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Howzat? The clamour to legalise sports betting wagering in India

Published

5 February 2016

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By Sameer Hashmi

Mumbai Business reporter

It is the last over of the cricket match, with India needing 17 go to win versus Australia.

In his two-bedroom home situated in main Mumbai, a middle-aged man is the game, nervously. He's resting on the edge of his grey colour sofa with his cellphone glued to his best hand.

He has actually made more than 10 employ the last 30 minutes - not to talk about the match however to keep modifying his bet.

Five minutes previously his money was on Australia, and now as the Indian batsman gets ready to face the last over he's changed his mind.

"I believe India is winning, make the modification," he tells his bookmaker on the phone.

And a couple of minutes later on his forecast comes real, as India wins the match in a nail-biting finish.

"I have actually made $200 today," he states with a childlike glee.

For more than 3 decades he's been sports betting on cricket matches. We can't expose his name as what he's doing is prohibited in India.

Other than horse racing, sports betting wagering of any kind is not permitted in India. Despite that, unlawful wagering syndicates thrive in the nation.

'Black money'

According to the Doha-based International Centre for sports betting Security, India's prohibited sports betting wagering market is worth some $150bn a year. And much of that gambling money is directed towards cricket.

Without any legal opportunity, punters place bets using their phones by making calls to bookies. Gamblers can bet on anything related to the cricket match, from who is winning to the highest individual run scorer.

The majority of these transactions involve so-called "black cash", which is money not declared to the taxman.

The 1867 Public Gambling Act bars any type of gambling in India, however unlike in the US which has a law prohibiting internet gambling, there is absolutely nothing similar here.

And offshore wagering companies are using this loophole to lure Indians. Despite the fact that there are no online wagering operators based out of India, a lot individuals have registered accounts with overseas firms.

"Legally you can get away [with this], as the law is unclear for online sports betting," says Mumbai- based lawyer HP Ranina.

But regardless of this, it is "offline gaming", done through phone calls which dominate the marketplace.

Calls for legalisation

The clamour to legalise sports betting in cricket has grown after a panel selected by India's Supreme Court proposed the concept, saying it would assist clamp down on corruption in the nation's preferred sport.

The Justice RM Lodha Commission was set up to suggest changes in the functioning of India's cricket regulatory body, the Board of Control for Cricket in India (BCCI), after the 2013 Indian Premier League wagering scandal emerged.

Two franchises have been banned for two years after some gamers and group officials were discovered guilty of fixing parts of the match at the request of bookmakers.

The panel also argues that legalised sports betting will generate tax earnings for the exchequer that might amount to $2bn a year.

Even gamblers feel that legalising sports betting wagering is a relocation in the right instructions.
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"I don't mind paying some cash out my revenues, as long as I can gamble publicly," states our cricket bettor.

It would likewise open a huge business opportunity for certified bookies and international online sports betting companies to set up operations in India.
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And it would help restrict match repairing in cricket and other sports betting, argue lots of, by helping make transactions included in gambling more transparent.

"If you work alongside sports betting companies, you will have a very efficient technique of stamping out match repairing," states George Oborne, who runs a mock wagering site, India Bet.

But numerous likewise think, that the taxes levied on the bettor and the bookie will need to be reasonable to make it appealing enough for them to gamble lawfully.

However, there are restrictions.

"Definitely there will be unlawful wagering due to the fact that (some) individuals would not wish to leave an audit trail by entering the white market," states Mr Oborne.

He includes that people who utilize unaccounted cash to position big bets will never gamble legally.

Approval concern

For sports betting gambling to be legalised, parliamentary approval will be required to develop a brand-new law, and politically this will be a difficult concept to offer.

"Although many individuals are associated with some sort of gaming - it's still a controversial concern for lots of," states our unnamed punter.

And considered that India has a federal structural - each state will need to likewise pass a separate law to legalise sports betting gambling in their area.

"The process is so long and difficult that it will take years," states Mr Ranina."That's why, we are negative about this becoming a reality anytime soon."

Yet with the concept having been endorsed by an official panel for the very first time, a minimum of a debate has actually fired up around a subject - which till now was considered a taboo.