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Howzat? The clamour to legalise sports betting wagering 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 requiring 17 runs to win against Australia.
In his two-bedroom house situated in main Mumbai, a middle-aged man is enjoying the game, nervously. He's resting on the edge of his grey colour sofa with his mobile phone glued to his right hand.
He has made more than 10 employ the last 30 minutes - not to talk about the match but to keep modifying his bet.
Five minutes previously his cash was on Australia, but now as the Indian batsman prepares to deal with the last over he's altered his mind.
"I believe India is winning, make the modification," he tells his bookie on the phone.
And a few minutes later on his prediction becomes a reality, as India wins the match in a nail-biting finish.
"I have made $200 today," he says with a childlike glee.
For more than three years he's been wagering on cricket matches. We can't reveal his name as what he's doing is unlawful in India.
Besides horse racing, sports betting of any kind is not permitted in India. Despite that, unlawful wagering distributes thrive in the nation.
'Black money'
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According to the Doha-based International Centre for sports betting Security, India's prohibited sports betting wagering market is worth some $150bn a year. And much of that gambling money is directed towards cricket.
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With no legal opportunity, 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.
Most of these transactions include so-called "black money", which is cash not declared to the taxman.
The 1867 Public Gambling Act bars any sort of gambling in India, but unlike in the US which has a law restricting web sports betting, there is absolutely nothing similar here.
And overseas wagering business are utilizing this loophole to lure Indians. Although there are no online wagering operators based out of India, a lot people have actually registered accounts with offshore firms.
"Legally you can get away [with this], as the law is unclear for online sports betting," says Mumbai- based legal representative HP Ranina.
But despite this, it is "offline sports betting", done through telephone call which control the marketplace.
Require legalisation
The clamour to legalise wagering in cricket has actually grown after a panel designated by India's Supreme Court proposed the idea, stating it would help clamp down on corruption in the country's preferred sport.
The Justice RM Lodha Commission was set up to suggest changes in the functioning of India's cricket regulatory 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 prohibited for two years after some players and group officials were condemned of repairing parts of the match at the behest of bookies.
The panel also argues that legalised wagering will generate tax incomes 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 don't mind paying some cash out my earnings, as long as I can bet openly," states our cricket bettor.
It would likewise open a huge service chance for licensed bookies and global online wagering business to establish operations in India.
And it would help limit match fixing in cricket and other sports betting, argue lots of, by helping make deals included in gambling more transparent.
"If you work along with sports betting business, you will have an extremely reliable approach of marking out match fixing," states George Oborne, who runs a mock sports betting site, India Bet.
But numerous also think, that the taxes levied on the gambler and the bookmaker will need to be affordable to make it attractive enough for them to bet lawfully.
However, there are constraints.
"Definitely there will be illegal sports betting since (some) people would not wish to leave an audit path by going into the white market," says Mr Oborne.
He adds that people who utilize unaccounted cash to put big bets will never ever bet legally.
Approval concern
For sports betting gambling to be legalised, parliamentary approval will be required to produce a brand-new law, and politically this will be a difficult concept to offer.
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"Even though lots of people are associated with some sort of gaming - it's still a questionable concern 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 area.
"The procedure is so long and challenging that it will take years," states Mr Ranina."That's why, we are negative about this coming true anytime soon."
Yet with the idea having been backed by a main panel for the first time, a minimum of a dispute has actually fired up around a topic - which previously was considered a taboo.
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For Sports Gambling to Be Legalised
debrastanford6 edited this page 2024-12-17 21:33:21 -06:00