Since Dream11 and Paytm First Games can involve financial transactions but are currently classified as ‘games of skill,’ there is concern about whether these platforms are proxies for online gambling.

Online gambling

Gambling conducted over the Internet is known as online gambling (or Internet gambling). Sports betting, online poker, and casinos all fall under this category. The global market is estimated to be worth about $40 billion each year. Games are classified according to time spent on them, commitment levels, the complexity of the gameplay, and the goal (recreation or profession) of playing them. Players can place bets and games through websites and mobile applications many sports betting operators provide. In most cases, players deposit funds into their accounts before placing their bets.

Growth of gambling

According to estimates, Indian gambling is worth $60 billion a year, and half is illegal. They are growing at around 30% per year and are worth more than a billion dollars. Over $525 billion is expected to be generated by the global gambling market by 2023, growing at a CAGR of approximately 4%. The global gambling market grows as online gaming and betting become more popular across North America and Europe. You can lose and win slots online easily.

Online gambling taxed

There is no risk of prosecution for Indian residents who play at online casinos that accept INR. You can deposit money into an Indian online casino using credit or debit cards, wire transfers, prepaid cards, e-Wallets, and cryptocurrencies like Bitcoin and Litecoin.

Any winnings accrued from playing online casino games on offshore sites are taxed, as they are legal. As these casino sites cannot use TDS like domestic companies, the burden of paying the tax falls on the players. The individual must be willing to report his or her winnings to avoid tax evasion problems.

Negatives of gambling

Money Laundering:

• The act of money laundering involves transferring profits from illegal activities into so-called ‘legal assets’.
• The source of money deposited into players’ accounts cannot be known, despite tight security at online and offline casinos.

Addiction and Crime:

• There are many problems associated with gambling online, including addiction. As well as divorce and crime, gambling addiction can lead to bankruptcy.

Gambling Disorder:

• Biological, psychological, and social factors contribute to gambling disorders like any other addiction.
• A person’s response to gambling behaviors is affected by biological and genetic risk factors.