India gambling news reports that the country is losing out on as much as $1.5 billion in gambling tax revenues by not having a clear set of industry regulations.
The figures came to light following a recent market research on the matter of Indian gambling laws. The report is quoted: “Despite a booming middle class and a rapidly expanding internet user base, only the state of Sikkim has made any meaningful efforts to regulate online gambling in India. On a national level, there seems to be little desire to regulate this lucrative market – even though an ever-increasing number of Indians gamble online.”
The market research puts an estimate on overall gambling market and online casinos in India in particular. The market is said to be worth a whopping $5 billion a year, that is if it ever gets properly regulated. The current taxation level in other countries, where gambling is fully regulated is around 15-30 percent of gross revenue.
The figure of $1.5 billion in taxation revenues is expected to grow rapidly, due to light-speed growth of internet penetration in India. Other factor is the growth of Indian middle class size, which sees online gambling as a quite common entertainment.
Regulating online gambling would also bring other benefits on top of filling the state’s coffers. The report is suggesting that job creation will follow the introduction of clear laws, as well as better protection from fraudsters for the players.