I think it's just going to drive betting underground and Indian's will still bet but the revenue will be completely outside India's reach and taxation, maybe a poorly thought out decision by the regulator and government.
This is why our government is dilly-dallying in their decision to make a blanket ban on gambling, even if there is a popular call for a total ban on gambling.
There is a transition of profit from these online platforms paying their taxes to corrupt officials just to protect their underground operation. There must be a compelling reason why the Indian government did this; they should have gathered all stakeholders and done a consultation. Many jobs and a significant amount of money are going to be lost here; time will tell whether Smrita Singh Chandra proves his insight is correct.