New Delhi: FICCI welcomes the LCI report on legalizing sports betting in India. The Chamber has been advocating legalizing sports betting in India for last 6 years, which will help the government to earn huge untapped revenue.
Sports betting and frauds in India have affected the credibility of sports and it is becoming increasingly difficult to punish the guilty because of lack of evidence and geographical spread of the problem.
Legalizing betting will only benefit the general masses. Figures indicate the global sports betting market could be worth up to $4 trillion.
FICCI launched the debate on regulating sports betting in India in 2012 after frequent incidents of sports fraud around sports betting. Knowledge reports were also published by FICCI on “Regulating Sports Betting in India – I & II” and few conferences, sessions and workshop including FICCI delegation to the UK in last 4 years were also done in last 6 years. Eminent Indian and international experts have given several compelling reasons for bringing in regulation than criminalizing sports betting.
Scope of Revenue Generation
According to FICCI, regulation is not just to restrict the illegal activities but can also create a scope of revenue for the govt. to invest in social sectors apart from the sports sector. The money earned from betting can be used to augment infrastructure for other sports and tourist facilities. Globally sports betting and gambling are being utilized to generate funds for good causes and promotion of sports. There are a number of examples where gambling and sports betting have contributed towards promotion of sports, in countries like UK and China the funds from sports betting is used for funding of elite sports, training and exposure of athletes.
FICCI strongly recommends regulation of Sports betting and agrees to the LCI recommendation to linking PAN card and Aadhar card to curb money laundering
“I am happy that the Law Commission has considered the moral, constitutional, Legal and financial aspect of sports betting, before recommending its regulation,” said Vidushpat Singhania, FICCI Sports Committee Member & Partner – Krida Legal.
“The Law Commission report has taken into account possibilities of finance, revenue, social impact, possible regulatory structure, licensing mechanism among other issues and it will certainly help lawmakers to provide sustainable and effective regulation,” said Kamlesh Vijay, FICCI Sports Committee Member & CEO- Sugal & Damani Group.
“It will boost the economy by regulating over Rs 300000 crores of unregulated economic activities. The state government may have more funds to invest in the welfare activities and this should be directly linked to the sports broad-basing and developmental activities which often get ignored because of the paucity of funds,” said Siddhartha Upadhyay, Co-Chair, FICCI Sports Committee & General Secretary – STAIRS.
“Revenues from sports betting will immensely help in funding grassroots and national leagues and conducting world-class sporting events which are essential for the development of sports in the country,” added Atul Pande, Co-Chair, FICCI Sports Committee & Chairman – Sportzlive.