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Legalise & regulate sports betting: FICCI

Says, the greatest advantage of regulating sports betting is going to be the accountability for large amounts transferred through illegal channels, and more

Yogini Joglekar  |  Mumbai 

After all the latest controversies related to spot fixing in cricket and revelations of the role of underworld in betting, reinitiates its call for regulating 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 betting is going to be the accountability for the large amounts of money transferred through illegal channels and reduction in cases of match fixing, 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 betting. If gaming and betting is regulated in India, it will benefit exchequer and could potentially fund development, social protection, welfare schemes and infrastructure development plans.

In a representation submitted to Government, has highlighted how blanket ban on betting is difficult to sustain without a proper The representation also highlighted the number of international examples of different countries who have benefitted from regulating the betting, added sources. The further opined that, ban cannot be implemented but betting can be controlled with proper to prevent further deterioration of conduct of in the country.

First Published: Fri, May 24 2013. 13:46 IST
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