SBC News Voice of the Sports Betting Industry
The Federation of Indian Chambers of Commerce and Industry has presented the Indian Ministry of Sports detailed reports and knowledge papers urging the government to push for the legalization of sports betting in India. The report prepared by Carl Rohsler, partner of the British law firm Squire Sanders and Vidushpat Singhania, senior associate of the Indian law firm Lakshmi Kumaran & Sridharan details the benefits and governance of legalizing sports betting in India. Furthermore the report outlines potential earnings for the Indian government from tax revenues.
Currently the Indian Betting market has a estimated turnover of Rs.3,00,000 crore – equivalent to €3800,00000 (XE Rate – EUR/IND – 0.01296), however these are rough estimates that are gathered in an unmonitored manner since most sports betting is practiced in an unregulated manner with the involvement of Indian criminal organizations. Indians placing bets on sports are at the mercy of the underworld bookmakers, and they may have no legal right to have their bets realized.
The submitted report has had support from Punjab and Haryana High Court, Justice Mukul Mudgal, who sees legalization as a tool in the fight against sports corruption and match fixing. Mukul Mudgal also points out that India has had a strong relationship and culture of sports betting regardless of what government officials may feel towards the practice of sports betting. Not facing up to the issue of corruption and match fixing caused by illegal sports betting is turning a blind eye to the millions of Indians who practice sports betting.
The report to be studied by government officials who are studying the possibility of making offline and online sports betting legal in the region, suggests that the current governance of sports betting in India is completely ineffective towards stopping corruption in sport. Legalization is the best foot forward for officials and governing bodies to undertake as it would open up channels with established international bookmakers, creating an economy for Indian sports betting and in-effect the market would be self regulated, with the Indian government only having to make sure that bookmakers follow guidelines and best practice.
