Gambling involves a future risk that a player takes by placing a bet upon a future action or inaction. In recent times, the online gambling industry has seen a boom throughout the world. It’s predicted that by 2025, the global market size of online gambling is going to reach the US $80.64. Presently, the European market contributes a whopping 40.8% to the online gambling revenues. One of the major reasons for this boom in the online gambling industry is the convenience of accessing it. Anyone with a phone and internet connection may register on any of the online gambling websites and start gambling instantly. Sports betting are the most popular form of betting among online gamblers.
Laws and Regulations
Law changes concerning the change in the society to accommodate for new problems with new times. Take the case of online gambling. Many countries have enacted laws about online gambling, but India especially has no such laws in place. The countries are divided into five categories concerning laws regarding online gambling:
- Countries which have completely banned online gambling such as the United States of America, Saudi Arabia, Russia, China etc.
- Countries that have banned local casinos from online gambling but haven’t banned foreign casinosuch as Mexico, Australia, Japan, Brazil, South Africa etc. sbobet88
- Countries which have compulsory licensing for local casinos such as Canada, Greenland, Sweden, Norway etc.
- Countries which have compulsory licensing for all casinos such as Finland, Ethiopia, France, Spain, Germany, the United Kingdom etc.
- Countries which have not banned online gambling such as India, Bangladesh, Egypt, Argentina, Peru etc.
Another reason for India not having a uniform law to govern online gambling is because ‘gambling’ as a subject-matter on which laws may be made falls under the State List thus empowering individual State Governments to make laws regulating gambling activities. For example, the Sikkim Government in 2009 issued the Sikkim Online Gaming (Regulation) Rules, 2009. The same is not observed uniformly over the country.