1 For Sports Gambling to Be Legalised

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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 runs to win versus Australia.

In his two-bedroom home located in main Mumbai, a middle-aged guy is enjoying the video game, nervously. He's resting on the edge of his grey colour sofa with his smart phone glued to his right-hand man.

He has made more than 10 hire the last thirty minutes - not to talk about the match however to keep modifying his bet.
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Five minutes previously his money was on Australia, today as the Indian batsman prepares yourself to deal with the last over he's changed his mind.

"I believe India is winning, make the modification," he informs his bookmaker on the phone.

And a couple of minutes later his forecast becomes a reality, 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 prohibited in India.

Besides horse racing, sports betting of any kind is not allowed in India. Despite that, illegal sports betting syndicates prosper in the nation.
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'Black money'

According to the Doha-based International Centre for sports betting Security, India's prohibited sports betting wagering market deserves some $150bn a year. And much of that gambling cash is directed towards cricket.

Without any legal opportunity, punters position bets using their phones by making calls to bookmakers. Gamblers can bank on anything associated to the cricket match, from who is winning to the greatest individual run scorer.

Most of these transactions include so-called "black money", which is money not declared to the taxman.

The 1867 Public Gambling Act bars any sort of sports betting in India, but unlike in the US which has a law prohibiting internet gambling, there is absolutely nothing comparable here.

And overseas sports betting companies are using this loophole to lure Indians. Even though there are no online sports betting operators based out of India, a lot people have registered accounts with overseas companies.

"Legally you can get away [with this], as the law is ambiguous for online sports betting," says Mumbai- based lawyer HP Ranina.

But despite this, it is "offline gambling", done through call which control the market.

Require legalisation

The clamour to legalise wagering in cricket has grown after a panel designated by India's Supreme Court proposed the concept, stating it would down on corruption in the nation's preferred sport.

The Justice RM Lodha Commission was established to suggest 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 wagering scandal emerged.

Two franchises have actually been banned for 2 years after some gamers and team authorities were condemned of fixing parts of the match at the behest of bookmakers.

The panel also argues that legalised wagering will bring in tax revenues for the exchequer that might 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 publicly," states our cricket bettor.

It would also open a huge company opportunity for certified bookies and worldwide online wagering business to establish operations in India.

And it would help limit match fixing in cricket and other sports betting, argue numerous, by helping make deals associated with gambling more transparent.

"If you work together with wagering companies, you will have an extremely effective method of marking out match fixing," says George Oborne, who runs a mock wagering site, India Bet.

But lots of likewise believe, that the taxes levied on the bettor and the bookie will need to be reasonable to make it attractive enough for them to bet legally.

However, there are restrictions.

"Definitely there will be illegal wagering due to the fact that (some) people wouldn't wish to leave an audit trail by entering the white market," says Mr Oborne.

He includes that individuals who utilize unaccounted cash to put huge bets will never bet lawfully.

Approval question

For sports betting gambling to be legalised, parliamentary approval will be needed to develop a new law, and politically this will be a hard concept to offer.

"Despite the fact that many individuals are associated with some sort of gambling - it's still a controversial problem for lots of," 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 territory.

"The procedure is so long and challenging that it will take years," states Mr Ranina."That's why, we are cynical about this becoming a reality anytime soon."

Yet with the concept having actually been endorsed by an official panel for the first time, at least an argument has actually sparked around a subject - which till now was thought about a taboo.