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Aktuální verse z 18. 12. 2024, 05:32
Howzat? The clamour to legalise sports betting wagering in India
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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 requiring 17 runs to win versus Australia.
In his located in main Mumbai, a middle-aged guy is watching the game, nervously. He's resting on the edge of his grey colour couch with his smart phone glued to his right-hand man.
He has made more than 10 hire the last 30 minutes - not to go over the match but to keep modifying his bet.
Five minutes earlier his money was on Australia, and now as the Indian batsman prepares to face the last over he's altered his mind.
"I believe India is winning, make the change," he tells his bookmaker on the phone.
And a couple of minutes later his forecast 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.
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 unlawful in India.
Other than horse racing, sports betting of any kind is not permitted in India. Despite that, unlawful wagering syndicates thrive in the country.
'Black cash'
According to the Doha-based International Centre for sports betting Security, India's unlawful sports betting wagering market is worth some $150bn a year. And much of that sports betting money is directed towards cricket.
With no legal avenue, punters place 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 highest specific run scorer.
The majority of these deals include so-called "black cash", which is money not stated to the taxman.
The 1867 Public Gambling Act bars any type of sports betting in India, but unlike in the US which has a law forbiding internet sports betting, there is absolutely nothing similar here.
And overseas sports betting business are using this loophole to draw Indians. Despite the fact that there are no online wagering operators based out of India, a lot people have signed up accounts with offshore firms.
"Legally you can get away [with this], as the law is ambiguous for online sports betting," says Mumbai- based lawyer HP Ranina.
But regardless of this, it is "offline gaming", done through phone calls which control the market.
Require legalisation
The clamour to legalise sports betting in cricket has actually grown after a panel appointed by India's Supreme Court proposed the concept, saying it would help clamp down on corruption in the nation's preferred sport.
The Justice RM Lodha Commission was set up 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 sports betting scandal came to light.
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Two franchises have been banned for 2 years after some players and group officials were condemned of repairing parts of the match at the behest of bookies.
The panel also argues that legalised wagering will bring in tax earnings for the exchequer that might amount to $2bn a year.
Even bettors feel that legalising sports betting is a move in the best direction.
"I don't mind paying some cash out my profits, as long as I can bet publicly," states our cricket bettor.
It would also open a substantial service chance for certified bookmakers and worldwide online sports betting companies to set up operations in India.
And it would assist limit match fixing in cricket and other sports betting, argue many, by helping make transactions associated with gambling more transparent.
"If you work together with wagering companies, you will have an extremely effective approach of stamping out match fixing," states George Oborne, who runs a mock wagering website, India Bet.
But numerous likewise think, that the taxes levied on the gambler and the bookmaker will need to be sensible to make it appealing enough for them to bet legally.
However, there are limitations.
"Definitely there will be illegal sports betting because (some) people would not want to leave an audit trail by going into the white market," states Mr Oborne.
He includes that people who utilize unaccounted cash to put huge bets will never gamble legally.
Approval concern
For sports betting gambling to be legalised, parliamentary approval will be required to create a new law, and politically this will be a tough idea to offer.
bit.ly
"Even however numerous individuals are associated with some sort of gambling - it's still a controversial issue for lots of," says our unnamed punter.
And considered that India has a federal structural - each state will have to likewise pass a different law to legalise sports betting gambling in their territory.
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"The procedure is so long and difficult that it will take years," states Mr Ranina."That's why, we are cynical about this ending up being a reality anytime soon."
Yet with the idea having actually been backed by an official panel for the very first time, at least a debate has ignited around a subject - which till now was considered a taboo.
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