To start with this, it must be known that few forms of gambling like lottery and horse racing are legal in India. The Public Gambling Act of 1867 prohibits one to run a public gambling house.
Despite the existing prohibitive legislation, illegal gambling in rampant in India. The Indian gambling market is estimated to be worth US$60 billion per year, of which about half is illegally bet. Only two states of Goa and Sikkim allow casino gambling. Rest other states are thoroughly against the casino setup.
Not legalizing gambling does not stop gambling. Banning betting drives all these activities underground and infuses with the criminal elements. Legalizing betting will at the least limit or eliminate the criminal element from betting, as betting will be done in the open, not underground. Also, if gambling is legalized,the Indian money flowing to the international platforms and gambling houses where gambling is legal only makes India poorer.
The countries where gambling is legal, like in the USA or in the UK, the revenues earned in the gambling sector makes up to about 1% of their GDP. In India, 1% of the GDP will mean $1.85 billion.
However, just to imagine that the our government alters its laws and legalizes gambling in India, we might see a richer country. Las Vegas, considered to be a legal gambling area, people are not worrisome about being caught, as they are not involved in anything illegal. This way, they spend a lot over gambling. Las Vegas is a proof of the powerful ability of gambling to nurture economic development. It has opened doors for job seekers, and developed into a city with a low tax burden that many other states and cities look at and envy.
Understanding how casinos are a money-minting business, you don't need a sharp brain. What are the odds of winning Russian Roulette or Craps or Blackjack? Meek odds, its certain. The money a customer loses, is earned by the gambling house. Government could legalize gambling with taxing the earnings by either the gambler or the gambling house. This will reduce the government deficits, as legalizing gambling will attract many gamblers to come out of the den, and play freely with delusions of winning every next time he/she loses. Maybe the Indian Government would also find it possible to reduce other tax rates that are only an onus on the population.
Quite shocking as it may sound, that our government does not have any laws against online betting. Betting companies attempt to lure the Indians to bet on practically everything, taking full advantage of this loophole. Therefore, every year seasons like the IPL seasons are sought by habitual betters to gain large sums. Sikkim has outlined the rules and regulations for online gambling licensing within that state since 2009.
Dark side of legalizing gambling in our country will be mainly social. Have we not heard of stories where habitual gamblers crumble down the family wealth to rags over frequent gambles? A social tension occurs over money that is wasted by a gambler against his family who would be reluctant to offer any more money. This is a concern almost impossible to be gotten rid of, as gambling legally or illegally will never stop.
It would be foolish to suggest that match-fixing will be an impossible activity if gambling were legalized, but it will be equally rash not to recognize that it would reduce the chances of these notorious activities. When making money from running a bet itself is illegal, the temptation to take an extra step into it will, but of course have higher returns. Temptation is always money. Higher the difficulty of a task, higher the prize one demands.
Conclusively, if the sector of gambling is legalized, it must be regulated. Prohibition of alcohol, does not stop the people from consuming it, but it will only make it lesser convenient for them as they will have law to hide from. Similarly, it hardly makes sense to label gambling as illegal, as it is Indians would, like they already do, lose money to internationally located gambling houses. Indian government might think of considering gambling as a tax-run business for India and Indians, for multiple benefits.
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Despite the existing prohibitive legislation, illegal gambling in rampant in India. The Indian gambling market is estimated to be worth US$60 billion per year, of which about half is illegally bet. Only two states of Goa and Sikkim allow casino gambling. Rest other states are thoroughly against the casino setup.
Not legalizing gambling does not stop gambling. Banning betting drives all these activities underground and infuses with the criminal elements. Legalizing betting will at the least limit or eliminate the criminal element from betting, as betting will be done in the open, not underground. Also, if gambling is legalized,the Indian money flowing to the international platforms and gambling houses where gambling is legal only makes India poorer.
The countries where gambling is legal, like in the USA or in the UK, the revenues earned in the gambling sector makes up to about 1% of their GDP. In India, 1% of the GDP will mean $1.85 billion.
However, just to imagine that the our government alters its laws and legalizes gambling in India, we might see a richer country. Las Vegas, considered to be a legal gambling area, people are not worrisome about being caught, as they are not involved in anything illegal. This way, they spend a lot over gambling. Las Vegas is a proof of the powerful ability of gambling to nurture economic development. It has opened doors for job seekers, and developed into a city with a low tax burden that many other states and cities look at and envy.
Understanding how casinos are a money-minting business, you don't need a sharp brain. What are the odds of winning Russian Roulette or Craps or Blackjack? Meek odds, its certain. The money a customer loses, is earned by the gambling house. Government could legalize gambling with taxing the earnings by either the gambler or the gambling house. This will reduce the government deficits, as legalizing gambling will attract many gamblers to come out of the den, and play freely with delusions of winning every next time he/she loses. Maybe the Indian Government would also find it possible to reduce other tax rates that are only an onus on the population.
Quite shocking as it may sound, that our government does not have any laws against online betting. Betting companies attempt to lure the Indians to bet on practically everything, taking full advantage of this loophole. Therefore, every year seasons like the IPL seasons are sought by habitual betters to gain large sums. Sikkim has outlined the rules and regulations for online gambling licensing within that state since 2009.
Dark side of legalizing gambling in our country will be mainly social. Have we not heard of stories where habitual gamblers crumble down the family wealth to rags over frequent gambles? A social tension occurs over money that is wasted by a gambler against his family who would be reluctant to offer any more money. This is a concern almost impossible to be gotten rid of, as gambling legally or illegally will never stop.
It would be foolish to suggest that match-fixing will be an impossible activity if gambling were legalized, but it will be equally rash not to recognize that it would reduce the chances of these notorious activities. When making money from running a bet itself is illegal, the temptation to take an extra step into it will, but of course have higher returns. Temptation is always money. Higher the difficulty of a task, higher the prize one demands.
Conclusively, if the sector of gambling is legalized, it must be regulated. Prohibition of alcohol, does not stop the people from consuming it, but it will only make it lesser convenient for them as they will have law to hide from. Similarly, it hardly makes sense to label gambling as illegal, as it is Indians would, like they already do, lose money to internationally located gambling houses. Indian government might think of considering gambling as a tax-run business for India and Indians, for multiple benefits.
The cons of gambling (in the Indian perspective)far outweigh the economic benefits accrued by a state's treasury.
ReplyDeleteThe worst outcome of a person gambling is his increased possibility of getting addicted to the activity and hence a higher possibility of facing bankruptcy.
In the US or UK, a jobless, homeless or a bankrupt person has social benefits which put the social benefits provided by Indian Government to shame and hence, unlike Indians, they can afford to gamble, in economic as well as social sense.
I don't know whether this is the Government line of thought or not, but considering increasing Indian fascination for easy money, we are relatively better off without legal gambling.
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