Illegal betting market in India threatens national security and economic integrity: Report

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The illegal betting market in India is estimated to receive deposits worth $100 billion annually, with a projected growth rate of 30%, according to a report by the Centre for Knowledge Sovereignty (CKS).

Titled “Illegal Gambling and Betting in India: Risks, Challenges, and Responses,” the report, authored by Lt General Vinod G. Khandare and Vinit Goenka, highlights the risks posed by offshore gaming, betting, and gambling apps to national security, data sovereignty, and financial integrity.

As reported by India Today, the white paper highlights the implications of unchecked illegal gambling, revealing that many illegal betting activities are linked to foreign entities. This connection raises serious concerns about surveillance, data breaches, and money laundering, which impact India’s financial ecosystem through suspicious transactions and cryptocurrency dealings while evading potential tax revenues.

Moreover, the report highlights data protection concerns. Illegal platforms collect and misuse sensitive user information, leaving users vulnerable to data theft and cybercrimes. This situation is escalated by inadequate consumer protection mechanisms and the advanced cyber technologies employed by illegal operators.

“The unchecked growth of illegal gambling poses a severe threat to India’s national security and economic integrity. It is imperative that we take proactive measures to regulate and control these activities,” said Vinit Goenka, Founder Secretary of CKS. “By understanding the underlying factors and addressing them through comprehensive policy frameworks, we can protect our citizens and economy from the adverse effects of illegal gambling and encourage legitimate gaming operators to flourish within India.”

In response to these findings, the white paper proposes stricter regulations on gambling advertisements and public awareness campaigns. It calls for collaborative efforts between government agencies, financial institutions, and technology providers to address the risks associated with illegal betting and gambling activities.

The report also emphasizes the importance of legalizing and regulating online skill-based gaming to offer a safe alternative, protecting consumers and contributing to the economy. By implementing policy frameworks, India can safeguard its citizens and economic interests from the dangers posed by illegal gambling.

As India faces the rising tide of illegal gambling, the insights from the CKS report are crucial in shaping policies to protect national security and economic integrity, ensuring a safer and more regulated gaming environment for all.