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 against Australia.
In his two-bedroom home situated in central Mumbai, a middle-aged male is seeing the video game, nervously. He's sitting on the edge of his grey colour sofa with his mobile phone glued to his right-hand man.
He has actually made more than 10 hire the last 30 minutes - not to discuss the match but to keep revising his bet.
Five minutes earlier his cash was on Australia, but now as the Indian batsman prepares to face the last over he's changed his mind.
"I believe India is winning, make the modification," he informs his bookie on the phone.
And a few minutes later his prediction becomes a reality, as India wins the match in a nail-biting finish.
"I have made $200 today," he states with a childlike glee.
For more than 3 decades he's been banking on cricket matches. We can't reveal his name as what he's doing is prohibited in India.
Aside from horse racing, sports betting wagering of any kind is not allowed in India. Despite that, unlawful wagering syndicates thrive in the country.
'Black cash'
According to the Doha-based International Centre for sports betting Security, India's unlawful sports betting wagering market deserves some $150bn a year. And much of that sports betting money is directed towards cricket.
With no legal avenue, punters position bets utilizing their phones by making calls to bookmakers. Gamblers can bank on anything associated to the cricket match, from who is winning to the highest private run scorer.
Most of these deals include so-called "black money", 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 web sports betting, there is absolutely nothing comparable here.
And overseas wagering are using this loophole to tempt Indians. Despite the fact that there are no online sports betting operators based out of India, a lot individuals have actually registered accounts with overseas companies.
"Legally you can get away [with this], as the law is uncertain for online gaming," says Mumbai- based attorney HP Ranina.
But despite this, it is "offline sports betting", done through call which control the marketplace.
Calls for legalisation
The clamour to legalise wagering in cricket has grown after a panel designated by India's Supreme Court proposed the idea, saying it would assist clamp down on corruption in the nation'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 came to light.
Two franchises have actually been banned for 2 years after some players and team officials were discovered guilty of fixing parts of the match at the request of bookmakers.
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 direction.
"I do not mind paying some cash out my profits, as long as I can bet publicly," states our cricket gambler.
It would also open a huge business opportunity for certified bookies and global online wagering companies to set up operations in India.
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And it would assist limit match repairing in cricket and other sports betting, argue lots of, by helping make transactions involved in sports betting more transparent.
"If you work alongside sports betting companies, you will have a very effective technique of stamping out match fixing," states George Oborne, who runs a mock wagering site, India Bet.
But many likewise think, that the taxes imposed on the gambler and the bookmaker will have to be reasonable to make it appealing enough for them to gamble lawfully.
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However, there are limitations.
"Definitely there will be illegal wagering because (some) people would not desire to leave an audit trail by entering the white market," says Mr Oborne.
He adds that individuals who utilize unaccounted cash to put big bets will never gamble lawfully.
Approval question
For sports betting gambling to be legalised, parliamentary approval will be required to produce a new law, and politically this will be a difficult idea to sell.
"Even though numerous individuals are included in some sort of gambling - it's still a questionable issue for numerous," says our unnamed punter.
And offered 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 procedure is so long and difficult that it will take years," says Mr Ranina."That's why, we are negative about this coming true anytime soon."
Yet with the idea having actually been endorsed by an official panel for the very first time, a minimum of an argument has fired up around a topic - which previously was thought about a taboo.