It was also suggested that gambling be classified into two distinct categories – “proper gambling” and “small gambling” – with “proper gambling” referring to high stakes play.
In a submission to the Law Commission’s report, local gaming industry body the All India Gaming Federation (AIGF) said it had recommended a regulatory regime that would allow authorities to supervise the sports betting market.
The report also recommends that gambling services should be offered only by licensed Indian operators who would be granted licenses by the regulatory authority and that gamblers should have the number or size of bets capped within a given time period.
“The nature of stakes should be restricted to money with a linkage to PAN card and Aadhar card and the betting amount should be prescribed by law, having an upper limit on the amount one can legally stake in a gamble, which may be on the basis of the deposit, winnings or losses,” the report said.
So the only recourse left is to legalise, regulate and tax which can lead to huge income.
Those these opinions have strong points, but it is no guarantee that legalising betting will generate revenue as projected, How ?
Even a normal estimate suggests with just 15 per cent GST, the government could earn tens of thousands of crores by legalising sports betting.
If online gambling and casinos are also permitted in a strong restrictive way, the estimated tax revenue very huge to both state and central government.
Estimates about the size of the gambling market in India vary according to various private and government agencies.
According to KPMG report, the size could be around $ 50- billion, while other, more recent, studies from financial institution peg the value even to higher numbers.