Undoubtedly, the Indian market is interesting to different sorts of investors. As you probably know, India is a market with nearly 1.5 billion people. That fact grabs the attention of many people that are looking for ways to expand their businesses or simply invest in the market.
Why would online gambling be an excuse? Many online casinos offer their services to Indian people. Yet, for a very long time, there have been multiple obstacles that have slowed down the progress of this industry.
First of all, the entire industry was pretty unregulated. There are only three jurisdictions where people from India can visit land-based casinos. On the other hand, online casinos have been a grey zone for a very long time. That’s why the online gambling industry hasn’t progressed as expected in the last couple of years.
The good news is that things slowly start to change. It seems that the government is working on new regulations. These regulations have only two goals. One of them is to ensure safe and comfortable gambling for every Indian player. The government also tries to attract many foreign online gambling businesses to invest in their market.
Based on the information we have related to the newest regulations, we would like to analyze the future of Indian online casinos. So, let’s go!
More Details about the Online Casino Regulations
As we said, the future Indian online casino regulations will certainly reshape the entire industry. The government has decided to allow the creation of self-regulatory bodies that will maintain and control the entire industry. Apart from that, some new decisions have been made about advertising online casinos. We would like to analyze these things more, so let’s go!
Self-Regulatory Gambling Bodies
The first change that will significantly impact the gambling industry is the creation of self-regulatory bodies. These are not organizations that will be part of any government sector. Yet, that doesn’t mean everyone can join this institution. These are the requirements that will have to be respected:
- As part of the councils, there has to be a standalone individual that is an expert for different industries. That individual must be an expert in online gambling and betting, media, sports, etc. However, it will also need to be involved in any other industry that is closely connected with online gambling.
- The self-regulatory body will also need to have an individual representing all the gamblers who enjoy online casino games. For the government, it is essential that all the rights of the gamblers are met. However, they also want to ensure that Indian players are aware of their obligations.
- Experts in psychology and education will also have to be involved in all the procedures. There are two reasons for that. First, the task of the self-regulatory body will be to educate people and teach them how to recognize online fraud in the gambling world. Yet, it is also crucial for the government that a self-regulatory body that educates all the people about the potential consequences of online gambling. More precisely, the experts in psychology will need to properly educate people about the symptoms of gambling addiction, how to play responsibly, and how to solve the problem in case it appears.
Verification of the Identity
The verification of identity has been a normal requirement for many years in online casinos around the globe. First and foremost, the reason why casinos have such a requirement is to disallow minors from registering on their platform. Also, they want to ensure that one person can maximally create one account on the same website.
Well, it seems that the newest gambling regulations in India will finally require something like that from online casinos. The users will probably have to provide the image of their ID or any other verification document. If the data from the casino account and identification document match, the player will get access to casino games.
Still, many of our readers probably feel unsure about providing confidential personal data to anyone else. Fortunately, the online casinos that operate in India will have to ensure a strong layer of data protection by using the latest cybersecurity technology. That definitely will be one of the requirements for every single casino!
What If an Indian Online Casino Doesn’t Meet the Requirements?
The outcome of situations where an online casino does not meet all the requirements is well-known in advance. With no excuse, the operator will not manage to continue working or even get permission to work. Even the tiniest details will matter! That’s the way how gambling industry in other countries in the world is functioning.
What If Gambling Self-Regulatory Bodies in India Don’t Create Sufficient Standards?
It is clear that all the online casinos in India will have to follow the standards of self-regulatory bodies. Yet, what if that body does not create sufficient standards? Although these organizations are non-government, that doesn’t mean they have no connection with Indian officials. The Indian government will keep the right to suspend the body permanently.
So, Is the Future of the Online Casino Industry in India Good?
The popularity of online gambling in India is already huge. As we previously said, one of the reasons why bigger achievements within the gambling industry aren’t made is bad laws and regulations. However, as we explained on this page, something like that will change. That’s why we give ourselves the right to say that the future of the Indian online casino industry is amazing!
Many gambling businesses will take advantage or a regulated and huge market. That means Indian gamblers can soon expect a huge number of gambling options in the online world.
We believe that self-regulatory bodies are extremely necessary! The Indian gambling industry would not have a chance to grow and improve without them. However, we also do believe that these non-government organizations will establish adequate standards for everyone. Their duty is to meet the expectations of players and ensure a good position for gambling businesses that want to invest. All the mentioned facts convince us that online gambling will soon become a primary source of fun for many people in India. What do you think?