The Indian government is structuring new guidelines to declare sports betting and gambling as fully regulated and legal activities. According to the International Centre for sports security, Indian sports betting is a huge industry that can generate lakhs or crores of tax profit after its legalization. India’s Law Commission and Sports Ministry are taking the new initiatives for the legalization of regulated sports betting in the country.
Growth Of Mobile Game Development Companies Through Sports Betting in India
If sports betting is legalized in India, it will be the biggest achievement for mobile game developmet companies and the country’s government as well. To benefit the members, sports club are making the huge investments in sports mobile game app creation. Industry-leading companies have developed various mobile apps such as Bet365 to allow their users to enjoy mobile sports betting.
10 Points Suggested By The Law Commission Of India
Considering the status of the legalisation of sports betting in India and online gambling, Law Commission has made certain statements to restrict match fixing and prevent the cases of fraudness. Restricting betting activities completely is not proved fruitful. Thus, the Law Commission recommends to make online gambling and sports betting taxable under the jurisdictions of direct and indirect tax.
- Parliament can pass a model law that only allows regulated gambling versions (adopted by the individual state government) to operate gambling practices.
- Laws managing India’s FDI policy and foreign exchange should be revised to facilitate online gaming and casino market investments.
- Gamblers are assigned with certain time duration when they can participate in the gambling activities. For example, monthly, half-yearly, or annually.
- Web portals advertising or marketing gambling should make sure that no insulting or objectionable content will appear or promote on their sites.
- Underage applicants or people, who do not come within the scope of Income Tax Act or the GST Act, should not be allowed to indulge in gambling activities.
- Transactions should be made online (digitally) with proper linking of identity proof such as PAN Card or Aadhar cards to quickly address any illegal activities if performed.
- The Law Commission of India should address the problems associated with gambling and betting legalization following betting scandal during IPL 2013, said Supreme Court of India.
- Legalizing sports betting and gambling completely will generate enhanced profit to the states that allow these activities.
- Responsible gambling or betting guide should be provided on the sports betting or casino website.
- After analyzing 2013 report, FICCI (Federation of Indian Chambers of Commerce and Industry) putting efforts for regulating and legalizing sports betting in India predicts that worldwide sports betting industry could be huge with about $4 trillion value.
Recommendations given by the Law Commission regarding legalization of betting in sports in India has gained a thumbs up from the sports industry. But, some legal professionals are saying that this is not a good report and consists of many anomalies that need to be improved. Many people and authorities are supporting the Law Commission’s suggestion to legalize sports betting in India. Let’s see what will happen.