According to statistics, Pakistan’s online gaming revenue is expected to reach $27.07 million in 2022. The annual revenue growth rate is expected to be 18.79%, leading to an estimated market volume of $64.02 million. by 2027. The number of online gaming users in the Gaming segment is expected to reach 18.6 million users by 2027, with user penetration from 5.5% in 2022 reaching 7, 4% by 2027.
This implies that the online gambling market in Pakistan is expected to experience impressive growth in the foreseeable future. This article gives you an overview of the online gambling market in Pakistan.
The legality and regulation of online gambling in Pakistan
Pakistan Gambling Prevention Act 1977 is the prevailing legislation in the industry. It does not mention gambling activities that take place through mobile devices, as the law became active when there was no internet. Nevertheless, it is illegal for Pakistani citizens to get involved in gambling. According to Pakistani Gambling Law, operators knowingly offering the service could part with a fine of up to 1000 rupees, d a one-year prison sentence, or both.
Players caught in typical gambling dens can part with a Rs 5,000 fine, a year in jail, or both. Those seen in public can face a fine of 500 rupees, a year in prison, or both. Players caught privately face a fine of up to 2,000 rupees, three years in prison, or both. Horse betting is legal in Pakistan. Residents can take part in catch-all bets on events held at any of Pakistan’s four horse racing tracks.
Although gambling may be illegal in Pakistan, that does not mean that people do not gamble. The gambling market in Pakistan is unregulated as gambling is illegal. Players have little or no action in the event of a dispute with an illegal bookmaker or underground casino. Online gamblers have to hope that their gaming website will be fair.
Online Casinos in Pakistan
Online casino players in Pakistan can only find opportunities to participate in gambling because the land-based gambling areas are all illegal. Although the country has tried to block most online betting sites, punters can still find various reliable international betting and gaming companies online. These online casinos offer lots of action, various casino games, bonuses and a safe way for Pakistani players to play for real money without worrying about money theft or potential fraud.
Gambling operators are heavily regulated by bodies such as the UK Gambling Commission or leading authorities. Since they are not registered in Pakistan, these online casinos are not bound by local laws and may decide to offer online gambling to Pakistani players.
Players can also participate in online roulette for real money in India. They can also try betting on cricket, craps, blackjack, poker and slot machines. Pakistani players can also find bets on other major sports including tennis, football, kabaddi and squash.
How can Pakistani players fund their online betting accounts?
Since gambling is illegal in Pakistan, it can be almost impossible to use payment methods such as bank transfers, MasterCard and Visa, as they block deposits to gambling sites. secure e-wallet from providers such as Skrill, Neteller and their local equivalents, as they offer safe and fast withdrawal and deposit services at online betting sites. Players can open an e-wallet, put money in it, and then send it to their gaming accounts to place bets and play.
Are online gambling winnings taxable in Pakistan?
Since the entire legislative framework regarding online gambling in Pakistan is rooted in the Gambling Prevention Act 1977, the profit-making aspect of these activities is not addressed. This implies that the winnings of online players will not be taxed. However, for legal games like horse racing, players must pay taxes according to law. Players can also pay taxes on winnings from game shows, crosswords, and raffle bets.
The future of gambling in Pakistan
Pakistan is unlikely to legalize or regulate online gambling anytime soon for various religious, economic and cultural reasons. Still, it’s no surprise that local authorities aren’t cracking down on online gambling so much, as there are so many options and stopping activities altogether can be extremely difficult. This means that online gamblers from Pakistan will likely continue to join the international scene of online casinos, poker sites and sports betting to enjoy their favorite games.