India considers sports betting legalization
Srinivas, who is currently in England, is likely to sign a Memorandum of Understanding (MoU) in which online sports betting will be one of the key points.
"The UK has one of the most effective gambling laws. We hope to understand their system and see if it is possible to introduce it in India,” a ministry official told The Indian Express.
““According to Doha-based International Centre for Sport Security, the illegal betting market in India is worth USD 150B.
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Most of it is via local bookmakers and unregulated offshore websites. At the moment, betting is legal only on horse racing, and it is taxed at 28 per cent.
Officials assured that the Government is conscious of the social impact caused by this decision. “However, it can be beneficial to the economy as well as sports overall. We are looking at the best international practices in sports integrity and ethics framework,” the official said.
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