The Daily Brief by ZERODHA has dived deep into the Ban on Online Money Game and explains things as they’re and as they will impact. The Daily Brief’s Neutral approach makes it Most Worthy read. Gambling has been a popular pastime in ancient and colonial India, and continues to be in modern India.Ancient Indian texts have also references to the devastation that the habit of gambling can bring into one's personal, family and social life.
We’ve a regulated lottery system prevalent.Parliament passed the Lottery Regulation Act of 1998 and subsequently the Lottery Regulation Rules 2010. These provisions provide an overarching framework for lottery operations across India. The rules and regulations grant states the authority to either ban or conduct lotteries, and frame legislation to implement their respective decisions in line with the provisions of the central legislation.
The Indian lottery market is conservatively estimated to be around
$33 billion annually
(across all States and Union Territories and considering non-participation of minors) with corresponding revenue for the government projected to be approximately $26 billion, including potential earning in the form of taxes and profit at $ 12 billion, The lottery market is projected to grow at an Average Annual Growth Rate of 5.1% in India to reach $44.3 billion by 2030.
Well this reference further evidences that Indians’ have a psyche for gambling.
The root cause for playing online money games/buying lottery/Chopad/Cards/speculation in stock market or commodities or as popular in some countries Prediction Betting etc,is that the player is so convinced of his being right of his judgement that he puts his highest possessions on stake.We’ve prominent examples in Mahabharata and Mythology.
A similar issue comes in Alcohol where in some states we’ve dry and other states allow.Now,Alcohol smuggling is rampant.
All above and some related issues lead to one point .. can we change human nature?
*just two days back knowledge@wharton: may give us some idea—Why Do People Play the Lottery?*
The paper was published in July in The Review of Economic Studies. Co-authors are Hunt Allcott, sustainability professor at Stanford University’s Doerr School of Sustainability; Dmitry Taubinsky, public economics professor at the University of California, Berkeley; and Afras Y. Sial, former research coordinator at Wharton and doctoral candidate in economics at UC Berkeley.
KEY TAKEAWAYS Consumers enjoy buying lottery tickets as a form of entertainment and most don’t think they are spending too much. Behavioral biases, including financial illiteracy, lead lower-income consumers to buy more tickets. Americans spend more than $100 billion a year on lottery tickets, which is more than what they spend on cigarettes or on music, sports tickets, movie tickets, books, and video games combined. But people keep buying more tickets every year, although *the odds of winning a jackpot are about 1 in 300 million.* *People enjoy playing the lottery, and it’s important to take that seriously,”* Lockwood said. “It’s a mistake to think only about what the probabilities of winning and prize values in the same way it would be a mistake to try to understand whether video games are good or bad by focusing only on the quality of the graphics.”
So, as Rightly noted by The Brief by ZERODHA,”Bans, as we know, are near-impossible to enforce in a digitally- enabled, connected world and this has exposed the Indian populace to a variety of gaming options which include those offered by offshore entities many of which are illegal.”
Hence,one has only to keep a watch.Parliament has done its job.
As India grapples with slowing middle class consumption driven by weak demand, there is hope in the GST 2.0 reforms to give consumption some support.
TDB does a good job of figuring stuff out and writing it for a broader audience. Congratulations on such intense work (likely on a daily basis). A quick suggestion: please avoid media links as sources of information because the articles(unless reposted) usually do not contain the main source. It'd be beneficial to stick to the main source. Thank you for your efforts.
The Daily Brief by ZERODHA has dived deep into the Ban on Online Money Game and explains things as they’re and as they will impact. The Daily Brief’s Neutral approach makes it Most Worthy read. Gambling has been a popular pastime in ancient and colonial India, and continues to be in modern India.Ancient Indian texts have also references to the devastation that the habit of gambling can bring into one's personal, family and social life.
We’ve a regulated lottery system prevalent.Parliament passed the Lottery Regulation Act of 1998 and subsequently the Lottery Regulation Rules 2010. These provisions provide an overarching framework for lottery operations across India. The rules and regulations grant states the authority to either ban or conduct lotteries, and frame legislation to implement their respective decisions in line with the provisions of the central legislation.
The Indian lottery market is conservatively estimated to be around
$33 billion annually
(across all States and Union Territories and considering non-participation of minors) with corresponding revenue for the government projected to be approximately $26 billion, including potential earning in the form of taxes and profit at $ 12 billion, The lottery market is projected to grow at an Average Annual Growth Rate of 5.1% in India to reach $44.3 billion by 2030.
Well this reference further evidences that Indians’ have a psyche for gambling.
The root cause for playing online money games/buying lottery/Chopad/Cards/speculation in stock market or commodities or as popular in some countries Prediction Betting etc,is that the player is so convinced of his being right of his judgement that he puts his highest possessions on stake.We’ve prominent examples in Mahabharata and Mythology.
A similar issue comes in Alcohol where in some states we’ve dry and other states allow.Now,Alcohol smuggling is rampant.
All above and some related issues lead to one point .. can we change human nature?
*just two days back knowledge@wharton: may give us some idea—Why Do People Play the Lottery?*
The paper was published in July in The Review of Economic Studies. Co-authors are Hunt Allcott, sustainability professor at Stanford University’s Doerr School of Sustainability; Dmitry Taubinsky, public economics professor at the University of California, Berkeley; and Afras Y. Sial, former research coordinator at Wharton and doctoral candidate in economics at UC Berkeley.
KEY TAKEAWAYS Consumers enjoy buying lottery tickets as a form of entertainment and most don’t think they are spending too much. Behavioral biases, including financial illiteracy, lead lower-income consumers to buy more tickets. Americans spend more than $100 billion a year on lottery tickets, which is more than what they spend on cigarettes or on music, sports tickets, movie tickets, books, and video games combined. But people keep buying more tickets every year, although *the odds of winning a jackpot are about 1 in 300 million.* *People enjoy playing the lottery, and it’s important to take that seriously,”* Lockwood said. “It’s a mistake to think only about what the probabilities of winning and prize values in the same way it would be a mistake to try to understand whether video games are good or bad by focusing only on the quality of the graphics.”
So, as Rightly noted by The Brief by ZERODHA,”Bans, as we know, are near-impossible to enforce in a digitally- enabled, connected world and this has exposed the Indian populace to a variety of gaming options which include those offered by offshore entities many of which are illegal.”
Hence,one has only to keep a watch.Parliament has done its job.
As India grapples with slowing middle class consumption driven by weak demand, there is hope in the GST 2.0 reforms to give consumption some support.
TDB does a good job of figuring stuff out and writing it for a broader audience. Congratulations on such intense work (likely on a daily basis). A quick suggestion: please avoid media links as sources of information because the articles(unless reposted) usually do not contain the main source. It'd be beneficial to stick to the main source. Thank you for your efforts.
Thanks so much Prakhar, we'll keep your feedback in mind for future pieces :)