In a world with fast-pacing internet and many day-to-day activities getting digitalized, every year we witness new technologies and platforms taking over the internet. Be it digital payments, online gaming, e-commerce, or cryptocurrencies, all these online services were once underdogs and gradually became so popular that today almost everybody uses it. One of the industries getting more and more popular is the online gambling industry.
The online gambling industry is on the rise. It has a market share of 59 billion U.S. dollars and is expected to be valued at more than 92.9 billion U.S. dollars by 2023.
In India, the ratuqq industry was valued at around 4000 crore Indian rupees which in 2020 was valued at around 7500 crore rupees. The industry experienced a huge spike, especially in 2020 due to covid induced lockdowns, which forced people to stay at homes and find entertainment through online platforms. High-speed internet services available at cheap rates have also been a contributing factor. Online gambling companies have also put in boatloads of money in advertising and sponsorship deals alluring more and more people into downloading these applications.
Is it good for people to be involved in gambling?
Well, the textbook answer is a no. Internet gambling mainly takes place through online games and online betting platforms which are addictive as it is a game of chance, and by each chance, people think they have more and more chance of winning. Addiction to such gaming activities and the sense of pleasure people get allure them into engaging with these applications more and more. Citing the problem of online gambling among teenagers, China came to a step ahead and restricted online gaming to just three hours a week.
Now, what do you do when you have to convince people into putting money on something they know is not good for them?
Thus, the multimillion corporations behind them put in money to convince people, to make them believe that GAMBLING IS FUN! And people do it. The government too seems to be keeping an eye on the money online gambling generates and people are anticipating a law regarding it at the end of the session.