The online gambling industry has exploded in popularity since the pandemic. Estimates suggest that its total market value has more than doubled from $37.5 billion to $81 billion between 2015 and 2023. Major players in the industry are doing exceptionally well: the U.S.-based betting platform DraftKings signed a $350 million deal with the UFC in 2021, and the Indian betting app Mobile Premier League became a unicorn that same year with a valuation of $2.3 billion.
In response to the growth, Brazil and Mexico have loosened their gambling laws to encourage further investment.
But other nations, including Cambodia and India, have restricted online gambling. Legislators in both countries, responding to concerns about rising…