Lawmakers in India to consider legislation to regulate online gambling
Parliamentarians in India are preparing to discuss a proposed legislation that aims to establish regulations for online gambling. The proposal also seeks to establish a comprehensive regulatory body with the authority to penalize illegal businesses.
The Online Gaming Regulation Bill 2022 was introduced on April 1st to safeguard the integrity of India’s iGaming business, regardless of whether it involves games of skill or chance. This information comes from a report on TheHinduBusinessLine.com. According to the source, the proposed law would place FieWin the new Online Gaming Commission under the control of the federal government and protect it from the influence of state governments.
Possible climax:
India has a population of around 1.4 billion people. According to the consumer data research business Statista, the total yearly value of India’s gaming sector is nearly $1 billion. However, the country allegedly also has a swiftly expanding young population that might contribute to increasing this total valuation to as much as $3.4 billion by the conclusion of 2024.
Unquestionable power:
The proposed Online Gaming Regulation Bill 2022 aims to grant the Online Gaming Commission the authority to establish regulations that would effectively combat illicit iGaming activities. Additionally, the bill would empower the regulator to determine licensing systems and associated costs. The proposal would allegedly require all online gambling websites to obtain a license. However, multinational companies that provide back-end services, such as maintenance and hosting, may be exempt from this need.
Direct dominion:
According to TheHinduBusinessLine.com, the Online Gaming Regulation Bill 2022 would grant the Online Gaming Commission the power to oversee national regulations including age restrictions, approved accounting methods, permissible games, and their presentation methods. In addition to this, the Jeetbuzz casino watchdog would also oversee all notices posted on iGaming domains, credit terms, and the regulation of related proxy entertainment.
Considered reprimand:
Nevertheless, the Online Gaming Regulation Bill 2022 is currently receiving significant backlash since it fails to differentiate adequately between casual gaming and online gambling for real money. This oversight could result in a licensing system that is considered regressive. The legislation may potentially encounter constitutional opposition from states that have previously legalized certain types of iGaming, as well as from those who are concerned about its notable absence of know-your-customer, complaint, and data protection regulations.
Unpredictable or inconsistent surroundings:
TheHinduBusinessLine.com said that Shashi Tharoor, a federal politician, was unsuccessful in getting his Sports Online Gaming and Prevention of Fraud Bill 2018, which aimed to address a wider range of issues, passed in parliament before its dissolution. In the 2019 general election, the right-wing Bharatiya Janata Party (BJP), led by Prime Minister Narendra Modi, significantly expanded its majority. However, it is uncertain whether there is still the necessary political determination to address the regulation of online gambling.