Gambling has been a mode of time-pass, not only for adults, but also for teens. If someone isn’t aware of the term gambling, it includes all the activities where people risk money in order to gain money. With the increase in popularity of Dream 11, BETWAY, and such other online websites and apps, online gambling(or Internet Gambling) is becoming more and more popular day by day. This includes Virtual Poker, Casinos and Sports Bettingon ufa.
Today the market is worth around 40 billion dollars globally each year. The Indian Gambling market itself, is estimated to be around $60 billion per year, with almost half of it being illegal gambling. The global market is expected to reach revenues of over $525 billion by 2023, growing at CAGR of approximately 4% during 2017-2023.
Main factors leading to increase in online gambling are- stable internet connectivity, availability of smart phone devices at low prices, huge number of online games to choose from, cryptocurrency and blockchain, and lastly, extensive marketing. Compared to offline casinos, online games provide plenty of perks like high-grade security, and a wide variety of games for players to choose from. This, in turn has attracted a huge number of players.
As safe and easy it seems to earn money, it has many negative effects, which we often neglect.
- Money Laundering-While security is tight, there is no way of knowing what the true source of money is, that the player deposits while playing a game.
- Addiction and Crime– It is not unknown, that most of the players of online gambling end up getting addicted to it. Not only do they end up amidst a huge fight with the family, but they often end up committing a crime, like stealing from family or friends, or even from other members of their community. Sometimes they end up with a huge debt, which often leads to suicide or murder.
- Computer Hacking– This can be a common problem as huge number of customers does deposit money on these apps and casinos on a regular basis.
- Unauthorized Sites- Since there is a wide number of Internet Gambling Sites; it is quite hard for players to judge the authenticity of those sites.
By ensuring underage players are prohibited from playing, and by employing responsible oversight, risks to vulnerable populations may be minimized, and by ensuring honest, fair play and integrity, general public will have a positive outlook towards Online Gambling.