Should sports betting be legal in india
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To win bet, some gamblers go for match fixing. All these money becomes black money because gambling is not legalized. Most of this money will be used to fund drugs and terrorism. Against :- More people starts gambling, more gambling outlets will be opened. Gambling de-addiction centers will follow. Many young people may become gambling addicts as it is all about quick money. Gambling addiction can lead to increase in crime rates, mental illnesses.
Gambling addicts will cause financial loss and emotional unrest to total family. There is no guarantee that illegal gambling activities will stop. Legalizing gambling means encouraging immoral activities.
In Favor :- Generation of black money reduces. Lots of jobs will be created. Government will be benefited by crores of rupees from taxes. Transparency in betting creates fear among players and bookies. They fear to go for match fixing as the chances of getting caught will be increased. Safety of those, who bet.
This problem does not rear its ugly head in a regulated market, where the reputation of the bookmaker or the establishment is the prime concern of the bettors. If a licensed bookmaker or establishment is caught in the scandal of rigging games, their business would be ruined both legally and in terms of customer base. Also, when betting is done in the open markets, they are easily traceable, thereby reducing the chances of rigging.
A Setback to the economy A boost in the economy always helps and legalizing betting does provide that boost. The economy loses a lot of money to betting, and it also increases the amount of black money being circulated in the market. This way also the economy loses a lot of money. Coming back to the point of legalizing of betting, no other problem has marred Indian sports especially cricket than betting and match fixing.
Betting is illegal in India, but still the betting markets exist, which are being controlled by the dark underworld. The fact apart, people from different walks of life has spoken about legalizing betting in cricket. When people like ex-CBI chief, Ranjit Sinha and former captain of the Indian cricket team, Rahul Darvid talks about legalizing of betting in cricket, you got to take notice of the fact.
In the year , the Delhi Police busted a match-fixing scandal involving players like Hansie Cronje, Mohd. Azharuddin and Ajay Jadeja. Very recently, these players were banned from the IPL for their involvement in match-fixing scandals in the 6th edition of the IPL, S Sreesant, Ankit Chavan and Ajit Chandila were banned for fixing a match [1] The Lodha Committee headed by former Chief Justice R M Lodha, which was set up set up to investigate the spot-fixing incidents that took place in the IPL, also suggested that betting should be legalized to curb the menace of match-fixing.
According to him, it would be much easier to track incidents of spot-fixing and game-fixing if the betting Industry is legalized in India. Obviously, in the black market, the betting industry is harder to track. He states that where betting is legalized it is heavily regulated, and they work in close conjunction with us, so it does assist the ICC.
But he also emphasizes on the fact that it is not for him to suggest what India should do in terms of legislations and laws regarding the issue of legalization of betting. But if at all betting is legalized in India, he believes that ICC will be seeking close collaboration who would govern the activity of betting.
Various arguments can be given in favor of legalizing betting in sports specifically with respect to cricket. A few arguments given in favor of legalization of betting are as follows- It is very evident that numerous influential personalities are involved in the business of betting in sports, and it is a big business issue, albeit unofficially. It would be right for the government to legalize betting and make it a taxable income.
Legalization of betting and gambling in sports can also help in the terms of employment generation and total output. Consider the fact- as of year , million pounds gross value added transaction occurred in the gambling and betting industries. At the end of the financial year , the betting and gambling industry employed , people. It is just another game linked with economic benefits and losses. Technically the Indian share market can also be termed as a field for gambling and betting. There is no certainty when the share prices will go up or down.
If speculations of shares are legalized, why not speculation is sports. A few other forms of betting and gambling in India like betting on Horse Races and Casinos are legalized in India. One of the fact to be considered is that criminalization of betting does not stop it from happening. The best option would be that the government comes out with clear laws and legitimize betting and protect the consumers.
This will be much preferred rather than outright prohibitions which create further problems.
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When Will Every State Have Legalized Sports Gambling?RESPONSIBLE INVESTING HARVARD
Games of Chance: Those types of games can be called games of chance which are based on luck. Any player can play this type of game even without knowing it. For example, dice games, number picking, roulette, casino games, inside out, etc. Such games are considered illegal in India. It requires the skill of the player to make analytical decisions, logical thinking, ability, etc. There are also some such sports, which may require training to play. Skill Games This type of game has been considered legal in many states.
Read: How to bet on Betway in India. Is Betway Safe or Fraud? Why should betting be legal in India? For your information, let us tell you that gambling in India has been mentioned in the 7th list of the constitution. Along with this, Public Gambling Act has also been made. Though the existing legal framework makes it illegal, nothing can stop Indians, right? Majority of it is sports betting. If the legal framework has failed to prevent gambling from taking place and if it is unstoppable, then why not regulate it so that at least some of the illegal activities can be curbed?
This differentiates fantasy sports from traditional betting. Fantasy sports betting is legal because it is a game of skill. And, in fantasy sports, your opponents are other human players, rather than bookmakers like in traditional betting. Compared to traditional betting, the fantasy sports market in India is peanuts. Revenue from the music industry, movies and TV put together is far lesser than the market of illegal traditional sports betting.
Traditional sports betting is legal in many parts of the world, including Australia and western Europe, with the largest legal market in the UK. Football betting leads to the global sports betting industry. Other popular sports for betting are Cricket, Tennis and Basketball.
This shows that the underground betting market would continue to operate even if India were to legalize sports betting. Take UK or China, for example, they have been utilizing tax revenues, generated from taxing betting activities, for good causes.
A betting market, with such a huge potential, shall undoubtedly contribute hefty revenue to the government. But as far as the intention of the government is concerned, it is not in favour of providing any support or allowing any type of FDI in betting platforms. Is it their morality that is stopping them?
Because morals shall not stop Indians. Indians are betting in billions. Though it is perfectly reasonable and acceptable for someone to have a moral or personal objection to gambling. Consider this: Allowing viewers to legally become sports bettors will make them more likely to watch sports. This will help the broadcasters due to an increase in viewership. Thus, the direct output, jobs, income, GDP, etc.
Employees in illegal sports betting operations currently spend a portion of their earnings on legal activities, so there would be a gain in legal economic activity. If this new sector emerges, it shall be needless to say that it will spark employment and also create new opportunities for startups.
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