The Centre for Knowledge Sovereignty (CKS) report underscores that the illegal betting market in India, estimated to accumulate deposits amounting to $100 billion annually, is anticipated to grow at a rate of 30%. Titled “Illegal Gambling and Betting in India: Risks, Challenges, and Responses," the comprehensive analysis by Lt General Vinod G. Khandare and Vinit Goenka delves into the manifold risks posed by offshore gaming, betting, and gambling applications to India's national security, data sovereignty, and financial integrity.
The white paper illuminates how unchecked illegal gambling activities are deeply interconnected with foreign entities, raising serious concerns about espionage, data breaches, and the laundering of illicit funds. These activities not only disrupt India's financial ecosystem through suspicious transactions and cryptocurrency dealings but also deprive the nation of potential tax revenues.
Furthermore, the report underscores significant data protection issues, noting that illegal platforms often collect and exploit sensitive user data. This exposes users to risks of data theft and cybercrimes, compounded by inadequate consumer safeguards and sophisticated cyber technologies employed by illicit operators.
Vinit Goenka, Founder Secretary of CKS, emphasized the urgent need to address the unchecked growth of illegal gambling due to its severe implications for India's national security and economic integrity. He stressed the necessity for proactive measures through robust regulatory frameworks to regulate and curb these detrimental activities.
Goenka remarked, “Understanding the underlying factors and addressing them with comprehensive policy frameworks is crucial to safeguarding our citizens and economy from the detrimental impacts of illegal gambling. This approach will also foster an environment where legitimate gaming operators can thrive within India.”
In addition to advocating for stricter regulations on gambling advertisements and public awareness campaigns, the white paper calls for collaborative efforts involving government agencies, financial institutions, and technology providers. It emphasizes the importance of legalizing and regulating online skill-based gaming as a secure alternative that protects consumers while bolstering economic contributions.
The findings underscore the critical need for proactive policy measures to effectively combat illegal gambling, ensuring the protection of India's citizens and economic interests against the pervasive risks associated with illicit betting and gambling activities.
