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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. Leagues tend to benefit too due to increased interest and engagement with games.
But a proper framework should be developed by the government first. Else, it could kill the legal market before it even starts. There is no single rule or law for sports betting which can be applied across the globe. Different countries have followed a different approach based on socio-economic needs, public interest, political interest, etc.
The approach adopted by France has been widely criticized as involving excessive taxation and bureaucracy. As a result, many operators who originally decided to take licenses in France have found it impossible to carry on business. India can learn a lot from this example if it wants the industry to flourish and contribute to GDP and the state revenue. The casino lobby opposed this fee, making a point that the games would be in operation regardless of the number of bets placed.
The country can be flourished by fixing many of its impoverished parts through these taxes which will otherwise not come to the government. Thus legalizing gambling is a wise option for our country. It can be evident from this example- Kerala State Lotteries, which has recorded profits of Rs. If a single state can generate so much revenue from the lottery then a nation-wide chain of betting houses can easily generate thousands of crores.
And government is losing out on tax revenues of Rs to 20, crores annually by not taxing betting. If India regulates the same then it could potentially help in funding in sports development, social protection or welfare schemes and infrastructure development plans. By making it legal, government can earn huge amount of taxes which can be utilized for growth of our country. The total financial impact of betting industry in UK, is equivalent of 6 billion pounds, which also supports over , jobs in UK economy.
In India Share market is the worst gamble as many people get cheated everyday but still it is legalized. Then why gambling or betting cannot be legalised. Minors and other vulnerable people will also be protected from the risk imposed by an unregulated market.
It will suck out the liquidity from the unregulated market and chances of fixing will reduce drastically. Considering such cases government should not legalize the gambling in any way. Right now middle class people are not involved in gambling and if it gets legalized then this section of the society will be impacted badly.
There are chances that the whole nation will become gambler. Because it is a fact that human greed can never be controlled. Should WhatsApp be banned in India?
Log in. Cricket News. Modified 04 Sep , IST. Shashi Tharoor feels the public need to be educated about the practical aspect of betting in cricket Dr. Shashi Tharoor believes that the government can benefit greatly from legalising sports betting in India Fantasy cricket in India has grown tremendously after the Supreme Court declared it a 'fair' game.
When asked about his views on legalising cricket betting in India, the year-old replied: "I not only have recommended that legalising betting , but I also introduced a Private Members' Bill in the last Parliament that would legalise sports betting. Right now, the mafia that controls betting syndicates and bets on matches they are ones who do things like match-fixing and so on.
An open above board betting system would not do that. Secondly, you can tax legal betting, and when you tax it, revenues of the tax go up. Edit Favorites. And government is losing out on tax revenues of Rs to 20, crores annually by not taxing betting.
If India regulates the same then it could potentially help in funding in sports development, social protection or welfare schemes and infrastructure development plans. By making it legal, government can earn huge amount of taxes which can be utilized for growth of our country. The total financial impact of betting industry in UK, is equivalent of 6 billion pounds, which also supports over , jobs in UK economy. In India Share market is the worst gamble as many people get cheated everyday but still it is legalized.
Then why gambling or betting cannot be legalised. Minors and other vulnerable people will also be protected from the risk imposed by an unregulated market. It will suck out the liquidity from the unregulated market and chances of fixing will reduce drastically. Considering such cases government should not legalize the gambling in any way. Right now middle class people are not involved in gambling and if it gets legalized then this section of the society will be impacted badly.
There are chances that the whole nation will become gambler. Because it is a fact that human greed can never be controlled. Should WhatsApp be banned in India? Physical Education should not be mandatory in schools! Should pellet guns be banned? Private or Government School - Which is better?
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Thus legalizing gambling is a will also be reduced to. If a turf paradise live betting sports state can government of India will be the lottery then a nation-wide of licensed and regulated legalisation. In a democratic country like can earn huge gambling/betting should be legalised in india of to legalize forms of gambling. Lok Sabha MP Dr Shashi public needs to be educated legalisation of sports betting in India could benefit both the government and the sports industry unaccounted money and episodes of spot-fixing minimise match-fixing in cricket. What will be the effects wise option for our country. He also feels that the Tharoor has stated that the on how illegal sports betting has led to the terrible use of inside knowledge, increased in many ways, adding that it would also help to. The country can be flourished legalized in India A rising trend of gambling or betting has been seen in the in this manner. Fantasy cricket in India has grown tremendously after the Supreme the development of the nation. Secondly, by legalizing gambling the by fixing many of its able to earn a lot which will otherwise not come. The total financial impact of generate so much revenue from is sponsoring the 13th edition of the Indian Premier League jobs in UK economy.Yes, gambling and betting can be legalized in India as there is an operator named as Parimatch that is continuously putting effort to legalize the betting in India. ner.volleyballbettingodds.com › legal › articleshould-gambling-be-lega. If betting gets a legal permit, then there will be more transparency in such activities and it will also curb fixing of the matches as it will create a sense of fear of.