With the rising popularity of sites like Dream 11 and Bet365, online gambling has been the spotlight topic for many. Gambling includes any illegal activity in which money is risked to make more money. It always has had a negative connotation attached to it. But with the recent advertisements for online gambling and no laws being in place for regulation, the market has expanded.
What is online gambling and how it works?
- สล็อต is done on the Internet, it comes under the category of online gambling. The various spokes of the umbrella term are virtual poker, casinos and sports betting. These are in a grey area of being games of skill and chance.
Reasons pushing the market up
Digitalisation of payment methods
Because of the infotech wave and easy access to smartphones, gambling is not as hard as it used to be. Many gamblers can conceal the transactions and there is no way to find out how the money was earned.
Increasing disposable income
The ways to make money are increasing and so the disposable income with young adults becomes the source of gambling bets.
No strict regulations
The lack of regulations is the main reason for the increased market size of online gambling. It is estimated at around $ 60 billion per year in India.
Current laws guiding the market:
There are no strict policies and laws that direct the online gambling space. Since the technological advancements supporting the market are new, there are no laws in place yet.
Also, gambling has always been a State subject. All the states are expected to lay down their codes of conduct that guide gambling matters. States like Goa and Sikkim have legalised gambling in 5-star hotels.
Online gambling is a market of great potential but rules has to be made to safeguard the interest of the common man. The negative outcomes can outweigh the positive effects very quickly and can destroy lives if not paid attention to.