, Columnist
India’s Betting-App Ban Will Stoke Money Laundering
Cricket wagers will move offshore, with crypto becoming the preferred currency.
This ban will create new headaches.
Photographer: Pankaj Nangia/Getty Images
India has stunned its online gaming industry by moving legislation to ban real-money stakes. At first blush, the reasons for hitting the kill switch appear valid. Rising addiction, money laundering and financial frauds through these apps are all serious problems.
However, I wonder if policymakers have thought through the implications. All that prohibition ever does is to push users toward moonshine — in this case offshore casinos. They will take in wagers and pay out winnings via crypto, giving a boost to illegal, two-way money flows.