In the country of non-official betting, it is still one of the main sources of social activity in 2020. The concern is how in these hard days betting is on the rise in India.
Bookmakers will continue to increase their revenues thanks to the internet and markets like India and China where betting legislation is tolerant. This is the conclusion reached by Professor Frank Daumann, Head of the Department of Sports Economics at the University of Friedrich Schiller, in an interview with BUSINESS Online. However, in his opinion, in the near future the market will stop developing, as people will begin to realize their thirst to hit the jackpot in something else.
Dauman came to Kazan to perform at the summer school of managers of the Volga Region Sports Academy (one of the largest sports universities in Russia, under his authority in Kazan there are a number of Universiade-2013 facilities). Students from 27 Russian cities listened for two weeks to the speeches of German experts on the sports economy, league organization, doping scandals, corruption in international organizations – and among other things, bookmakers.
We warn you: this conversation will not contain any insights or revelations, but it is useful for those who are not familiar with rates. Moreover, would like to understand what is what in this market. More about big fixtures of Indian sports you can read at 4rabet website
Pushing forward government to the legal status
As it stands, gambling in the great South Asian nation is heavily restricted, aside from selective categories such as lotteries and horseracing. The model is similar to the United States for example, with individual states that have the right to license and regulate.
However, a recent 145-page report from the Law Commission of India (LCI) recommended the licensing and regulation of gambling across the country as a way to curb the rise in online gambling activity. .
Last July’s report concluded that “there could always be an option to have a perspective of the previous approach of a complete ban”, due to the increase in online gambling, which makes it much more difficult to control and curb this activity.
In this regard, ESSA (Sports Betting Integrity), the non-profit association that represents the integrity interests of sports betting operators in the world, said that “as the Law Commission says, the prohibition has been ineffective and has result in widespread unlicensed gambling. The only way to address that, and the significant integrity issues that it brings with it, is to enact a clear regulatory framework for gambling. Such action will undoubtedly have considerable economic and integrity impacts. “
“Some unconfirmed reports have put the Indian gaming market at $ 150 billion per year. Most of these are illegal games, and they are controlled by crime syndicates and do not generate revenue for the government,” Jaydeep explained. Chakravartty, Commercial Director of Ingenuity Gaming.
“By legalizing sports betting in India, the government can earn revenue, stop illegal gambling and also create new jobs. It will be very difficult to establish how many jobs can be created by legalizing sports betting in India, however, to put things right In perspective, one of the existing lottery operators, which has business in many states in India, created more than 300 thousand jobs in one state alone. “
“Their annual income exceeds US $ 2 billion (from a state) and they have given US $ 500 million as taxes to a single state government. With the data we have at hand, I think the areas of job creation and revenue generation will get a big boost from legalizing sports betting in India, “added Chakravartty.
Chakravartty described the world of sports betting in India as “probably the last unexploited market”, but he still has doubts that the “barrage” effect will occur any time soon.
“I am sure that the market will open eventually, however, no one will know when that will be. In addition, I strongly believe that India will also follow the US route where the market will be legalized through the states and not at the level. Federal or central.
“Every market is different and it is the attention to local detail that will help any company to be successful in India. International gaming companies should explore the Indian market, understand the requirements, and be ready to enter when the market opens. “He added.
Cricket as a solid argument
In addition to all its recommendations, the Lodha panel set up to investigate spot fixing in the IPL in 2013 was the one to give legal status to betting or betting in cricket. The Lodha Committee says that it is difficult to completely control the bookies.
Therefore, by giving legal status to betting, the government can earn tremendous revenue from it and that money can be used in the development of the country. Now the question arises whether fixing betting in cricket will stop the fixing. Is it right to make betting legal in a country like India? Or will doing this in turn fixing further increase? Let us discover.
Why is there a demand for legalizing betting in cricket?
Not only the Lodha panel, but from police to lawyers and many experts say that it is almost impossible to stop betting completely because often the people who operate it keep changing their places and numbers and remain underground. Along with this, they argue that every year the government will get revenue of thousands of crores of rupees from legal betting.
Also, by making betting legal in cricket, licensed bookies will help the police in giving information against illegal bookies. This will help in curbing illegal betting and the government will get thousands of crores of revenue. According to a report of FICCI, by making betting legal in cricket, the government will get a revenue of 12 to 19 thousand crores every year. That is, the huge amount of money that is left in the pockets of the bookies will start getting the government, which will be useful in the development of the country.
