A month after the demonetization announcement by our Honourable Prime Minister Narendra Modi, the situation today can better be described as pandemonium. The decision to demonetize the existing Rs. 1000 and Rs. 500 has evoked strong emotions across the nation and the manner in which it has been implemented is shoddy. Not discounting the countless ordeals faced by the hoi polloi. The backlash to demonetization process is something the policy makers might not have expected as things always appear rosy at the planning stage. The reasons cited to demonetise existing currencies are to weed out hoarded black money, stop terror funding, gradual migration towards a cashless society and most importantly to root out corruption that has been choking our economy.
After a tumultuous month, one cannot deny that there have been a few merits. Terror funding has been largely curtailed as the terror financiers have a hard time to pay off their conduits who funnel the hoarded black money to trouble makers through banks. Many sectors operating underground like betting, gambling, Ponzi schemes, and other racketeers have taken a bad hitting ever since this implementation. As the time crawls, we can expect more and more skeletons tumble out of their closet. But as of now, the debilitating effects of demonetisation like slowing economy, businesses heading towards bankruptcy needs to be taken care of in priority.
We are not going to delve deep into this turbulent issue as we are no experts in this. We leave it to the economists and pundits who are better endowed to deal with it. All we can do from our end is to pray that the prevailing pandemonium and logjam resolves and hope better senses prevail sooner. What we are going to do here is, analyze the impacts of demonetization on the online gaming industry in India.
Impacts on Gambling
Even legal gambling centres in places like Goa and Sikkim have shut down largely because of the impending cash crunch. The stock of India’s only listed casino operator Delatcorp, fell over 36% ever since the announcement. Games involving betting such as horse riding have taken a huge beating ever since demonetisation was implements. Prominent race clubs like Madras Race Club have cancelled the races immediately after the announcement. Gambling aficionados have been distressed because of this implementation as it has shut down their hopes of making quick money. Illegal underground Gambling industry largely thrives on black money and no wonder it is starting to perish now. ‘Matka’ – the illegal gambling operations happening in Mumbai and Goa have suspended their activities because of the cash crunch.
One of the biggest beneficiaries of demonetisation has been the online gaming Industry. As we know India has stringent laws for gambling. It is not easy to set up casinos in our country as the state pulls the string on the legality of setting up such businesses. At this point, it stands put that most state laws in our country have barred games involving gambling or betting in games where chances predominantly rule the roost. So people who loved games involving heavy betting had to settle for skill games like Online Rummy. Not surprisingly many have developed a real liking to online rummy & online poker largely because of their intriguing game play. It owes to the fact that online rummy has been declared legal by the Supreme Court long back. So, there was hardly a surprise when traditional card game lovers migrated en masse to online rummy sites after the implementation of demonetisation.
But on the other side, those who are engaged in the illegal betting industry can look forward to the government implementing measures to legalize betting in India as the volumes of cash involved in the business is up to $150billion, according to a report by International Centre for Sport Security (ICSS). As an encouraging development, bettors can draw solace from the fact that All India Gaming Federation (AIGF) is trying to coerce the state governments to legalize gambling industry.
DeccanRummy – Always your wingman
Deccan Rummy has witnessed a huge spike in our registrations ever since this announcement as we are always known for our transparency. As a company, we have always stood by our customers and have been always ready to throw our arms wide open to embrace newbie’s willing to try rummy online. We offer multiple payment options to players, all safe and secure with highest possible encryption levels for online transactions. Players can sign up with us by providing by some simple registration details and start playing our game instantly.
As a token of appreciation for their registration, we credit their account with Rs. 25 as joining bonus. Players can also gain up to Rs. 5000 as welcome bonus & can earn 200% instant bonus on their first deposits made in a day as well. Promotions aside, we have got plenty of freeroll tournaments & cash tournaments that allow you to make legal cash. Our goldQuest tournament has been creating a buzz in the rummy community ever since its inception and there has not been an iota of reduction in the enthusiasm and excitement for it since its launch. True to the saying strike while the iron is hot, this tumultuous time of demonetization can be ward off easily by playing rummy online and multiplying your cash, legally of course. As our Terms and conditions clearly indicate, acts which constitute money laundering are strictly prohibited on our website, which might be fair enough to indicate that we are into serious and legal business. We always strive to provide the best for you. It’s time to play and fill your pockets with bundles of cash!!