The Importance Of Gambling In India

1697 Words7 Pages
Gambling can be traced back in different forms in every age, civilization, religion and culture. It has been existing as a source of entertainment. The propensity of gambling is deeply entrenched in the tradition and culture of Indian society. Gambling, in today’s world exists in many forms. It can be betting on sports, political outcomes or wars, success of films, or weather. All sorts of gambling, including internet betting is illegal in India. Legal gambling in India is limited to only lotteries and horse racing. The Public Gambling Act of 1867 prohibits running or being in charge of a public gaming house. The penalty for breaking this law is a fine of 200 or imprisonment up to 3 months. Additionally, this act also prohibits visiting a…show more content…
It includes online gambling and punishment is much more serious than an offline offence. The fine is a sum of 100000 or imprisonment up to 5 years. All sorts of gambling is considered illegal in India. Lately, many Indian states have realized the importance of the gambling industry. There is huge potential for the gambling industry in India even though most of this market falls under the illegal category in India. Gambling promotes ‘collusive corruption’ and it is a reason behind the erosion of moral values. It affects the social and economical life of the nation. There are divergent views amongst scholars, policy makers and experts on this topic. I have tried to show the pros and cons of the gambling industry in this project while analysing its growth and looking into the political, legal, social, and moral dimensions of the debate. I have researched about the legislative measures governing lottery and gambling in India and examining the need for reforms to ensure greater flexibility. I have tried to examine the real consequences and actual harms while projecting the income, employment potentials and future prospects of gambling, if legalized, in…show more content…
On the positive side, illegal businesses are labour intensive and tend to create jobs. For instance, the underground lottery employs lots of people for a few days a month on a part time basis. Casinos require staff and require people (mostly outsourced) in associated jobs like restaurants, parking lots etc. Also, an enormous amount of money if legalized and hence taxable can be collected by the government. On the negative side, the illegal economy has several distorting effects. Illegal activities often generate super profits, which are then redeployed in the main stream economy. Honest business men are often discouraged when faced by competitors having access to large reserves of cheap funds. Illegal funds are often laundered through legitimate markets such as real estate, stocks and entertainment businesses. Generally they are channeled through more speculative parts these markets and tend to magnify

More about The Importance Of Gambling In India

Open Document