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Howzat? The clamour to legalise sports betting in India
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 needing 17 runs to win versus Australia.
In his two-bedroom home situated in main Mumbai, a middle-aged man is watching the game, nervously. He's resting on the edge of his grey colour couch with his cellphone glued to his right-hand man.
He has actually made more than 10 contact the last thirty minutes - not to discuss the match but to keep revising his bet.
Five minutes previously his money was on Australia, now as the Indian batsman prepares to deal with the last over he's his mind.
"I believe India is winning, make the change," he tells his bookie on the phone.
And a few minutes later on his prediction comes to life, as India wins the match in a nail-biting surface.
"I have actually made $200 today," he says with a childlike glee.
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For more than three years he's been banking on cricket matches. We can't reveal his name as what he's doing is illegal in India.
Aside from horse racing, sports betting of any kind is not allowed India. Despite that, illegal sports betting distributes flourish in the country.
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'Black cash'
According to the Doha-based International Centre for sports betting Security, India's unlawful sports betting market deserves some $150bn a year. And much of that sports betting money is directed towards cricket.
Without any legal opportunity, punters position bets utilizing their phones by making calls to bookies. Gamblers can bet on anything associated to the cricket match, from who is winning to the greatest specific run scorer.
Most of these deals include so-called "black money", which is money not stated to the taxman.
The 1867 Public Gambling Act bars any type of sports betting in India, however unlike in the US which has a law prohibiting web gaming, there is nothing similar here.
And overseas wagering business are using this loophole to entice Indians. Although there are no online wagering operators based out of India, a lot individuals have actually signed up accounts with overseas companies.
"Legally you can escape [with this], as the law is uncertain for online gaming," says Mumbai- based lawyer HP Ranina.
But in spite of this, it is "offline gambling", done through telephone call which dominate the market.
Require legalisation
The clamour to legalise sports betting in cricket has grown after a panel appointed by India's Supreme Court proposed the concept, stating it would assist secure down on corruption in the nation's preferred sport.
The Justice RM Lodha Commission was set up to suggest modifications in the performance of India's cricket regulative 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 actually been prohibited for two years after some players and group officials were found guilty of repairing parts of the match at the behest of bookmakers.
The panel also argues that legalised wagering will generate tax incomes for the exchequer that might total up to $2bn a year.
Even gamblers feel that legalising sports betting wagering is a move in the best direction.
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"I don't mind paying some money out my profits, as long as I can bet publicly," states our cricket gambler.
It would likewise open a huge organization opportunity for licensed bookies and international online wagering 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 deals included in gambling more transparent.
"If you work alongside sports betting companies, you will have an extremely reliable technique of marking out match fixing," says George Oborne, who runs a mock sports betting site, India Bet.
But many also think, that the taxes levied on the gambler and the bookmaker will need to be sensible to make it appealing enough for them to gamble lawfully.
However, there are limitations.
"Definitely there will be unlawful sports betting because (some) people would not wish to leave an audit path by getting in the white market," states Mr Oborne.
He adds that people who utilize unaccounted money to place huge bets will never ever bet 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 tough concept to sell.
"Although many individuals are involved in some sort of gambling - it's still a questionable issue for many," says our unnamed punter.
And given that India has a federal structural - each state will need to likewise pass a different law to legalise sports betting gambling in their territory.
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"The process is so long and difficult that it will take years," says Mr Ranina."That's why, we are cynical about this ending up being a truth anytime soon."
Yet with the concept having been backed by an official panel for the very first time, a minimum of an argument has ignited around a subject - which up until now was considered a taboo.
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For Sports Gambling to Be Legalised
franklincorwin edited this page 2024-12-31 05:03:32 -05:00