In areas of the world where it is already legal to place bets on Sport, it is probably one of the biggest forms of gambling. You can place a stake on anything from the result of a Football match all the way to who will score first in a game of Basketball. Online betting has also made betting more accessible for young people, who generally bet a lot more on sport than they spend in Casinos and on Fixed odds machines.
If India does manage to legalize betting on sports it could be a massive boost to the country’s economy in the long run. Their Sport Ministry has recently started drafting a piece of legislation that would see Sports betting become legal in the country. Many reports also indicate that informal consultations have and will continue to be held with various stakeholders in the government.
As of this moment sports betting is completely Illegal in India, that is unless we’re talking about Horse Races; which you’re allowed to place a stake on. The illegal gambling market Is currently worth a mind staggering $150 Billion and we can see why the government are trying to get their piece of the pie! Whether or not all of the people who are currently betting illegally will switch to the legal option is hard to say. But if nothing else it will bring in a bit of money in taxes. Many Government officials have also expressed an interested in getting a bit of help from it’s counterparts throughout Britain!
Injeti Srinivas is likely to sign a memorandum of understanding which states that online betting will be one of the key factors; he said “The UK has one of the most effective gambling laws. We hope to understand their system and see if it is possible to introduce it in India. The UK has overcome this (poor funding) through the lottery and online betting.
“The department is preparing a Memorandum of Understanding with the UK and the aspect of betting will be included therein in order to understand the mechanism and evolve a view on the possibility of its introduction in India. However, it can be beneficial to the economy as well as sports overall. We are looking at the best international practices in sports integrity and ethics framework.”
Just because this process has started doesn’t mean we will see Sports betting legalized for a long time. We think it will be at least 3 years before any of the final details are announced but only hope that it comes quicker. This could have a massive impact on the economy in India and bring in a lot of extra revenue. Thanks for reading and always gamble responsibly!