondering about where to start with. However, each online casino that supports cryptocurrencies as a payment option features a dedicated FAQ section, that addresses all the player’s concerns and helps you get started with Bitcoin gambling.

  • Currency Conversion Fee

While Bitcoin gambling helps you save money, you cannot neglect the currency conversion fee that comes along with it. Converting Bitcoin to traditional currency and vice versa involves a fee. For instance, if you are using a debit card for buying cryptocurrency, the transaction will be subject to some transaction fee, which usually varies based on the service provider.

In case, if you opt to sign up on a bitcoin-only casino, all your wagers and winnings will be calculated in smaller units of BTC, which may not be a treat to your wallet.

Conclusion

If you are new to the cryptocurrency world and are willing to use it for the next casino transaction, you need to proceed with precautions. Choose a reputable Indian online casino for Bitcoin Gambling, and make sure to learn its basics before you start wagering.

Gambling is a principle inherent in human nature. [i]It is ever-present in our Indian society. Whether it is betting on horse races or animal fights on streets, people see it as a legitimate form of recreation. Despite betting on sports events like cricket matches is illegal in India, people tend to engage in betting on them and end up losing a lot of money. People get inveigled in the vicious cycle of gambling as they fail to understand when they should quit.
Gambling or Betting may sound like an evil trap, but it is not, if the players know how to play it patiently, and smartly. Society’s perspective towards gambling have swingeingly changed, in the last century, but the Indian laws have failed to emulate with them. In India, betting on horse races or lottery is legal, but the question that arises in our mind is that, should betting on all sports events of our country be legalised?
This article would talk about, whether gambling should be legalised in India or not and what rules and regulations authorities need to formulate to regulate the activity of gambling, if legalised.

Understanding The Concept Of Gambling

Gambling is taking part in a game or sports activities where the player risks something of monetary value, or money to win money or a prize. In gambling or betting the outcome of the game is uncertain and is down to chances. Gambling, in itself, is a wide term and there are many forms of it, like, lotteries, card games like poker, casinos, betting on sports events like a horse race or cricket etc., bingo and many more. Sometimes the gamblers are required to participate in the game while betting on it like in casinos or card games and sometimes, he/she may be restrained from any kind of active participation in the event in which he has a stake, like in horse races etc.

Why Legalise Gambling?

The reasons for legalising gambling are manifold. Since the Indian gambling market is very big and it is nearly impossible to root it out. Despite the fact that, it is an illegal activity, the authorities are unable to stop its operation. So, when you cannot outsmart your enemy, the best thing to do is to befriend it for your benefit. Legalising gambling will not only help in breaking off sources of black money but it will also generate a good amount of revenue for the state exchequer.
The unaccounted money earned from gambling activities is managed by the criminal syndicates which are spent on nefarious activities like terror financing. Legalising gambling will not only put a halt on it but also the money generated from betting and gambling can be used by the authorities for various constructive social schemes. According to the 2010 KPMG report, the estimated size of the Indian gambling market is more than 60 Billion USD. The legalisation of gambling activities will also lead to higher tax revenue.
In a country like India where millions of people are unemployed, a legal and effectively regulated gambling sector will generate large-scale employment opportunities. According to a 2017 report by the U.S. Bureau of Labor Statistics, over 120,000 people were employed by the private gambling sector.[ii] In the U.K., more than 1 Lakh people were employed in the gambling sector. In sports events like cricket, people tend to bet on it and the majority of time players go for fixing the matches, even though betting on it is illegal in India. If betting gets a legal permit, then there will be more transparency in such activities and it will also curb fixing of the matches as it will create a sense of fear of getting caught among the players and bookies.

Naysayers’ Viewpoint

Naysayers suggest that Gambling is morally wrong and is not ethically correct in the Indian context. They say that it is one of the reasons responsible for bankruptcy, addiction, loss of livelihood, divorce, crime. There are instances of people incurring huge losses in the game eventually leading to suicides.
Legalised gambling hurt and destroys those who are poor and disadvantaged people of the society. If gambling were illegal, then it would be difficult for the gambling industries to openly promote their casinos, lotteries, or any other gambling activities and exploit these people. Since gambling is portrayed as something clean and a way to earn money quickly, it attracts young people, who eventually become gambling addicts. Gambling addiction also leads to crimes and mental illness to people who fall prey to this trap.

Pros And Cons Of Legalising Gambling In Indiana


Legalised gambling might also lead to fraud and corruption. Gambling is a fast-growing industry in the world and if legalised it has an impact on the government. The government is majorly addicted to revenue earnings from this kind of industry and state-run lotteries. There is recently a numerous case of fraud and corruption in state-run lotteries across the world, so in India where corruption is like an inevitable part of the administration, it would have a great impact and would eventually add on to the existing evils of corruption.

Pros And Cons Of Legalising Gambling In India Government


What Steps Government Should Take If Gambling Is To Be Legalised?

The debate over the legalisation of gambling in India traces its root back to the age of mythology and epics. Indian lawmakers now have decided to not legalize gambling except some parts of the country. But now the winds of change seem to be gathering momentum, as there are possibilities of legalisation of gambling and betting in India.
Pros And Cons Of Legalising Gambling In India The 276th report of the law commission talked about the possibility of legalising gambling in the whole country with some rules and regulations. But the legalisation of gambling in a country like India is not an easy task. The government has to make certain provisions, amendments, and enact some rules and regulations before making any move ahead.

Pros And Cons Of Legalising Gambling In India Currency

Some of the steps that the government might take are:
  • Firstly, there would be a need to make an amendment in the constitution regarding gambling as it is under the purview of the state list. So, it should firstly, be put under concurrent lists so that the parliament can legislate on the subject without facing any hindrances.
  • Secondly, to protect the interest of people and to prevent any harm, the government should restrict the number of transactions that can be made in a specified period, and also there should be a check upon the stakes involved by linking the accounts with either PAN/AADHAAR card.
  • Thirdly, to prevent financial burdens on the states who wish to permit casinos and other gambling activities, the government should allow FDI in this sector. So, that investments can be made in the respective states for the infrastructure etc. and this will also lead to growth in tourism and the states would be able to generate more employment and revenues.
  • Necessary infrastructure like police machinery and prosecutors or grievance redressal mechanisms should be set up at both state and national levels by the government to ensure that the rules and regulations are perfectly implemented and also to ensure that the perpetrators are punished.

Conclusion
In the recent past, the law commission has overwhelmingly supported the legalisation of gambling in India. The arguments which were put forward were like, the inability of the government to curb such a large scale illegally operated gambling industry, government losing the opportunity for earning high revenues, and employment generation.

Pros And Cons Of Legalising Gambling In India Today

So, they concluded that the only way to solve this problem is to legalise gambling. Though the arguments were worth thinking about, but there is no guarantee that legalising gambling would be as beneficial as projected. Legalising gambling activities would not only demand a higher legal framework for regulating betting activities but also for other nefarious activities like drugs, prostitutes, etc. So, the concerned authorities should thoroughly go through the pros and cons of legalising gambling sector because there decision will have a great impact on the society.
End-Notes:
  1. Edmund Burke.' AZQuotes.com. Wind and Fly LTD on the Internet at https://www.azquotes.com/quote/842529 (last accessed on June 03, 2020)
  2. Bureau of Labor Statistics, U.S. Department of Labor, The Economics Daily, Over 10,000 employed in private gambling industries in California and Indiana in 2017 on the Internet at https://www.bls.gov/opub/ted/2018/over-10000-employed-in-private-gambling-industries-in-california-and-indiana-in-2017.htm (last accessed on June 03, 2020)