Sports betting has generated well deserved popularity over the years and given the circumstances of the current pandemic, the pastime has only increased in popularity. Sports fans from around the world are placing real money wagers based on IPL betting odds and the T20 World Cup is a hot topic with bookmakers allowing bets to be placed already despite the tourney being cancelled until further notice. But what does this mean for the Indian sports betting market and can Indians bet on the IPL and the T20 World Cup as the events draw nearer. Here is everything you need to know about online sports betting in India.
What We Know About Land Based Gambling in India
India is one of the few countries that prohibits land based gambling in any form, both land based gambling and sports betting with the exception of horse racing sports betting and lotteries. However, despite gambling being illegal, there is a grey area and one that has been closely regarded as a loophole over the years.
Online casinos and sportsbooks obtain licenses from offshore corporations such as the Malta Gaming Authority brand and are allowed to legally operate online. Some of these casinos are accessible by India based bettors and as such supporters are able to place real money wagers on the IPL and the T20 World Cup despite the red light on gambling.
The Future of Gambling in India
All around the world online gambling is accessible and with the growing numbers of users, there are many countries that have adjusted its laws pertaining to gambling to allow its citizens access to online sports betting and gambling. This in turn has generated millions in tax revenue and countries that are in need of more profit are following suit.
For countries that prohibit gambling, countries such as India, there are no laws regarding the accessibility of offshore online casinos although online casino gambling is illegal. For this reason, offshore casinos are highly popular and attract millions of users globally. The popularity of online gambling and sports betting is becoming increasingly popular and it has led Indians to wonder what the future of gambling will be in the upcoming years.
Despite the popularity of online gambling in India, there is no indication of when the ban will be lifted and new laws introduced.
Casino gaming is regulated under the laws of each state and penalties are handed out to offenders. If an Indian is caught gambling a fine is given or up to 3 months imprisonment is handed out to offenders. This is why online gambling has become so popular in India, despite the online presence of offshore casinos remaining a grey area.
There are those that hope the laws will change and while this may change in the future, it is highly doubtful that these laws will be adjusted anytime soon.
The Coronavirus Impact on the IPL and T20 World Cup and Betting
Since the pandemic, all major sports events have been put on hold until further notice. Despite this, bettors are still placing wagers on the favourites and underdogs and sportsbooks are still predicting odds. This has kept the events alive and fresh in everyone’s mind.
There are rumours that cricket will be back before 2021 and its highly likely Indians will be placing bets online as soon as these events are back on. The effect of the virus hasn’t killed Indians’ passion for cricket or cricket itself, but rather added value to the game and generated more online traffic as virtual cricket sports betting is an option.
Many remain hopeful that laws of gambling in India will evolve and allow land based casino operations to function at full capacity while other Indians remain resolute in the current laws prohibiting gambling. Regardless, online gambling is possible and Indians are able to access sports bets on sports events.