Betting Sites For Sports In India – FICCI estimates that around Rs 3 lakh crore changes hands every year – through bookmakers, websites or technology channels.

The game, in India, goes back a long way. In a 2018 report on the subject, the Law Commission of India (LCI) recommended the legalization of sports betting, citing ancient civic texts like the Manusmriti to show its prevalence in medieval India. In contemporary times, betting has retreated into underground entertainment, whose practitioners operate outside the legal framework. The online game market, however, has grown exponentially over the past few years, with revenues reaching Rs 4,380 crores in the financial year 2018, according to data collected by KPMG.

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This includes money generated from fantasy sports, which, unlike sports betting, is considered a “game of skill”, and is therefore a legal business activity in India. But betting on sporting events, despite being banned by the authorities, is booming. The Federation of Indian Chambers of Commerce and Industry (FICCI) estimates that around 3 lakh crore of this money changes hands every year, mostly through bookmakers, international websites or technological channels such as hidden chat rooms.

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FICCI estimates that the government is inadvertently forgoing revenues worth around Rs 19,000 crore annually by making sports betting illegal. Moreover, the lack of regulation has gambling socio-economic problems – as evidenced by repeated match-fixing scandals – which threatens to destroy the credibility of professional sports. FICCI and AIGF (All India Gaming Federation), in a joint session on July 29, proposed to develop a regulatory framework to address the negative perception of online sports betting.

“Positive behavior by athletes, administrators, officials, supporters and other stakeholders, in and outside the sports arena, is very important. It improves the reputation and position of sports competitions and sports in general,” said David Foster, head of regulatory affairs in. GVC, a multinational sports betting and gaming group. GVC runs brands like Bwin, Ladbrokes and Casino Club. When betting generates revenue for Finance, support that the regulation of the industry also serves to minimize fraud by bookmakers.

Shashi Tharoor, who tabled a private member’s bill titled Sports (Online Gaming and Prevention of Fraud) in Parliament on December 28, 2018, believes that the legitimacy of sports betting can remove the thorn issue that has given it a bad name. “The long-term prognosis for sports and betting is bleak if corruption is not addressed. While self-regulation practices must be implemented by the industry, there is an urgent need for a statutory framework with government oversight to ensure that service providers comply with the license. term to track suspicious betting patterns and have some control through the flow of money to curb the generation of black money,” he said.

While individual countries have the prerogative to write laws related to gambling, the lack of central regulation has been detrimental to all stakeholders, believes Roland Landers, CEO of the All India Gaming Federation. Landers emphasizes this point by giving the example of Goa and Sikkim, where the gaming industry has created around 7,000 direct jobs and 3,000 indirect jobs in ancillary sectors like telecommunications, marketing and financial services.

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In addition, Tharoor’s proposed legislation mandates the creation of uniform technical and operational standards for monitoring online betting platforms. It will be subject to regular security checks by the AIGF and an independent audit firm. The moral history of this game is littered with incidents of addiction, culminating in personal and family destruction. Supporters of online betting emphasize that this concern will be addressed through responsible gambling policies such as regular audits, age verification and the implementation of spending limits, thus reducing addiction.

They operate in the shadow, the money generated by sports betting ends up in the underground economy. “There is no doubt that the money from the illegal sports betting system has been proven to fund cross-border terrorism,” Landers. The Bill aims to maintain a centralized record of all transactions made on online betting platforms – a move that will free up government manpower, given that law enforcement spends about 30% of its time on gambling-related matters.

Baichung Bhutia, nicknamed the Sikkimese sharpshooter for his exploits on the football field, also thinks betting should be legalised, given the industry’s success in his country. “The regularization of the industry will lead to the generation of revenue for the country, which should be better utilized in the development of the sports industry,” he said.

When the Law Commission of India recommends the legalization of gambling and sports betting, we look at other governments that have forced the way to rich horizons.

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While most forms of sports betting are banned in mainland China, people can bet their winnings on two official state-run lotteries, China Sports Lottery and China Welfare Lottery.

Last year, the two lotteries generated a combined total of 426.6 billion yuan in revenue, making it the second largest lottery in the world. China Sports Lottery allows people to bet money only on selected sports events like international football matches or the FIFA World Cup.

Horse betting is banned, but that could change soon with the government trying to turn Hainan Island into a horse racing and sports lottery hub.

Casino gambling was only legalized in Japan in December 2016, but the Japanese government has many other legalized options to raise gambling revenue, such as pachinko parlors or government-controlled sports betting.

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By controlling betting on horse racing, motorcycle racing, bicycle racing, motorboat racing and football, they created a market of five trillion yen that could be taxed.

Another Japanese national pastime, Pachinko generates around 21.6 trillion yen a year by allowing customers to try their luck on pinball-type machines.

Unlike other countries, Mexico legalized sports betting relatively late. In 2004, the Mexican government lifted the ban and approved the operation of games based on certain numbers.

Video game machines were also introduced, but football and baseball remained the main source of game revenue for the country.

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Millions of tourists gather in the gambling capital of the world every year and the government is quick to capitalize on this by 39% gross casino gambling revenue tax.

Of these 39, 35 percent are government taxes and the rest are levies for community purposes.

In just the past six months, the Macau government has collected about 6.65 billion dollars in direct gambling taxes, or about 83.6% of the total revenue.

While the government is also trying to increase non-gambling revenue, it is also lower than what casinos are raking in.

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