Online gambling market in India has gained traction of many operators and investors due to the increasing popularity of online games and the impressive market growth. It is expected that the worth of online gaming can become Rs. 20.5 Crore by the end of 2021. This amount is comparable to the 10% of the Media and Entertainment economy in India.
As these figures and values are increasing, many consider that it has become a necessity to impose taxes on online gambling operations in the country. After China, India is considered the largest internet consumer with more than 560 million internet users. Several analyses and reports have indicated that India can generate a huge amount of tax revenue if it starts regulating the online gambling market.
Depending on the market size and the continuous growth in the popularity of online gaming activities, operators would end up paying crores in annual taxes by 2025. It is expected that the taxation of online gambling and casinos may bring in an annual Rs. 6.60 Lakh crore in India. Currently, the government can only collect a small fraction of this amount.
Regulated Gambling Market Will Benefit Both Government and Operators
The regulation of online gambling in India will not only provide better tax collection to the government but also offer a better environment for gaming operators. Even the players will have a safer gambling environment. The regulation of gambling means an authority will monitor all the gambling activities and lay out the foundation for safer and fair gambling.
Currently many offshore casinos and gambling sites are offering their casino products in India. By regulating online gambling, the government will be able to provide better personal data protection and transparency to the market. This can also increase the confidence of investors as the market will appear stable.
Indian Mobile Gaming Industry May Treble Its Value by 2025
India is considered the largest mobile gaming market in the world in terms of app downloads. It is expected that the value of the mobile gaming market in India can treble its value in the upcoming four years. The mobile gaming market in India will be worth $6-7 billion by 2025. At present this value is $1.8 billion according to a report.
The reasons behind this extensive growth of online gambling are easily available internet and affordable data, smartphones, and the availability of online gambling sites. There is no law that stops the people from India to wager on online casino games. Recently, a study has shown that the pandemic has pushed the growth of online casinos and gambling sites. When it comes to mobile gaming, India is in the list of top five gaming markets in the world.
In fact, the forecast of the online casino industry in India in terms of revenue is bright. Gambling market has been growing exponentially and has potential to generate a substantial amount of revenue. Aside from the revenue, the online gambling market has also created many jobs in the gaming industry. From increasing jobs to grabbing the attention of offshore investors, the Indian online gambling industry is all set to expand more in the upcoming years.
