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Howzat? The to legalise sports betting wagering in India

Published

5 February 2016

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By Sameer Hashmi

Mumbai Business press reporter

It is the last over of the cricket match, with India needing 17 runs to win versus Australia.
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In his two-bedroom home situated in main Mumbai, a middle-aged man is viewing the video game, nervously. He's resting on the edge of his grey colour sofa with his cellphone glued to his right-hand man.

He has made more than 10 employ the last 30 minutes - not to go over the match but to keep revising his bet.

Five minutes earlier his money was on Australia, however now as the Indian batsman prepares yourself to deal with the last over he's changed his mind.

"I think India is winning, make the change," he informs his bookie on the phone.

And a couple of minutes later on his prediction comes to life, as India wins the match in a nail-biting surface.

"I have actually made $200 today," he says with a childish glee.
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For more than 3 decades he's been sports betting on cricket matches. We can't reveal 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, prohibited sports betting distributes prosper in the country.

'Black cash'

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

With no legal opportunity, punters put bets using their phones by making calls to bookmakers. Gamblers can bank on anything associated to the cricket match, from who is winning to the greatest private run scorer.
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Most of these deals include so-called "black cash", which is money not stated to the taxman.

The 1867 Public Gambling Act bars any kind of sports betting in India, but unlike in the US which has a law restricting web sports betting, there is absolutely nothing comparable here.

And offshore wagering business are using this loophole to draw Indians. Although there are no online wagering operators based out of India, a lot individuals have actually signed up accounts with offshore companies.

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

But despite this, it is "offline sports betting", done through phone calls which control the marketplace.

Calls for legalisation

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

The Justice RM Lodha Commission was established to recommend modifications in the performance of India's cricket regulatory body, the Board of Control for Cricket in India (BCCI), after the 2013 Indian Premier League wagering scandal came to light.

Two franchises have actually been prohibited for two years after some players and team officials were found guilty of fixing parts of the match at the request of bookies.

The panel also argues that legalised wagering will generate tax profits for the exchequer that might total up to $2bn a year.

Even bettors feel that legalising sports betting wagering is a move in the right direction.

"I do not mind paying some money out my profits, as long as I can bet openly," states our cricket gambler.

It would also open a big business opportunity for certified bookmakers and worldwide online wagering companies to set up operations in India.
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And it would assist restrict match fixing in cricket and other sports betting, argue numerous, by assisting make transactions associated with gambling more transparent.

"If you work along with sports betting business, you will have an extremely efficient method of marking out match fixing," says George Oborne, who runs a mock sports betting website, India Bet.

But lots of likewise think, that the taxes levied on the gambler and the bookmaker will have to be reasonable to make it attractive enough for them to gamble lawfully.

However, there are limitations.

"Definitely there will be unlawful sports betting due to the fact that (some) individuals wouldn't desire to leave an audit path by getting in the white market," says Mr Oborne.

He includes that individuals who use unaccounted money to place big bets will never bet lawfully.

Approval concern
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For sports betting gambling to be legalised, parliamentary approval will be needed to create a new law, and politically this will be a tough concept to offer.

"Although lots of people are associated with some sort of gambling - it's still a questionable problem for many," states our unnamed punter.

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

"The procedure is so long and tricky that it will take years," says Mr Ranina."That's why, we are cynical about this coming true anytime quickly."

Yet with the concept having actually been backed by a main panel for the very first time, a minimum of a dispute has sparked around a subject - which previously was thought about a taboo.