Online Betting In India: According to Thesaurus- Betting is an agreement between two or more parties of making a prediction about some uncertain event in exchange of some medium.
Dear friends, Betting and Gambling are synonymous to each other. Online gambling is done over the internet and betting is done in physical presence of the two or more parties.
Here we are going to provide you the complete detail on the Online Betting in India.
People worldwide do the gambling in Poker, casinos and sports. Wise men say that you can make or break your money here. The first and the foremost thing that comes to mind while gambling is that is it allowed to gamble? So, the answer can be yes or no both depending upon the Nation and its Laws. There are few nations where Gambling is open and some countries where it is restricted too.
The countries where Betting is legal are the United States and parts of Canada, Europe and Caribbean. Some Nations allow Betting only after availing licence to do the same like U.K.
Online Betting In India
According to Bombay Wager Act online betting is not legal in Mumbai. Other states may have different legal provisions. Federal Information Technology Rules state that the internet providers can even block the illegal activities if going on.
According to the Supreme Court of India in consent with the Central Government, Online Betting is not much legal in India but as far playing Rummy or Poker is considered the government of India doesn’t considers it as Gambling as it involves the psychological skills of the players.
The players who play the Rummy or Poker have to show their income as black money via. Money transactions as per the norms of CBDT i.e. Central Board of Direct Taxes.
Forms of Betting
Online betting can be done in various forms be it video lottery, keno or scratch cards. All this has been made possible due to the advancements in information technology.
Gambling Industry is flourishing because of Online Betting as it covers a vast business over the internet. The turnover from this business has exceeded over 84 billion pounds.
The main forms of Online Betting are:
Exchange Of Money
One who does the online betting can pay through the electronic medium of payment be it the credit card, debit card, electronic cheques, PayPal or money orders. The players add funds online into the accounts of the concerned companies and do the betting and earn and lose money accordingly.
Pros & Cons Of Online Betting
Pros of Online Betting
It is really fun to do the betting online as people enjoy it to the fullest. So they enter the world of Casinos.
There are many advantages of Online Betting. We mention you a few:
- Win so much money: The player always assumes of winning cash on the spot. On daily basis we hear the news of lotteries and jackpots, so why one shouldn’t try his luck? People also do this gambling or betting to multiply their funds quickly as funds get transferred immediately than investment in mutual funds and all.
- It’s so much Fun and Entertainment: People not only do gambling for money but also for fun and entertainment. Many of them do not even bother if they lose money but for them what matters is their right betting. Winning is what matters to them.
- You can try in many forms: The betting has so many forms like poker,sports,roulette etc where one can try his luck. If you are not good in its one form you can go for the other.
Too easy to begin: To begin with, one has to get himself enrolled into the company. Nowadays the companies offer welcome bonuses too. But to bet in this, you need to possess some specific skills and have the knowledge of the basic rules too.
Cons of Online Betting
Gambling is not the bed of roses. If you win some you lose more too. There have been people who have lost their everything in this unknown world. It contains many risks with itself and before entering into this world you should be aware of everything related to it. We are providing you the complete information on the same.
- Tend to lose money: Whatever you say, you are well versed with the tricks related to the betting or not but the reality is that it is all about your luck. If you invest money and it’s not your day you will lose it all. Secondly If we discuss about the sports betting, The win-win situation depends on how the team is going to play.
- You cannot always win: Future is uncertain. It is not always that you win, you lose too and it’s that you lose more than you win because no company will always allow you to win. It is all set behind a hidden curtain.
- Addiction: Once you start with betting, it is fun in the beginning but later you can get addicted to it and no one can bring you out of this hell. What is going to happen in the end is that you will lose all what has been earned by you till date. It will lead you towards destruction of your life. You must think and take forward your steps in this world. At the end of the day it is just an entertainment and not the business to earn.
Problems with Online Betting
It has been stated in a research that people who do online betting have high mental health co morbidities. It also leads to exacerbate problems. It also states that the people who do online betting tend to suffer more depression and health issues 75 percent more than the land betters.
When the funds in online betting are being transferred by electronic cards, people are being exploited more as the web criminals tend to launder large amount of funds. Credit cards contain the complete details of the funds being transferred and hence are more likely to be hacked. Internet banking can pose a threat to the electronic transfer of funds.
It has been observed that the founders of the online poker company along with their associates violated the law of Internet Gambling Enforcement Act and did fraud in banking and money laundering to collect funds illegally.
Perception of the Players
It is really very difficult for the players to have complete and concrete information about the betting they are going to involve themselves in. No one knows anyone. It becomes difficult for the gamblers to verify the authentic sites. Many of them interact with the present betters online based on Graphical user Interface connecting to the betting sites.
The attitude of the player towards the site depends on the loyalty and online purchase. Players avoid the Online betting if there is lack of trust or fault or delay in the fund transfer or any security issues.
Is Online Betting Legal in India?
If an Indian wants to do the online betting, the first query that would arise in his mind is whether it is legal to wager in India or not?
There are many loopholes that exist with the betting in India. Many states in India are trying to make it legal. So the states have their own authorities to do so as per decided in consent with The Supreme Court of India by the Central Government of India.
Platform for online betting for Indians
The bettors from India look for a good platform to bet online from the nation. Usually Indians try for cricket betting but they must know the strategies to do so. In the small markets in India people get successful in Betting because their medium of exchange of currency is rupee.
Federal Information Technology Rules
This is the law introduced by the government of India to depict if something is illegal or taboo. Federal Information Technology Rules state that if something is illegal, the internet must block that site.
The Gambling Act 1867
Before the internet came into existence, the government had already tried to make laws for betting. This law was first initiated by Sikkim and hence it allowed its people for the online Betting. For now, it is on the governments on how they take it.
Legal Online Betting
It would be better if the Government of India make Online Betting Legal to help the Nation for properly keeping the record of black money which otherwise is being used by the people in terrorism or crime. People are already doing it and once if it gets legalised it would be open. Internet Cricket Council wants this to be allowed from India to have a good business offshore. Moreover the Government will also be able to collect taxes from the same income.
According to Foreign Exchange Management Act one cannot fund online betting sites without using rupee as it is illegal. One is allowed to put a bet online only in Rupee. It is better if you do the transaction using electronic card so that you can fund and withdraw in the same currency. Online betting is a platform you can play anytime and from anywhere following the law until the company of the other nation doesn’t block the site. If the Online Betting in India becomes full-fledged legal and regulated, the offshore companies will have to avail proper licence to run their business in India. This would be the only point where Indian Wagers will have to bother.
As far Laws of Indian Government for Online Betting are concerned there are so many loopholes. Be it the middle class or the rich, Huge population or the ones involved in Casinos are looking forward to set up their hold in India are only waiting for waging to become legal in India.