Illegal gambling sites are causing tax evasion of more than Rs 45 billion annually, and these sites also pose a risk to Indian gamers. BJD MP in Rajya Sabha, Dr. Amar Patnaik has written in one of his articles that the gaming industry is the fastest growing industry in the country, which can contribute a lot to the country’s GDP. But there is a lack of regulation in this sector.
Dr. Amar Patnaik wrote in his article in the English newspaper The Hindu that AI and gaming together can contribute $300 billion to GDP. But this industry also carries with itself problems like mental health, addiction, financial fraud, suicide and money laundering. Dr. Patnaik, a member of Parliament’s Standing Committee on Finance, wrote that in our report also we had found illegal gambling sites as one of the four reasons responsible for money laundering. Currently, hundreds of gambling sites are running in the country and there is no legal difference between gambling and gaming apps. Illegal gambling and betting apps take $100 billion in deposits annually from India alone. These illegal apps are growing at the rate of 20 percent. They are also evading taxes worth $45 billion annually. He wrote that to stop this, it is necessary to bring regulation in this sector immediately.
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