Rakesh Jhunjhunwala is a billionaire and stock market investor who is also known to be a part of the gambling industry as the part-owner of the Casino Royale Goa. Jhunjhunwala has predicted that India will legalize gambling in the country very soon. He added that it would be difficult to legalize it since India’s view is negative when it comes to this type of entertainment, but he believes that the change will take place in the near future.
Jhunjhunwala gave a speech during the TiECON Summit that took place in Mumbai less than a week ago, and he made a bold prediction related to gambling in India. Since Goa is the only Indian state that has officially recognized gambling and has casinos, he stated that he hoped other states would follow Goa’s steps and do the same in order to legalize all forms of gambling.
Furthermore, Jhunjhun stated that he believed there was a bright future for the economy of India, generally speaking, and that Bharatiya Janata Party would thrive as well. He stated that he expected the party to win the Lok Sabha elections, which should take place later in 2019.
Who is Jhunjhunwala?
Rakesh Jhunjhunwala is a billionaire and an investor who has been actively promoting gambling in his home country. He and his wife are both shareholders in Delta Corp. Lit, which is the only gambling company that currently exists in India. They own about 7.3% of the company and serve on the board of directors for it.
The net worth of Jhunjhunwala at this point is estimated at $2.7 billion due to his investments. However, he is not only interested in the development of the casino industry in India and has been investing in various projects as well. One of the most prominent investments was in Nazara Technologies, which is a company creating social and casual games.
Moreover, the billionaire added that gambling would be legalized just like alcohol had been legalized and that the authorities take time to accept that something needs to become a part of the society and become legal.
There was a lot of turmoil in India regarding gambling last year, as some states even tried on prohibiting every game of luck, including poker tournaments. On the other hand, some argued that poker is a game of skill above all else and that it should not be banned as such. However, until the agreement is reached among all states, there will be no gambling activities allowed in them, except for Goa.
The future of India remains uncertain from the perspective of the casino industry. If gambling becomes legalized, India will become one of the biggest gambling markets in the world, up there with Macau and Las Vegas.
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