Howzat? The clamour to legalise sports betting wagering in India
Published
5 February 2016
Share
close panel
Share page
Copy link
About sharing
bet9ja.com
By Sameer Hashmi
bit.ly
Mumbai Business reporter
bet9ja.com
It is the last over of the cricket match, with India requiring 17 go to win against Australia.
In his two-bedroom house located in central Mumbai, a middle-aged man is seeing the game, nervously. He's sitting on the edge of his grey colour couch with his mobile phone glued to his right hand.
He has made more than 10 hire the last 30 minutes - not to go over the match but to keep modifying his bet.
Five minutes earlier his money was on Australia, but now as the Indian batsman prepares yourself to deal with the last over he's altered his mind.
"I believe India is winning, make the change," he tells his bookie on the phone.
bet9ja.com
And a couple of minutes later on his forecast comes to life, as India wins the match in a nail-biting finish.
"I have actually made $200 today," he states with a childlike glee.
For more than three years he's been banking on cricket matches. We can't reveal 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, prohibited wagering syndicates flourish in the country.
'Black cash'
According to the Doha-based International Centre for sports betting Security, India's illegal sports betting wagering market is worth some $150bn a year. And much of that sports betting money is directed towards cricket.
bet9ja.com
With no legal avenue, bets using their phones by making calls to bookmakers. Gamblers can wager on anything related to the cricket match, from who is winning to the greatest specific run scorer.
The majority of these transactions involve so-called "black cash", which is money not declared to the taxman.
The 1867 Public Gambling Act bars any type of gambling in India, but unlike in the US which has a law forbiding web gambling, there is absolutely nothing similar here.
And offshore sports betting business are utilizing this loophole to tempt Indians. Although there are no online wagering operators based out of India, a lot people have registered accounts with offshore firms.
"Legally you can get away [with this], as the law is ambiguous for online gambling," says Mumbai- based legal representative HP Ranina.
But despite this, it is "offline gambling", done through call which dominate the marketplace.
Calls for legalisation
The clamour to legalise wagering in cricket has actually grown after a panel appointed by India's Supreme Court proposed the concept, saying it would assist secure down on corruption in the country's preferred sport.
The Justice RM Lodha Commission was established to suggest changes in the functioning of India's cricket regulative 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 gamers and team authorities were found guilty of repairing parts of the match at the behest of bookies.
The panel also argues that legalised wagering will generate tax revenues for the exchequer that could amount to $2bn a year.
Even bettors feel that legalising sports betting is a relocation in the best direction.
"I do not mind paying some cash out my revenues, as long as I can gamble openly," says our cricket bettor.
It would also open a huge business chance for certified bookies and global online wagering business to establish operations in India.
And it would help limit match repairing in cricket and other sports betting, argue lots of, by helping make deals associated with gambling more transparent.
"If you work together with wagering business, you will have an extremely effective method of marking out match repairing," states George Oborne, who runs a mock sports betting website, India Bet.
But lots of also believe, that the taxes imposed on the bettor and the bookmaker will need to be affordable to make it attractive enough for them to gamble legally.
However, there are limitations.
"Definitely there will be prohibited sports betting due to the fact that (some) individuals would not want to leave an audit trail by entering the white market," states Mr Oborne.
He includes that individuals who utilize unaccounted cash to put huge bets will never bet lawfully.
Approval question
bet9ja.com
For sports betting gambling to be legalised, parliamentary approval will be needed to produce a new law, and politically this will be a difficult idea to sell.
"Even though lots of people are associated with some sort of gaming - it's still a controversial problem for lots of," says our unnamed punter.
And provided that India has a federal structural - each state will have to also pass a separate law to legalise sports betting in their territory.
"The procedure is so long and difficult that it will take years," states Mr Ranina."That's why, we are cynical about this coming true anytime quickly."
Yet with the concept having actually been endorsed by an official panel for the very first time, at least a debate has actually fired up around a subject - which previously was thought about a taboo.
1
For Sports Gambling to Be Legalised
jonniemidgette edited this page 2024-12-31 09:20:23 +01:00