FICCI Friday called for regulating sports betting in India in the wake of the cricketing spot fixing scandal.
Despite several attempts to ban it, betting is continuing in an underground way, the business lobby said in a statement.
The middle way out "is it should be regulated in a way" to reduce this to an acceptable level, it said. "Hence, the government should think of legalizing and regulating betting."
FICCI said India was losing billions of dollars in taxable revenue (Rs.12-20,000 crore annually) through black marketing operations in sports betting.
It said the greatest advantage of regulating sports betting was going to be the accountability for the large sums of money transferred through illegal channels and reduction in cases of match fixing, money laundering and crimes.
"If gaming and betting is regulated in India, it will benefit the exchequer and could potentially fund sports development, social protection or welfare schemes and infrastructure development plans."
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