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Understanding the concept of betting

Betting can be understood as risking money on the outcome of any uncertain event. For instance, people betting on sports events such as cricket matches, which is not legal in India. People bet their money on a certain team to win the match which will help them earn money off people who lost the bet. This often leads to people losing a lot of money and never being able to earn it back. People get trapped in the vicious cycle as they fail to understand when to quit. This might sound like an evil trap but it is not as long as the players know how to play it patiently, safely and smartly.

India is the land of the free and hence people are allowed to hold different perspectives and viewpoints. If betting on uncertain events is legalised, people will not only have the freedom to have an opinion but also the freedom to choose whether they wish to engage in such an activity or not.

According to a report by The Federation of Indian Chambers and Commerce and Industry (FICCI), the Indian gambling market has been sized at Rs. 3 Lakh Crore annually. If the government legalises it and imposes about 20% taxes on the same, the government can easily secure Rs. 12,000 to Rs. 19,000 crores into its treasury. The extra cash can really boost the economy of the country and extra cash in the hands of the government can be used for poverty elimination and creation of jobs (if the deeply rooted corruption lets it happen).

In India betting on certain things is legal which include betting on horse racing or lottery etc. The question that often arises is should betting on all sports events and other uncertain events be legalised in India? The answer is quite simple. The answer is to adopt a mid-way instead of a straight yes or no to the question. By legalising betting but also instituting agencies at different levels and establishing laws to regulate the activity of betting to an extent. Also, the Supreme Court was recently found considering legalising betting in sports event.

Why betting should be legalised

The reputation of the word betting is not what it should be. Here is a list of reasons explaining why legalising betting is going to be a good move-

• If betting becomes a legal activity, the government will be able to impose taxes on the activity. Increased taxes mean an increased revenue flow into the government’s treasury which can be utilised for the growth and development of the nation. The wealth so accumulated can be used for welfare of the poor and the needy
• The word gambling, when used has a derogatory tone attached to it. Generally, because of the ethics, morals and religions, we draw our judgments and decisions from. However, it does not have to be that way. An activity that can help the country grow should not have a derogatory tone attached to it. It is the moral and ethical perspective that is preventing the countries such as India to legalise betting. It is the people that fail to understand when to quit it and go home.
• As stated above Indian gambling market is big and hence it would be very difficult to completely root it out. Even though it is an illegal activity that doesn’t stop the offenders from being a part of the big gambling market. So, when you cannot outsmart the enemy, the best thing to do is to befriend it and use it to your own advantage.
• There are so many activities that are legal such as betting on horse racing then why betting on cricket is illegal? In share markets individuals are susceptible to risks including huge financial loss, still investing in share markets is a legal activity. Is it the word ‘investment’ that makes all the difference? Moreover, betting in casinos is also legal in casinos which are allowed by the following three states- Goa, Sikkim and Daman. Is not this contradictory? Well, there are many more laws in India that will leave you in shock.
• Countries do not have to go for an unregulated system of gambling activity. Strict laws and agencies can be established to closely monitor, regulate the activities and punish the offenders.
• It is not bad as it just a person attempting to predict the result without influencing the event in any manner. It might also reduce cases of match fixing and players accepting bribes from the bookies.

How to regulate the activity of betting

• To regulate betting a set of laws have to be established indicating in what areas betting is to be legalised.
• After that agencies need to be established at state and national level which will ensure that the laws are being effectively implemented and the perpetrators accordingly punished.
• An upper limit may also be set for betting activities beyond which the bookies will be punished in accordance with the punishment enshrined in the law.

Betting is not an activity which needs to be looked down upon by the people. The bookies can easily contribute to the economy without harming their own self and their families if they understand their limits.

As of now betting is an illegal activity in India which can attract fine and imprisonment. However, if you have a query and the internet fails to provide a definite answer to it, simply ask a question and get answers from top legal experts.