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The Times of India this week reported that India could be missing out on as much as $1.5 billion in lost tax revenue by not regulating online gambling.
The paper cites an expanding middle class and increased Web access across the country.
According to the Times, Government officials seem to have little inclination to capitalize on such a lucrative market.
A recent study suggests that India’s online gambling market, if regulated, would be worth upwards of $5 billion.
The Times suggested that, by using current levels of taxation applied in markets where online gambling is legal - typically 15-30 per cent of operators' gross revenue – “it would mean the Indian revenue machinery is missing out on as much as $1.5 billion per year in potential tax revenue”.
- Jagajeet Chiba, Gambling911.com
