India has recently banned real-money gaming apps like Dream11 and My11Circle. While the government’s intent may be to prevent money laundering or protect consumers, the decision feels hasty and thoughtless. It raises a fundamental question: if betting on games is banned, why is speculation in the stock market allowed? Both involve risk, chance, and the possibility of losing money.
Human desire for money is natural. From ancient times to today, people have always looked for ways to increase their wealth, whether through games, trade, or investments. Restricting one form of this desire while allowing another seems inconsistent. Real-money gaming is essentially a platform for betting, but so was the early stock market. In London in 1715, someone could place a $10 bet on the South Sea Company’s stock, hoping to earn $100, or put the same money on a wrestler to win a match. Both involved risk and speculation. History shows that the early stock market was not much different from a gambling den. Many investors, including famous names like Daniel Defoe and Jonathan Swift, lost fortunes in the South Sea Bubble.
The difference between then and now is regulation. Over time, stock markets became highly regulated to protect investors and ensure transparency. Today, the Bombay Stock Exchange operates under strict rules, with checks to prevent fraud and safeguard participants. Regulations help make speculation safer, while unregulated platforms, including some online gaming apps, carry higher risks. This is why the government’s approach seems inconsistent. It bans a sector entirely rather than regulating it like the stock market, where rules limit abuse and protect livelihoods.
Banning desires or platforms rarely works. People will always look for ways to satisfy their natural urge to take risks or earn money. A total ban often drives activity underground, making it harder to monitor and control. Real-money gaming, if regulated properly, could be a legitimate industry providing employment and entertainment, much like casinos in Las Vegas or Macau. Many people earn a living from these platforms, including developers, marketers, and customer support staff. Shutting them down without offering a regulated alternative harms livelihoods unnecessarily.
Regulation can create transparency, fairness, and limits for both players and operators. For example, the government could set rules about maximum stakes, age restrictions, payout transparency, and financial safeguards to prevent fraud. Platforms could be required to disclose risks clearly and ensure that players do not overspend. In short, a well-regulated real-money gaming ecosystem could balance entertainment, financial responsibility, and social safety.
The stock market is a useful example. While investors take risks, the rules ensure that there is oversight and accountability. By contrast, unregulated online gaming leaves participants vulnerable to losses, cheating, and financial exploitation. Instead of banning the entire sector, the government could implement similar oversight to protect users while allowing the industry to thrive legally.
ALSO READ: How technostress is affecting Gen Z’s mental health
It is also worth noting that desire for money and excitement is universal. Socially acceptable forms of risk-taking—investing in stocks, playing teen patti during festivals, or trading in futures and options—are allowed. Banning online gaming while permitting these other activities seems arbitrary. True policy should consider both consumer protection and individual freedom, rather than imposing a blunt ban that ignores the nuances.
In the end, the government’s current approach reflects a lack of understanding of the modern gaming ecosystem. The industry has grown significantly, legally and transparently, and it employs lakhs of people. Simply banning it ignores these facts and punishes everyone, including responsible users and workers. A more balanced solution is regulation, just like the stock market. With rules in place, real-money gaming could continue safely, offering entertainment, employment, and economic growth.
So the question remains: if the stock market can operate under rules while allowing speculation, why can’t real-money gaming apps be treated the same way? Banning them outright is not fair, nor is it practical. Regulation, not prohibition, is the answer.
Copyright © © 2022 Copyright. All Rights Reserved with Arth Parkash