New Year marks new beginnings. This mantra seems to be in the mind of India’s government officials too. 2023 marks the plan for new regulations of online casinos. They are really popular in this country in the last couple of years and are growing even more. The number of sites, the variety of games, the self-advertising, promotions, and more, are drawing players to this fun pass time. Some sources suggest that the best Indian online casinos will need to pay attention to the latest set of rules imposed by the government. The idea of the new regulation will be the creation of self-regulatory bodies, intended to supervise the sector.
Indian Gambling Market
In a country as big as India, market options are enormous. Many industries are finding it crucial to appear in this market and generate income. Reports are stating that the Indian gambling market stood at more than 2.5 billion USD in the past year. And the estimates are that it will grow to more than 8 billion USD in the next four years. The industry is contained in lotteries, horse racing, prize competitions, sports betting, games of skill, and games of chance.
Creating a Safe Environment for the Gambling Site Players
As we mentioned, with the expansion of the iGaming sector there is a need for a new set of rules. The competitive world of online casinos will try everything to attract new players from the competition and keep the old ones. In that battle for their businesses, the government must keep the players safe. In every way, protecting their money and private information as well as regulating casino influence on gamers. After discussions and deliberations, a proposal emerged.
Who Was Tasked to Propose a Solution?
To handle internet gambling, the Indian Ministry of Electronics and IT released modifications to its IT Rules. Up until January 17, there was a discussion on the changes. According to the regulations, an online game is any game that is played on the web and in which, and we quote: "a participant makes a deposit with the expectation of earning winnings." The Indian government has the authority to declare various games to be governed by the rules, if necessary. The revisions specify that no online game offered may be against any current legislation, such as state-wide betting restrictions.
This Is Not the First Time the Government Addressed This Issue
More than a year ago, at the end of 2021, Indian MP Sushil Kumar Modi was very vocal regarding the need for government involvement. He raised concerns about the growth in young people's gaming participation and how it might eventually lead to online betting. Another issue brought up was how internet gaming is portrayed as a game of skill. According to Modi, there are already more than 40 million online gamers in India, and that number has climbed 60 percent to four hours per week from pre-pandemic levels.
The Data and Predictions That Modi Presented
He estimated that in the next couple of years, the number of online gamers will increase to more than 65 million. The iGaming sector would generate 340 million Euros in sales with that prediction. To support his claims, information about the downloaded mobile gaming apps was presented. Regarding the year 2020, the first quarter showed 1.86 billion downloads while the third quarter reported a staggering 3 billion downloads.
The Proposal of Self-Regulatory Bodies for Online Gambling
The reforms would enable the foundation of "self-regulatory bodies" composed of internet gaming companies that would establish guidelines for online gambling. The bodies must consist of a person educated in psychology or customer awareness, and a representative of the gambling consumers or players. Besides them, there must be an advisor for public policy and a person who is, and we quote: „an independent eminent person from the field of online gaming, sports or entertainment, or such other relevant field.“
The Responsibilities of the Self-Regulatory Bodies in the Regulation of Online Gambling
These organizations ought to establish a set of guidelines to protect users from harm like abuse, as well as protect kids and stop financial fraud. A complaints procedure should be established, as well as requirements for members to verify their clients, perform know-your-customer audits, and provide a contact address in India. The central government has the authority to order it to undertake actions to rectify the non-compliance if a self-regulatory organization fails to establish adequate standards. If the body doesn’t comply, it can be suspended and terminated.
The Restrictions on the Advertising of Online Casino
In the summer of 2022, the government released an advisory statement regarding the publishment of ads for online casinos. The contradiction between the present legal system, in which most Indian states consider activities regarded to be gambling illegal, and the dissemination of marketing for online betting. These advertisements promoted typically illegal behavior. Even on social media platforms, such as Meta which is currently firing its employees. The government cited another aspect of their decision as the enormous socio-economic risk for customers, especially youngsters, and children. The current commercials, do not seem to be in full agreement with Indian legislation, noting legal concerns as an additional reason.
Implementation of UPI by the Government to Keep Players Safe
Another way in which government keeps people safe is the implementation of a Unified Payments Interface or UPI. Developed by NPCI (National Payments Corporation of India) it is intended to ease money transactions of customers via mobile phones. The platform is created in collaboration with the Reserve Bank of India and the Indian Banks Association. It is simple to use and master, and it is now a popular payment method in online casinos.
Online Casinos Use UPI to Protect Their Customers
As a platform that is developed by officials, UPI is very safe for players. It uses advanced encryption that is secure and regulated. Players in Indian online casinos can make deposits and withdrawals by UPI if they have an appropriate ID and PIN. All that is left, is to access their account on the casino site and select this payment method. After that, money transfers will be a matter of seconds, with no worries about your funds or information safety.
Conclusion
When we look at it all, we can say that 2023 is looking very bright for the Indian gambling market. Gambling laws and regulations are something that they are interested in improving, and that is very reassuring. For players and casino owners alike. In this fast-changing and fast-evolving world, it is reassuring to know that their favorite pass time is still safe for people. Every day is very stressful and people need to know they can relax. Mainly from the comfort of their homes, on a computer, or any other smartphone device. The government enabled new propositions to create self-regulatory bodies with a predetermined constitution of the body’s board. What encourages the masses the most is the fact the government is keeping youth safe. Through these regulations and improvements, advertising is also going to be regulated. The competition can make casino owners force to invent new ways of attracting players and introducing them to the gambling world. But now, all the problems including gambling addiction will be put under control hopefully.
