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There is a need to study socio-economic and moral dimensions of betting before it could be legalised under a liberalised regime, Law Commission Chairman Justice Balbir Singh Chauhan (Retd) said on Friday.
Acknowledging the risks involved in legalising betting, Justice Chauhan said there were chances that people, in a bid to earn quick money through gambling, might resort to unlawful means.
"A comprehensive analysis of the socio-economic circumstances in light of the constitutional guidelines is therefore essential before framing an umbrella legislation that legalises gambling," he said while delivering the keynote address at the first India Gaming Conclave (IGC) organised by FICCI and All India Gaming Federation (AIGF).
Justice Chauhan said the negative opinions against betting need to be unfolded.
"While those favouring legalised betting believe in the need to protect individual autonomy and minimum state interference, those not agreeing feel preserving societal order and morality is also important," a Federation of Indian Chambers of Commerce and Industry (FICCI) statement quoted him said.
"Legalisation will give the government the opportunity to bring gambling out from the dark corners of society, impose some controls and extract some revenue.
Perhaps as importantly, if betting was legal, a huge chunk of money circulating only in black market will come out," he said.
FICCI Director Rahul Chakravarty said gambling regulation was not new to India as lotteries already are regulated.
During the event, AIGF CEO Roland Landers announced the launch of its one-stop portal for gaming related news and activities called "Gaming 360".
Landers said the India Gaming Conclave will be an annual event for stakeholders to converge and discuss on working towards a legalised and regulated gaming industry in India.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)