Howzat? The clamour to legalise sports betting in India
5 February 2016
By Sameer Hashmi
Mumbai Business press reporter
It is the last over of the cricket match, with India needing 17 go to win against Australia.
In his two-bedroom home located in main Mumbai, a middle-aged male is viewing the video game, nervously. He's sitting on the edge of his grey colour couch with his smart phone glued to his ideal hand.
He has made more than 10 employ the last 30 minutes - not to go over the match but to keep revising his bet.
Five minutes earlier his money was on Australia, today as the Indian batsman gets ready to face the last over he's changed his mind.
"I believe India is winning, make the modification," he informs his bookie on the phone.
And a couple of minutes later his forecast comes true, as India wins the match in a nail-biting surface.
"I have actually made $200 today," he states with a childish glee.
For more than three decades he's been banking on cricket matches. We can't expose his name as what he's doing is unlawful in India.
Besides horse racing, sports betting wagering of any kind is not permitted in India. Despite that, illegal wagering syndicates grow in the nation.
'Black money'
According to the Doha-based International Centre for sports betting Security, India's unlawful sports betting market deserves some $150bn a year. And much of that gambling money is directed towards cricket.
Without any legal opportunity, punters put bets using their phones by making calls to bookmakers. Gamblers can bank on anything related to the cricket match, from who is winning to the highest individual run scorer.
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The majority of these deals involve so-called "black money", which is cash not stated to the taxman.
The 1867 Public Gambling Act bars any kind of gambling in India, but unlike in the US which has a law forbiding internet sports betting, there is nothing similar here.
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And overseas wagering companies are using this loophole to tempt Indians. Although there are no online wagering operators based out of India, a lot people have actually registered accounts with offshore companies.
"Legally you can get away [with this], as the law is unclear for online gaming," states Mumbai- based legal representative HP Ranina.
But regardless of this, it is "offline gaming", done through telephone call which dominate the marketplace.
Require legalisation
The clamour to legalise sports betting in cricket has actually grown after a panel designated by India's Supreme Court proposed the concept, stating it would help clamp down on corruption in the nation's favourite sport.
The Justice RM Lodha Commission was established to recommend changes in the performance of India's cricket regulatory body, the Board of Control for Cricket in India (BCCI), after the 2013 Indian Premier League sports betting scandal emerged.
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Two franchises have actually been prohibited for two years after some gamers and group officials were discovered guilty of fixing parts of the match at the wish of bookies.
The panel also argues that legalised sports betting will generate tax earnings for the exchequer that might amount to $2bn a year.
Even gamblers feel that legalising sports betting is a move in the right direction.
"I don't mind paying some money out my earnings, as long as I can bet publicly," states our cricket bettor.
It would also open a huge business opportunity for licensed bookmakers and global online wagering business to set up operations in India.
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And it would assist limit match fixing in cricket and other sports betting, argue lots of, by helping make transactions associated with sports betting more transparent.
"If you work along with wagering business, you will have a very effective method of stamping out match repairing," says George Oborne, who runs a mock wagering site, India Bet.
But lots of likewise think, that the taxes imposed on the bettor and the bookie will have to be sensible to make it appealing enough for them to bet lawfully.
However, there are restrictions.
"Definitely there will be unlawful sports betting due to the fact that (some) individuals wouldn't wish to leave an audit trail by going into the white market," states Mr Oborne.
He includes that people who use unaccounted cash to position big bets will never ever bet lawfully.
Approval question
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For sports betting to be legalised, parliamentary approval will be required to create a new law, and politically this will be a difficult idea to offer.
"Even however lots of people are included in some sort of sports betting - it's still a questionable concern for many," says our unnamed punter.
And considered that India has a federal structural - each state will need to likewise pass a separate law to legalise sports betting gambling in their territory.
"The procedure is so long and difficult that it will take years," says Mr Ranina."That's why, we are cynical about this coming true anytime soon."
Yet with the idea having actually been backed by an official panel for the first time, at least a debate has sparked around a topic - which till now was considered a taboo.
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For Sports Gambling to Be Legalised
pdyluca4150832 edited this page 2025-01-02 18:45:54 +08:00