Gambling is defined as “Any activity or undertaking entered into or performed with the knowledge of the risk of winning or losing, is considered gambling” under the constitution of India. Similarly, Online gambling is the method of any gambling that takes place online through various sites. It is very famous among a large number of people,especially among the young generation. Various online gambling platforms like sbobet88, dream11, bet365.com, virtual poker games, casinos, etc.
Global gambling estimations
The global market of gambling has increased by 4% since 2017, due to which the estimated revenues will reach over $525 billion by 2023. This gambling sector and its popularity played a major role in increasing online gambling throughout the European and North American countries.
U.S market- $119 billion in 2020, china – $15.8 billion, European countries with 3.6% CAGR and Japan and China with 2.41% and 5.1% of growth respectively.
Factors responsible for the popular online gambling market
- Youth (people of lesser than 45 years of age).
- An increase in spending power.
- Reach of the internet to each corner of the country.
- Reach of smartphone technology to the majority.
- Video game localization.
- Affordable technologies.
- Increase in digital payment methods.
Negative effects of online gambling:
Along with benefits and gambling also have many negative effects
- Promotes Money laundering and criminal activities.
- Addiction and desperation may lead to theft and other crimes.
- Mental disruption due to addiction or any failure can also lead one to commit suicide or harm others.
- As the younger generation is drawn towards gambling, it destroys their future.
Even if not illegal and highly beneficial to the economy of the country, it still has many negative effects like addiction, mental disruption, depression anxiety and can also destroys the future of the younger generation and should be taken under control to prevent the various damages that it brings along with it. There should be proper acts and provisions applied to online gambling or the age restriction, social status check, and some states and the entire nation so that there is no wrong use done of the online gambling market.