A senior functionary of the commission, quoting a 'working paper' prepared for members to take a final call on the issue, told PTI that one of the stringent regulations is not to allow any individual place online bets for more than three times a year.
"We want it banned. But if it cannot be, then stringent regulations should be in place...it is an addiction...people have lost so much money," the functionary said.
The operator "will" seek details such as income and total property of the person placing bets to allow him or her place "high stake" or "low stake" bets.
The high and low stake slabs are being recommended by the law panel to ensure that people indulging in betting do not end up losing all their money and property.
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A person who does not come under the ambit of the income tax law will be allowed only to play low stake bets.
Betting on sports, except horse racing, is banned in India but it happens illegally in an unorganised and underground manner.
"... The recommendation made by the committee that betting should be legalised by law, involves the enactment of a law which is a matter that may be examined by the law commission and the government for such action as it may consider necessary in the facts and circumstances of the case," the apex court had said.
Based on a 2013 report prepared by FICCI, the underground betting market in India is estimated to be worth Rs 3,00,000 crore.