Is it legal to go for sports betting in India? Yes, to some extent! Actually Indian Government on the biggest sports reform ever has introduced, framing new guidelines to make sports betting and gambling in India as a legal activity.
Sports’ betting in India is a massive market, says ICSS, International Centre for Sports Security. Moreover, it has the amazing capability to bring in lakhs of crores in tax revenues if sports betting gets legalized in India.
On Thursday, 5th July 2018, the Law Commission of India recommended for the legalization of regulated sports betting in India. Sports Ministry of India has taken the initiative and is right now consulting with other countries where sports betting is legal such as the United Kingdom France, Spain, and Italy. The countries where sports betting is legalized generates a substantial amount of taxable income for the Govt.
As per them legalizing sports betting and gambling in India remains only the viable option. Regulated gambling and sports betting would ensure the detection of fraud and money laundering.
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Sports Betting in India should be Legalized?
Despite the existing prohibitive legislations, there is extensive illegal gambling and sports betting throughout the country. for example, IPL betting is banned, people are anyways betting, and betting huge.
The UK has emerged as the hub of betting experts from India. Also, there is a lot of mobile applications where a user can bet. Mobile apps like BET365 and Betfair have more than 10 lakh active users, who are regularly betting on various sports events, including cricket.
Sports Betting Under Stringent Control
The law commission of India has ensured to seek stringent control over gambling and sports betting. They also ensured that all betting and gambling transactions should be linked to the operator’s as well as the participant’s/player’s Aadhaar Card/PAN Card which will protect the public from ill-effects.
Recommendations for Gambling and Sports Betting in India
- Exempting Skills Games from Prohibition
Both the legislature and judiciary have exempted horse riding and others games which are considered a game of skills.
- Responsibility of operators
Operators have to take the responsibility and protection of players who are betting in sports.
- Indian Licensed Operators for Gambling and Betting in sports
Gambling and betting in sports should only be offered only by Indian licensed operators which would be granted by the game licensing authority.
There must be a limit on a number of transactions a player/participant can indulge in sports betting and gambling in a specific period of time, i.e., monthly, half-yearly or yearly.
- All transactions to be linked to the Aadhaar Card/ PAN Card.
They also ensured that all betting and gambling transactions should be linked to the operator’s as well as the participant’s/player’s Aadhaar Card/PAN Card which will protect the public from ill-effects. They also ensure that all transactions made between and among operators and players/participants should mandatorily be made ‘cashless’.
Sports Betting in India: Boom for Mobile Game Development Companies
It will be a great boon for mobile game development companies and Indian Govt If sports betting in India is going to be legalized. Sports betting in India is booming as an unorganized sector and Govt. is losing out an opportunity to earn tax from sports betting.
Generated revenue can be used to fund the economically backward section of the society, and empower them to play sports professionally, and skillfully.
What do Big Brands say on Sports Betting in India?
KPMG, whose name is enough, stated that the betting market of India is worth about 60 billion dollars which is really a big amount that cannot be neglected.
It can put a large impact on India’s economy in a positive way. Not only KPMG, but FICCI also conducted a survey where more than 83 percent of respondents suggested that proper regulation of sports betting in India could be a better option rather than banning it strictly.
Look at the infographic given below. It will give you more clarity on the survey.
A Youtube Video on Sports Betting in India
Here is a youtube video that makes you more clear about sports betting. Also, it talks about various businesses behind sports betting. It has always been a hot topic for discussion that the Government of India should make it legal to do sports betting.
Several recommendations and suggestions have been given to the Indian government from the Law Commission of India. But the Government is still strict with its decision to make only horse racing and lotteries legal in India.
More on Sports Betting in India
We are all aware that the numbers of sports enthusiasts have multiplied over the years. The sports industry is known for forming tight communities that unite members of sports teams, sports industry professionals and fans. Today, these communities thrive within mobile apps. Sports clubs and teams of professional players investing in sports betting game development companies with the idea that it will benefit all members of their community.
Sports betting game development companies have developed many apps likes BET365, Betfair and Fantasy Magnet that unite members of sports teams, sports industry professionals and fans. If you have any idea related to this, get in touch TechGropse, Top Mobile application development company.
Do you think that betting should be legalized in India? Do let us know by commenting right here!