Finance Minister in India Speaks of the Legalisation of Gambling
The situation regarding gambling in India seems as though it could be set to change given the recent comments by the Minister of State for Finance Anurag Singh Thakur. He spoke of the benefits of legalising gambling and made particular reference to sports betting.
This is good news for people in India who are confused by the current situation as outlined in information from this source: JustGamblers India. Right now, although there are restrictions on gambling in most states, online gambling is a grey area in most of the country. This means that overseas operators can benefit from revenue created by players and bettors in India. This is one reason why regulating gambling in the country makes sense. Thakur also highlighted how regulation could be useful in addressing issues with match-fixing.
Regulation can help deal with match-fixing
The idea of regulating sports betting to help ease the issue of match-fixing was first put forward by Nilesh Shah, Director at Kotak Mahindra Asset Management Company. He spoke to the Indian Prime Minister about how checking patterns in betting can provide an indication of the existence of match-fixing.
Thakur has provided his backing to this point of view and he is ideally placed to do so. He once served as the President of the Himachal Pradesh Cricket Association. Although Thakur speaks from an informed position, he may have to work hard to make his voice heard given that the Indian government has recently been taking more steps to further prohibit gambling in the country. A further aspect of his argument that the government may find compelling is the tax revenue that it is currently missing out on.
Financial benefits of legalising gambling
Thakur is not the first important figure to put forward the financial benefits of regulating gambling in India. Other public entities have also spoken in favour of legalisation, for financial reasons. Sports betting, in particular, was the subject of recommendations by the Law Commission, in 2018. It raised the issue of offshore websites making money from Indian bettors.
It’s easy to see why Thakur, and like-minded individuals and organisations, are pushing for the legalisation of gambling in India. Currently, the market for illegal gambling in the country is thought to be worth around $100 billion. The value of the market is increasing by around 7% each year. This represents a major potential tax windfall that the Indian government could be missing out on.
It remains to be seen what will happen regarding the legality of gambling in India in the coming years. However, with influential individuals like Thakur speaking up, there is definite potential for the government to consider legalisation. If this does happen, it’s possible that India will have its own gambling industry. In the case of sports betting, this will help to alleviate issues with match-fixing. Overall, regulating gambling in the country would result in a significant financial windfall for the Indian government, in the shape of taxation.
