India’s Minister of State for Finance and former president of the Board of Cricket Control in India (BCCI) Anurag Singh Thakur raised a point to outline a new initiative for the sports betting legalization in India.
According to the minister, to prevent match-fixing in cricket and head sports towards a positive direction, it is important to work on a sports betting framework.
At an event of ICICI Securities, Thakur said that the country could get huge benefits by building a big sports betting industry and revoking the sports betting ban. The industry would be capable enough to generate massive revenue from the issuance of sports betting licenses and betting taxes.
To generate a significant number of jobs, the betting industry would play a crucial role and also attract investments in the country from foreign sports betting operators. Comparing with the countries like Australia and England, Thakur said that the government could use the additional revenue to enhance the existing sports industry in India and fund numerous other critical projects.
He also suggested that it would be convenient for BCCI to monitor sports betting action through licensed sportsbooks and witness if there is any unnatural activity or spike in the betting amount. It will alert the authorities and give them a better understanding of fishy activities.
Nilesh Shah, Director of Kotak Mahindra Asset Management Company who is also a part-time member of the Prime Minister Economic Advisory Council, agreed with Thakur and said that betting can work as a potent tool to stop match-fixing in the country.
Presently, one of the biggest hurdles for sports betting legalization in the country is the opposition from religious groups who believe that it has a negative impact on society.