For this, examples of countries in the world where sports betting is legal. These countries include England, America, Austria, Canada and some countries in Europe. The governments here earn a hefty income by taxing betting every year. According to a report, Australia had benefited by $ 11 billion and Canada by about $ 15 billion. The demand for legalizing cricket in India is also arising because around 65 percent of the betting world bets only on the matches of Team India and about $ 200 million is speculated on every ODI match of Team India.
The Lodha Committee has clearly stated in its recommendations that to make betting legal, it is necessary that the governing body of cricket ensures that no cricketers and officials are able to join it. But the question is that even in the country where thousands of crores of lottery tickets are sold every year, if betting is legalized in cricket, then people will not start taking part in it.
Given the popularity of cricket in India, the fear is that there will be a flood of speculators. Especially the youth and the poor sections, which cannot be said by any means, will increase the possibilities of betting their money. In addition, if betting is legal, there will be a competition to get its license and then big companies will also join it in the round of profits and betting industry will be worth billions of rupees. Where there is as much greed as there is more money, it is obvious that in the desire to earn as much money as possible, big bookmakers will try to fix matches to get the desired results, ie the fear of fixing will not end but will increase.
Gambling is only legal in horse racing in India, but it is a sport played by very few and rich people. In such a situation, the chances of common people joining him are slim. However, legalizing betting in cricket in India can be overwhelming. An experienced punter of the Calcutta Royal Turf Club, who runs horseracing, says that if betting is legalized in India, no one will be able to stop match fixing.
That is, by legalizing the betting in cricket in this country, the government may benefit but cricket will suffer!
The boom in online gambling has also hit India since the corona restrictions. The potential of the market is making European providers sit up and take notice. Because this is huge due to the immense number of potential customers. However, the positive development began before the outbreak of the corona pandemic, which is why various gaming providers from all over the world are positioning themselves. Several Maltese gaming providers have already enjoyed rising sales figures in the past few months and are tailoring their offerings specifically to the Indian market. Although this raises a big question mark from a legal point of view.
The Maltese news magazine Times of Malta recently pointed out the leaps in development on the Indian gaming market in a report. Accordingly, the growth of the market offers completely new economic options for Maltese online gaming providers. This is mainly due to the gigantic population of over 1.3 billion people and technical progress. A large part of the population now has access to online gambling via smartphone.
Various reports suggest that over half of the Indian population will be able to access the Internet within the next three years. This also turns them into potential customers, as simple and inexpensive smartphones also enable games to be played on the Internet. In addition, a considerable proportion of the population, the tech-savvy middle class, with their great interest in football and cricket, are also potential customers for bookmakers . The generally growing economy is also doing its part. However, the legal situation regarding gambling in India is rather opaque.
Gambling Legislation in India. “According to the“Public Gaming Act”passed by the British colonial rulers in 1867 and still officially in force today, almost all forms of gambling are prohibited in India. In terms of federalism, however, three Indian states, Goa, Daman and Sikkim, have allowed gambling in their areas in the form of a few casinos. There are currently 20 licensed casinos there.
If online casinos and online bookmakers want to legally offer their gambling offer in the country with the second largest population in the future, a legal regulation is required. The influx of online casinos that have officially been operating illegally up to now on the Indian market is putting the government of India under pressure. According to various studies, around 80 percent of the Indian population use an online casino at least once a year. However, due to the unregulated legal situation, the Indian government escapes around 1.5 billion US dollars in tax levies every year. It is therefore very likely that the market will be re-regulated in the near future.
Gaming companies from the island of Malta sense their chance
The potential growth of the Indian gambling sector is gigantic, especially in the online space. A country with more than a billion inhabitants, more than half of whom can potentially participate in online gambling using new generations of smartphones, is interesting for every online gambling provider. It will therefore be crucial which providers find the fastest, legal route into the Indian gaming market and best adapt their offer to regional interests.
Several gaming companies based on the island of Malta sense their chance and have already been able to improve their sales figures on the Indian market significantly over the past few months. On the one hand, this is certainly, because almost all land-based gambling facilities have been temporarily closed due to the corona restrictions and the players have switched to online gambling. On the other hand, there is also the increasing popularity of online casinos and sports betting.
The great interest is also evident in the fact that online gaming providers are now offering gaming offers specially tailored to the Indian market. The card games traditional in India such as Teen Patti and Indian Rummy are offered alongside classic online table games and slot machines. In the area of sports betting, bets can be placed on traditional, popular sports such as cricket in addition to classic sports such as football. Although online gambling is still at the beginning of its development in India, the potential due to the enormous population and technical progress is so enormous that the battle for a good position in the Indian gambling market has already begun.
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