The law minister comes ahead with a stringent conclusion that the existing laws governing the gambling regulations in India are short of completely controlling it. It thus comes forward with a recommendation intending to urge the honorary Parliament to grant legal status to the sports betting in India. Finally, decisions shall be made by the central and state governments in this regard.
If we were to trace the origin of sports betting in India, it goes back to the era of mythology and epics in India. Ancient texts to tried to justify their conclusions about both for and against of granting legal status to betting and gambling.
The report worked out by the Law Commission of India seems to be a lengthy one with a page count of around 145 pages. This present report is a 276th report released from the desk of LCI. The report contains suggestions of the executive body functioning under law and justice. The suggestions highlight is legalizing gambling and sports betting in India.
LCI is of the opinion that a law enforcing model can be worked out by the Parliament to regulate gambling. The same model can, in turn, be adopted by the concerned state governments. This report emphasizes the legislation of gambling and sports betting in India under Constitutional provisions.
In case of legalization of gambling and sports betting in India, LCI further suggests the Parliament introduces a cap on the transaction numbers which the individual indulges for a specific period. The indulgence period can either be a month, on a half-year basis or on a yearly basis. Further, the LCI puts forward that the stake volume can also be placed under a check by linking the gamblers PAN and AADHAR card numbers. Also, a strict age limit needs to impose for playing such sports betting in India.
LCI is also of the view that legalizing betting and gambling would lead to an increase in the investment amount in those states where casinos are permitted. This shall further expand the horizons of industries related to tourism and hospitality. As a result, these two industries of tourism and hospitality will also generate higher amounts of revenue for the State Governments and thus increases the employment opportunities.
FICCI welcomes and appreciates the recommendations put forward by the LCI. From past six years, the Federation of Indian Chambers of Commerce and Industry was seen advocating the move to grant legal status to the sports betting in India. The fraudulent incidences in betting impacts the credibility of sporting activities. Further, it is increasing the difficulty of the official authorities to punish those who are guilty of fraudulent behaviour. This difficulty is in line with the lack of the availability of the shreds of evidence and expanding network of these fraud problems.
If we believe FICCI members, the LCI recommendations are not only focused on restricting the illegal activities; it will also be concentrating to generate a new revenue source for the concerned State Government. According to the statistics worked out by FICCI, legalizing sports betting in India shall regulate a sum or around 300000 crores arising from unregulated economic activities. This increased state revenue shall further contribute to the State government’s share of investing more funds in activities related to welfare. Such sports broad-basing and welfare activities were being ignored till date on account of funds paucity.