Great Indian $5 trillion dream could become reality if online sports betting is regulated: Japneet
"5 Trillion Economy". We have heard this enough to realise that it is what the Indian administration has set its sights on. While the measures taken towards achieving what can arguably be termed "The Great Indian Dream" are gigantic already, it seems there's one missing link: the Online Sports Betting industry.
It goes without saying that sports betting is not arcane to India. This is a nation that prides itself on its sporting achievements, particularly those in cricket, and this love for the game has for long been apparent to the eye in the betting industry, too. Think of the Indian Premier League, think of the ICC World Cup. There's a good few cricket fans across the country who bet online at the time of these tournaments with the utmost alacrity. After all, they have got a wealth of options to do so.
However, the only problem here is: the industry is not regulated. What does that mean? The government is missing out on a sizeable amount of taxes, not just from online betting but other forms of illegal betting, too, which lie in the aphotic corners of the country.
Japneet Singh Sethi, an industry expert reckons once the entire realm of sports betting is given some form and shape by the government, which is to say, once it is regulated, the $5 Trillion Economy would be a matter of time.
"Covid-19 may have managed to stop many industries dead in their tracks but its impact on online sports betting has been the exact opposite. It has set the industry into an unprecedented motion, especially in India.
"The potential here is particularly huge, as I am sure the numbers testify, too."
"If we go about five years back to 2016, the turnover from the betting and gambling industry was about 8% of the entire GDP - and that must have increased a fair bit by now, given that we are looking at an industry that's valued at around 20 lakh crores as we speak.
"Imagine the numbers if online betting is regulated. The revenues we are looking are unmatched, whether you compare it with the United Kingdom, France, Italy or anywhere. I remain in no doubt that this is how we turn this Great Indian Dream into a reality."
Japneet is currently with "Parimatch International" as their "Marketing Lead", helping them in the International markets.