On Nov. 8th, Indian Prime Minister Narendra Modi made an unscheduled televised appearance during which he dropped a bombshell for the country’s economy. In an effort to stamp out the black market and tax evasion he announced that the 500 rupee and 1,000 rupee notes in circulation would cease to be legal tender. The move triggered an estimated 80 percent drop in gambling revenue across the country.
The All India Gaming Federation recently conducted a one-day study and panel discussion throwing the spotlight on the tiny state of Sikkim, one of only three in the country where gambling is legal, with participants noting it could be a model for the rest of India to follow. The tiny Himalayan state has been leading the way in terms of gambling legalization, permitting sportsbetting, online betting and casinos.