Agencies, New Delhi, Industry body FICCI has welcomed the Law Commission of India (LCI) report on legalising sports betting in India. In a statement, FICCI said legalising sport betting will help the government 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 evidences and geographical spread of the problem.
Legalising betting will only benefit the general masses. Figures indicate the global sports betting market could be worth up to $4 trillion, it said.
According to FICCI, regulation is not just to restrict the illegal activities but can also create a scope of revenue for the government to invest in social sectors apart from 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,” the statement said.