AIGF forecasts $2.5 billion GST revenue loss due to illegal offshore betting companies

There should be a strict curb on the menace of illegal offshore betting and gambling platforms, Landers said.He said that models like the Self Regulatory Organisation SRO should be expedited by the government to help curb the menace of illegal platforms.Offshore entities dont have any official in India. Landers said that AIGF has not received any update from the players on the application submitted by them.

The gaming industry body AIGF estimates that offshore illegal betting and gambling entities are causing a national exchequer loss of USD 2.5 billion per annum and demanded immediate action from the government to curb such platforms.

All India Gaming Federation (AIGF) CEO, Roland Landers said the offshore entities club various games along with illegal betting and gambling due to which users fail to differentiate between legitimate gaming and illegal games.

He said that illegal offshore entities lead to user harm and those experiences can in turn harm the legitimate industry in India.

''Offshore illegal betting and gambling platforms are collecting deposits worth USD 12 billion in a year which implies loss of at least USD 2.5 billion in GST revenues to the government,'' Landers said.

He said offshore entities have increased advertisements during the ongoing IPL season to lure users and some of them have gone to the extent of boldly advertising that there is no GST or TDS levied on their platforms.

''Offshore entities often harm users and users get confused between illegal and legal games. There should be a strict curb on the menace of illegal offshore betting and gambling platforms,'' Landers said.

He said that models like the Self Regulatory Organisation (SRO) should be expedited by the government to help curb the menace of illegal platforms.

''Offshore entities don't have any official in India. They claim to be illegal but scrutiny by SRO like body can help in differentiating between legitimate and illegitimate platforms,'' Landers added.

The government has proposed to bring SRO but could not do so within define time limits of 90 days.

Some industry players had applied for setting up SRO. Landers said that AIGF has not received any update from the players on the application submitted by them.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)