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Howzat? The clamour to legalise sports betting wagering in India
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5 February 2016
By Sameer Hashmi
Mumbai Business press reporter
It is the last over of the cricket match, with India needing 17 runs to win against Australia.
In his two-bedroom home located in main Mumbai, a middle-aged man is watching the video game, nervously. He's sitting on the edge of his grey colour sofa with his smart phone glued to his right hand.
He has actually made more than 10 hire the last thirty minutes - not to discuss the match however to keep revising his bet.
Five minutes previously his money was on Australia, but now as the Indian batsman prepares yourself to deal with the last over he's changed his mind.
"I think India is winning, make the change," he tells his bookmaker on the phone.
And a few minutes later his forecast comes to life, as India wins the match in a nail-biting surface.
"I have actually made $200 today," he says with a childish glee.
For more than 3 years he's been banking on cricket matches. We can't expose his name as what he's doing is unlawful in India.
Aside from horse racing, sports betting of any kind is not allowed in India. Despite that, illegal wagering syndicates prosper in the country.
'Black money'
According to the Doha-based International Centre for sports betting Security, India's illegal sports betting market deserves some $150bn a year. And much of that sports betting cash is directed towards cricket.
With no legal opportunity, punters place 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.
The majority of these transactions involve 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 forbiding internet gaming, there is absolutely nothing comparable here.
And offshore sports betting companies are utilizing this loophole to lure Indians. Although there are no online sports betting operators based out of India, a lot people have actually signed up accounts with overseas companies.
"Legally you can get away [with this], as the law is unclear for online sports betting," says Mumbai- based attorney HP Ranina.
But despite this, it is "offline gambling", done through phone calls which dominate the marketplace.
Require legalisation
The clamour to legalise wagering in cricket has actually grown after a panel appointed by India's Supreme Court proposed the concept, stating it would help secure down on corruption in the nation's favourite sport.
The Justice RM Lodha Commission was set up to suggest modifications in the performance of 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 prohibited for 2 years after some gamers and team officials were discovered guilty of fixing parts of the match at the behest of bookies.
The panel also argues that legalised sports betting will bring in tax profits for the exchequer that could amount to $2bn a year.
Even gamblers feel that legalising sports betting wagering is a move in the right instructions.
"I do not mind paying some cash out my earnings, as long as I can gamble publicly," states our cricket gambler.
It would likewise open a huge service chance for licensed bookmakers and worldwide online sports betting companies to set up operations in India.
And it would help limit match repairing in cricket and other sports betting, argue numerous, by helping make transactions associated with sports betting more transparent.
"If you work alongside sports betting companies, you will have a very effective approach of marking out match fixing," states George Oborne, who runs a mock wagering site, India Bet.
But many also think, that the taxes levied on the bettor and the bookmaker will have to be sensible to make it attractive enough for them to gamble lawfully.
However, there are constraints.
"Definitely there will be unlawful wagering since (some) individuals would not desire to leave an audit path by getting in the white market," states Mr Oborne.
He includes that individuals who use unaccounted cash to put big bets will never ever gamble legally.
Approval question
For sports betting to be legalised, parliamentary approval will be needed to produce a brand-new law, and politically this will be a tough concept to sell.
"Even though many individuals are involved in some sort of sports betting - it's still a questionable issue for many," says our unnamed punter.
And provided that India has a federal structural - each state will need to likewise pass a separate law to legalise sports betting in their territory.
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"The procedure is so long and challenging 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 very first time, a minimum of a dispute has ignited around a topic - which previously was thought about a taboo.
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For Sports Gambling to Be Legalised
benlemos410593 edited this page 2025-01-02 04:32:59 +00:00