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After all the latest controversies related to spot fixing in cricket and revelations of the role of underworld in sports betting, FICCI reinitiates its call for regulating sports betting in India.
Despite several attempts to ban it by deploying resources, betting is still a continuing trend. Thus, it should be regulated in a way which reduces this to an acceptable level. Hence, the government should think of legalising and regulating betting. Absence of regulating this field leads to problems like how to tax the money involved in gambling which in-turn encourages betting operators to function openly.According to FICCI, the greatest advantage of regulating sports betting is going to be the accountability for the large amounts of money transferred through illegal channels and reduction in cases of match fixing, money laundering and crimes.
It further added that, India is continuing to lose Rs. 12,000 to Rs. 20,000 crore annually on the back of opaque operations in sports betting. If gaming and betting is regulated in India, it will benefit exchequer and could potentially fund sports development, social protection, welfare schemes and infrastructure development plans.
In a representation submitted to Government, FICCI has highlighted how blanket ban on sports betting is difficult to sustain without a proper regulation. The representation also highlighted the number of international examples of different countries who have benefitted from regulating the betting, added FICCI sources. The further opined that, ban cannot be implemented but sports betting can be controlled with proper regulation to prevent further deterioration of conduct of sports in the country.
