Howzat? The clamour to legalise sports betting wagering in India
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Published
5 February 2016
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By Sameer Hashmi
Mumbai Business reporter
It is the last over of the cricket match, with India requiring 17 go to win against Australia.
In his two-bedroom home situated in main Mumbai, a middle-aged guy is seeing the game, nervously. He's sitting on the edge of his grey colour sofa with his cellphone glued to his right-hand man.
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He has actually made more than 10 employ the last thirty minutes - not to talk about the match but to keep revising his bet.
Five minutes earlier his money was on Australia, now as the Indian batsman prepares to deal with the last over he's changed his mind.
"I believe India is winning, make the change," he tells his bookie on the phone.
And a few minutes later his prediction becomes a reality, as India wins the match in a nail-biting finish.
"I have actually made $200 today," he states with a childish glee.
For more than three years he's been banking on cricket matches. We can't expose his name as what he's doing is illegal in India.
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Besides horse racing, sports betting wagering of any kind is not allowed in India. Despite that, unlawful sports betting syndicates grow in the country.
'Black money'
According to the Doha-based International Centre for sports betting Security, India's prohibited sports betting wagering market is worth some $150bn a year. And much of that gambling cash is directed towards cricket.
Without any legal opportunity, punters put bets utilizing their phones by making calls to bookies. Gamblers can bank on anything associated to the cricket match, from who is winning to the greatest specific run scorer.
Most of these deals involve so-called "black cash", which is money not declared to the taxman.
The 1867 Public Gambling Act bars any type of sports betting in India, however unlike in the US which has a law forbiding web gaming, there is absolutely nothing similar here.
And offshore wagering business are utilizing this loophole to tempt Indians. Even though there are no online wagering operators based out of India, a lot individuals have actually registered accounts with offshore firms.
"Legally you can escape [with this], as the law is unclear for online sports betting," states Mumbai- based legal representative HP Ranina.
But regardless of this, it is "offline sports betting", done through phone calls which dominate the market.
Require legalisation
The clamour to legalise wagering in cricket has actually grown after a panel selected by India's Supreme Court proposed the idea, stating it would help clamp down on corruption in the nation's favourite sport.
The Justice RM Lodha Commission was set up to suggest 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 wagering scandal came to light.
Two franchises have been banned for two years after some players and team authorities were condemned of repairing parts of the match at the wish of .
The panel also argues that legalised sports betting will bring in tax incomes for the exchequer that might amount to $2bn a year.
Even gamblers feel that legalising sports betting is a move in the right instructions.
"I don't mind paying some money out my revenues, as long as I can gamble openly," states our cricket gambler.
It would also open a big business opportunity for licensed bookmakers and international online sports betting companies to set up operations in India.
And it would assist limit match fixing in cricket and other sports betting, argue many, by helping make deals involved in gambling more transparent.
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"If you work along with wagering companies, you will have a very effective method of stamping out match repairing," states George Oborne, who runs a mock sports betting site, India Bet.
But many also think, that the taxes imposed on the gambler and the bookmaker will have to be sensible to make it appealing enough for them to bet legally.
However, there are limitations.
"Definitely there will be prohibited sports betting because (some) individuals would not wish to leave an audit path by getting in the white market," says Mr Oborne.
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He includes that individuals who use unaccounted money to place big bets will never ever bet lawfully.
Approval question
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For sports betting to be legalised, parliamentary approval will be needed to develop a brand-new law, and politically this will be a hard idea to sell.
"Despite the fact that many individuals are included in some sort of sports betting - it's still a controversial concern for many," says our unnamed punter.
And considered that India has a federal structural - each state will need to also pass a separate law to legalise sports betting in their area.
"The process is so long and challenging that it will take years," says Mr Ranina."That's why, we are cynical about this becoming a reality anytime quickly."
Yet with the concept having been backed by an official panel for the very first time, at least a debate has actually fired up around a topic - which till now was considered a taboo.
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For Sports Gambling to Be Legalised
stefanonslow23 edited this page 2025-01-01 02:52:02 +00:00