What is India Losing by Not Legalizing Gambling?A Legal Framework for Gambling

The history of gambling can be traced back to Hindu mythology. The Mahabharata would not have taken place if betting was regulated. Scholars of many Indian scriptures have argued that betting must be regulated and be legal. Ironically, India has been still not legalized gambling and it is punishable under the British era Public Gambling Act, 1867, whereas the United Kingdom has long back legalized and regulated various forms of gambling and betting. There are questions like why legalize gambling? What will be its socio-economic impact? What is India losing by not legalizing it? What is the history of gambling in India? How has the world changed its laws and regulated gambling? Do Wagering, gambling and betting involve skills or the outcome depends purely on chance? What is the legal framework and how it should be regulated in India? What is the market of gambling in India? How does the illegal market of gambling affect society? A KPMG report in 2010 said that the Indian gambling market was worth US $60 billion. Legalizing the practice would help cracking into black money in the country and bring revenue. There may be difficulties in legalizing betting, but its legalization is the need of hour. In times of ‘Digital India’, stopping online gambling becomes more complex. The Supreme Court’s Justice D.P. Madon correctly said: “As the society changes, the laws cannot remain immutable and that the laws exist to serve the need of the society which is governed by it.”