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IS INDIA THINKING ABOUT SPORTS BETTING LEGALISATION?
17th May, 2013 at 02:45:32
Old study may be given new life
The legalisation of sports betting beyond horse racing in India could soon be on the table again, reports the Times of India, noting that an independent study conducted three years ago on the regulation of betting by the United Kingdom has been resurrected by India's minister of sports for further study.
The well-connected newspaper emphasises that the project is very much at a preliminary stage and that it could be some time, and only after extensive political and ministerial manoeuvring, before any progress is made, but the market is a tempting one with the potential to generate significant taxes.
Assessments compiled last year by the professional business services group KPMG suggest that the overall gambling market in India could be worth up to US$55 billion.
Other studies by the country's Chambers of Commerce have shown that well over 80% of Indians would rather have a regulated industry than one that is prohibited by government.
India has been embarrassed by a number of high profile betting and corruption scandals in recent years, and proponents of legalisation believe that regulation will help minimise cheating in major sports events.
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