Online cricket betting has become increasingly popular in India. This is because many people have access to the internet and the technical know-how to participate. However, with the popularity of online cricket betting, there has been an influx of unregulated websites and platforms that must adhere to regulatory standards.
This has caused a great deal of concern among Indian citizens, as there is no legal framework to regulate online cricket betting in the country. It is, therefore, essential that a regulatory framework is available to ensure that cricket betting is in a safe and secure environment.
This will help to protect vulnerable citizens from being taken advantage of and to ensure that betting is fair. Here are the reasons why online cricket betting needs regulation in India.
What is Online Cricket Betting?
Before diving into why online cricket betting requires regulation, you must understand what it is all about. So, what is online cricket betting? It is the practice of placing wagers on the outcome of cricket matches.
Players can bet on the outcome of individual matches, series, and tournaments or even on individual players and teams. Online cricket betting operates through licensed and regulated online sportsbooks and unregulated and unlicensed bookmakers.
Why Online Cricket Betting Needs Regulation in India
As much as online cricket betting is common in India, it still needs regulation. Here are the main reasons why it is essential.
Reduces Money Laundering
Topping the list of reasons online cricket betting requires regulation is to prevent money laundering. Typically, many scammers use online cricket betting as a money laundering scheme.
Therefore, regulation of online cricket betting is essential to ensure safety measures are in place to prevent money laundering.
Offers Consumer Protection
Consumer safety is a vital aspect of online betting. Unfortunately, most users face the challenge of fraud. Regulation of online cricket betting will protect consumers from fraud and unfair practices.
This comes down to setting minimum customer service standards, dispute resolution, and data protection.
Prevents Underage Gambling
While some sites allow only people over 18 years to gamble, some don’t. For this reason, minors will gamble and even steal money to gamble. This increases the crime rate and even poses a danger from scammers. So, regulating online cricket betting will ensure that minors cannot access gambling sites.
Promotes Tax Compliance
Tax evasion is a major problem in India. Regulation of online cricket betting will ensure that the government receives its share of taxes from bookmakers and punters.
Prevents Match Fixing
Regulation of online cricket betting will ensure that bookmakers do not take advantage of vulnerable players and fix matches. This will make the game fair and competitive, especially in live 24 betting app where you bet as the match happens.
Despite all the benefits of regulating online cricket betting, there are still some potential drawbacks. Here are some of the disadvantages of regulating online cricket betting.
Arguments Against Regulating Online Cricket Betting in India
Increased Risk of Fraud and Corruption
Regulating online cricket betting in India can open the door to increased risk of fraud and corruption. This is because it is difficult to monitor and control the activities of betting operators in different countries or even offshore.
Regulating online cricket betting might give some players an unfair advantage over others. This is because some players are more knowledgeable or experienced than others. They can therefore use this to gain an advantage when placing bets.
Increased Gambling Addiction
Regulating online cricket betting can increase gambling addiction. With the different types of bonuses people can’t resist the temptation to bet more money than they can afford. Such bonuses include welcome bonus, reload, no deposit, referral, and loyalty bonus, among others.
Regulating online cricket betting can lead to legal issues because countries have different online gambling laws and regulations. This is possible since online cricket betting could be illegal in some countries.
Regulation of online betting in India will protect vulnerable consumers from exploitation. Regulation can also help ensure fairness in the online cricket betting system and prevent money laundering.
Additionally, the regulation will ensure they pay and manage those taxes. Generally, regulation of online cricket betting will pave the way for transparency, security, and accountability., This will provide a safe and reliable experience for customers.