Howzat? The clamour to legalise sports betting in India
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Published
5 February 2016
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By Sameer Hashmi
Mumbai Business reporter
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It is the last over of the cricket match, with India requiring 17 runs to win versus .
In his two-bedroom house situated in central Mumbai, a middle-aged male is enjoying the game, nervously. He's resting on the edge of his grey colour couch with his cellphone glued to his ideal hand.
He has made more than 10 employ the last 30 minutes - not to discuss the match but to keep modifying his bet.
Five minutes earlier his money was on Australia, however now as the Indian batsman gets all set 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 prediction comes to life, as India wins the match in a nail-biting finish.
"I have made $200 today," he says with a childlike glee.
For more than three decades he's been sports betting on cricket matches. We can't expose his name as what he's doing is unlawful in India.
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Besides horse racing, sports betting wagering of any kind is not allowed India. Despite that, unlawful sports betting distributes flourish in the nation.
'Black cash'
According to the Doha-based International Centre for sports betting Security, India's prohibited sports betting market is worth some $150bn a year. And much of that sports betting cash is directed towards cricket.
Without any legal avenue, punters position bets using their phones by making calls to bookies. Gamblers can bank on anything related to the cricket match, from who is winning to the greatest individual run scorer.
The majority of these transactions include so-called "black cash", which is cash not declared to the taxman.
The 1867 Public Gambling Act bars any kind of sports betting in India, however unlike in the US which has a law prohibiting internet gambling, there is nothing similar here.
And offshore sports betting companies are using this loophole to tempt Indians. Despite the fact that there are no online wagering operators based out of India, a lot people have actually signed up accounts with overseas firms.
"Legally you can escape [with this], as the law is unclear for online sports betting," says Mumbai- based lawyer HP Ranina.
But in spite of this, it is "offline gaming", done through call which dominate the marketplace.
Calls for legalisation
The clamour to legalise wagering in cricket has actually grown after a panel designated by India's Supreme Court proposed the concept, saying it would assist clamp down on corruption in the nation's favourite sport.
The Justice RM Lodha Commission was set up to recommend modifications 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 came to light.
Two franchises have been banned for two years after some gamers and team authorities were discovered guilty of repairing parts of the match at the request of bookies.
The panel also argues that legalised wagering will bring in tax profits for the exchequer that could amount to $2bn a year.
Even bettors feel that legalising sports betting is a move in the right direction.
"I do not mind paying some cash out my earnings, as long as I can gamble publicly," says our cricket gambler.
It would also open a big company chance for certified bookmakers and worldwide online sports betting companies to set up operations in India.
And it would assist restrict match repairing in cricket and other sports betting, argue many, by assisting make transactions associated with sports betting more transparent.
"If you work alongside sports betting business, you will have an extremely efficient approach of stamping out match fixing," states George Oborne, who runs a mock sports betting website, India Bet.
But numerous also think, that the taxes imposed on the gambler and the bookmaker will need to be affordable to make it attractive enough for them to gamble lawfully.
However, there are restrictions.
"Definitely there will be unlawful wagering due to the fact that (some) individuals wouldn't wish to leave an audit trail by getting in the white market," states Mr Oborne.
He adds that individuals who use unaccounted cash to put huge bets will never ever gamble lawfully.
Approval concern
For sports betting gambling to be legalised, parliamentary approval will be required to develop a brand-new law, and politically this will be a hard concept to sell.
"Even however lots of people are involved in some sort of gambling - it's still a controversial issue for lots of," states our unnamed punter.
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And considered that India has a federal structural - each state will need to also 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 negative about this coming true anytime quickly."
Yet with the idea having been backed by an official panel for the very first time, a minimum of an argument has ignited around a topic - which previously was considered a taboo.
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For Sports Gambling to Be Legalised
hermineelmer49 edited this page 2024-12-30 21:44:12 +00:00