Gambling has always been associated with the 'high-life' in India and for obvious reasons.
Who would want to to lose money for fun in a vastly low income country like India?
However, the elites don't mind spending huge bucks for the adrenaline rush of gambling.
So, should gambling be legalised in India? What will be the economic impact of such a decision?
Let's look at Macau as a model:
The entire city of Macau is heavliy dependent on gambling and has surpassed Las Vegas in terms of income from gambling!
Macau clocks in 30 Million tourists every year, mainly for gambling tourism.
After the legalization and promotion of gambling in Macau, it saw a purge of investment from all across the globe and established not only casinos but world class hotels and bars and 100s of other auxiliary businesses.
It's GDP skyrocketed from $5 Billion to a whopping $55 Billion in just 10 years!
So what's in it for the government?
80% of Macau's government in one comes from taxes paid by the casinos, and hence, Macao runs at budget surplus every year! While in India, every state runs at a budget deficit.
What about jobs?
1 out of every 4 jobs in Macau is directly in the casino industry!
Now the question is, will the gambling industry be profitable in Indian states?
The mere online gambling industry in India is estimated to be $1 Billion.
The Ultra high Net-worth individuals (UHNI) and the Hight net worth Individuals (HNI) spend around 55% of their money on whims and fancies! 60% of them are below the age of 40 (According to Kotak wealth management report).
It's high time that the Government of India must understand the immense positive economic impact the gambling and the casino industry can bring in a country of 2,63,000 Millionaires and over 1 crore tourists and not only restrict it to places like Goa and Sikkim.