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.