No, not a single person has ever been punished or even put on trail for gambling or betting online in India. Vikrant Pachnanda, a Delhi high court advocate, quoted saying "...if an Indian resident decides to place bets on a website hosted outside the country, it would be difficult to hold him guilty of online gambling if the laws of the country where the website is hosted, permits online gambling". Read full article here. So when you are betting online it is safe to say that you do not risk any consequences.
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