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Howzat? The clamour to legalise sports betting in India
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5 February 2016
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By Sameer Hashmi
Mumbai Business reporter
It is the last over of the cricket match, with India needing 17 runs to win against Australia.
In his two-bedroom house situated in central Mumbai, a middle-aged guy is viewing the game, nervously. He's resting on the edge of his grey colour couch with his smart phone glued to his right-hand man.
He has made more than 10 contact the last 30 minutes - not to discuss the match however to keep revising his bet.
Five minutes earlier his cash was on Australia, now as the Indian batsman prepares to deal with the last over he's altered his mind.
"I think India is winning, make the modification," he tells his bookie on the phone.
And a couple of minutes later his forecast comes real, as India wins the match in a nail-biting finish.
"I have made $200 today," he says with a childish 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 prohibited in India.
Besides horse racing, of any kind is not allowed India. Despite that, illegal sports betting syndicates thrive in the nation.
'Black money'
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 gambling cash is directed towards cricket.
Without any legal opportunity, punters put 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 private run scorer.
Most of these transactions involve so-called "black money", which is cash not declared to the taxman.
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The 1867 Public Gambling Act bars any sort of sports betting in India, however unlike in the US which has a law restricting internet gaming, there is nothing similar here.
And overseas wagering business are using this loophole to tempt Indians. Although there are no online wagering operators based out of India, a lot people have actually signed up accounts with overseas companies.
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"Legally you can get away [with this], as the law is unclear for online gaming," says Mumbai- based lawyer HP Ranina.
But regardless of this, it is "offline sports betting", done through telephone call which control the market.
Calls for 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 secure down on corruption in the country's preferred sport.
The Justice RM Lodha Commission was established to recommend changes in the performance of India's cricket regulative body, the Board of Control for Cricket in India (BCCI), after the 2013 Indian Premier League wagering scandal emerged.
Two franchises have actually been banned for 2 years after some players and team authorities were discovered guilty of fixing parts of the match at the behest of bookmakers.
The panel likewise argues that legalised wagering will generate tax profits for the exchequer that might total up to $2bn a year.
Even bettors feel that legalising sports betting wagering is a move in the best instructions.
"I do not mind paying some cash out my revenues, as long as I can gamble publicly," says our cricket gambler.
It would also open a substantial company chance for certified bookies and international online sports betting companies to set up operations in India.
And it would help restrict match repairing in cricket and other sports betting, argue numerous, by assisting make transactions involved in sports betting more transparent.
"If you work alongside wagering companies, you will have a really effective approach of stamping out match fixing," says George Oborne, who runs a mock sports betting site, India Bet.
But lots of also think, that the taxes levied on the bettor and the bookie will need to be affordable to make it attractive enough for them to bet legally.
However, there are limitations.
"Definitely there will be unlawful wagering since (some) individuals wouldn't wish to leave an audit path by getting in the white market," says Mr Oborne.
He adds that people who use unaccounted money to position huge bets will never ever bet lawfully.
Approval concern
For sports betting to be legalised, parliamentary approval will be required to produce a new law, and politically this will be a difficult concept to offer.
"Although lots of individuals are associated with some sort of sports betting - it's still a questionable problem for many," states our unnamed punter.
And considered that India has a federal structural - each state will have to also pass a separate law to legalise sports betting gambling in their area.
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"The procedure is so long and challenging that it will take years," states Mr Ranina."That's why, we are cynical about this coming true anytime soon."
Yet with the idea having actually been backed by a main panel for the very first time, at least an argument has sparked around a subject - which until now was considered a taboo.
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For Sports Gambling to Be Legalised
billieharpster edited this page 2024-12-31 02:23:32 +00:00