Industry body Ficci today welcomed the suggestion to legalize betting in India mooted by a panel headed by Justice (Retd) R M Lodha, asserting that the revenue earned from betting can be utilized to augment infrastructure for other sports and enhance tourist facilities.
"The revenue earned from betting can be utilized to augment infrastructure for other sports and enhance tourist facilities. Globally, sports betting and gambling are being employed to generate funds for good causes and promotion of sports.
"In countries like the UK and China, the funds from sports betting are used for financing elite sports and training athletes," Ficci said in a statement.
The Supreme Court-appointed Lodha Committee has recommended sweeping reforms for the controversy-ridden BCCI, suggesting a bar on ministers from occupying positions, putting a cap on the age and tenure of the office-bearers and legalising betting.
Among the most sensational recommendation by Lodha panel was the suggestion to legalize betting. The panel felt that the move would help curb corruption in the game and recommended that except for players and officials, people should be allowed to place bets on registered sites.
"Sports betting and frauds have been affecting the credibility of sports in the country. After frequent incidents of sports fraud around sports betting, in 2012, Ficci had launched the debate on regulating sports betting in India. Much has happened since then in illegal sports betting area," the industry body said.
It added that the issue should be discussed with the stakeholders in the sports sector before tabling any Bill in Parliament for debate.
As per a report of The International Centre for Sport Security (ICSS), illegal gross betting and gambling market in India is estimated at USD 150 billion, Ficci said.
