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Howzat? The clamour to legalise sports betting wagering in India
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5 February 2016
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By Sameer Hashmi
Mumbai Business reporter
It is the last over of the cricket match, with India needing 17 go to win versus Australia.
In his two-bedroom home located in central Mumbai, a middle-aged male is watching the game, nervously. He's sitting on the edge of his grey colour couch with his cellphone glued to his right hand.
He has made more than 10 contact the last thirty minutes - not to talk about the match but to keep modifying his bet.
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Five minutes earlier his money was on Australia, today as the Indian batsman prepares yourself to deal with the last over he's altered his mind.
"I believe India is winning, make the change," he informs his bookie on the phone.
And a few minutes later his prediction becomes a reality, as India wins the match in a nail-biting surface.
"I have made $200 today," he says with a childish glee.
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For more than three decades he's been sports betting on cricket matches. We can't expose his name as what he's doing is illegal in India.
Besides horse racing, sports betting wagering of any kind is not permitted in India. Despite that, illegal wagering syndicates prosper in the country.
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'Black cash'
According to the Doha-based International Centre for sports betting Security, India's illegal sports betting wagering market is worth some $150bn a year. And much of that sports betting cash is directed towards cricket.
Without any legal opportunity, punters position bets using their phones by making calls to bookies. Gamblers can bank on anything related to the cricket match, from who is winning to the highest individual run scorer.
Most of these deals include so-called "black money", which is money not stated to the taxman.
The 1867 Public Gambling Act bars any type of gambling in India, but unlike in the US which has a law forbiding internet gambling, there is absolutely nothing similar here.
And offshore sports betting companies are utilizing this loophole to lure Indians. Despite the fact that there are no online wagering operators based out of India, a lot individuals have signed up accounts with overseas companies.
"Legally you can escape [with this], as the law is ambiguous for online sports betting," says Mumbai- based legal representative HP Ranina.
But in spite of this, it is "offline gambling", done through call which dominate the marketplace.
Require legalisation
The clamour to legalise wagering in cricket has grown after a panel designated by India's Supreme Court proposed the idea, saying it would assist secure down on corruption in the country's favourite sport.
The Justice RM Lodha Commission was set up to recommend modifications in the functioning 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.
Two franchises have been banned for 2 years after some players and team officials were found guilty of repairing parts of the match at the request of bookmakers.
The panel also argues that legalised wagering will generate tax earnings for the exchequer that might amount to $2bn a year.
Even gamblers feel that legalising sports betting is a relocation in the right instructions.
"I do not mind paying some money out my profits, as long as I can bet openly," states our cricket gambler.
It would also open a substantial business chance for licensed bookmakers and global online sports betting business to establish operations in India.
And it would assist restrict match repairing in cricket and other sports betting, argue lots of, by assisting make transactions included in sports betting more transparent.
"If you work along with wagering companies, you will have a very efficient technique of stamping out match fixing," states George Oborne, who runs a mock wagering site, India Bet.
But numerous likewise believe, that the taxes levied on the bettor and the bookie will need to be sensible to make it attractive enough for them to gamble legally.
However, there are constraints.
"Definitely there will be illegal wagering because (some) individuals wouldn't want to leave an audit path by going into the white market," says Mr Oborne.
He includes that individuals who use unaccounted money to position huge bets will never gamble legally.
Approval question
For sports betting to be legalised, parliamentary approval will be needed to create a new law, and politically this will be a hard idea to offer.
"Despite the fact that many individuals are involved in some sort of gaming - it's still a questionable issue for many," says our unnamed punter.
And offered that India has a - each state will have to also pass a separate law to legalise sports betting in their area.
"The process is so long and difficult that it will take years," states Mr Ranina."That's why, we are negative about this ending up being a truth anytime soon."
Yet with the concept having actually been endorsed by a main panel for the very first time, a minimum of an argument has fired up around a subject - which previously was thought about a taboo.
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For Sports Gambling to Be Legalised
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