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“Since it is not possible to prevent these activities completely, effectively regulating them remains the only viable option,” the report said.
Over a period of time, the people have started betting on the cricket and other national sports.
With several crores of money being transacted illegally and the government’s failure to end the menace, there is a wide spread comment about the need to create a robust regulatory framework for legalizing gambling. The reasons to look at legalising and regulating gambling are several.
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.
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.Daniel Harrop from Portsmouth filed this past May a lawsuit against the Rhode Island Brand name from Lotteries and then the Rhode Tropical island Department of Administration, reasoning that state voters to be able to approve athletics betting during the November 2016 referendum that will asked if the new betting house with Algunas Vegas-style gaming should be situated in Tiverton.The main facility was to replace the Newport Grand casino wars parlor. Harrop great legal staff claimed that though under talk about law most of forms of playing expansion ought to first come to be approved by voters , citizens of the condition were not inquired whether they accredited the legalization of sporting activities betting in the territory with Rhode Region.There is an overwhelming support backed by the law commission report for the idea to legalize gambling.Some of the important points put forward are the failure to control illegal betting (large scale), government losing a huge revenue-earning opportunity, employment generation.Did the strong economic steps like demonetisation and giving more power to tax authorities have made a huge impact on the revenue inflow or curbed black money ?Legalizing gambling would also lead to demands for legal frame work other nefarious activities like prostitution, drugs etc.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.These can be used to fund health and other constructive projects of the government.Apart from revenue generation, legalizing the gambling will surely create huge employment. employs over 2.5 lakh people in the gambling industry, while over 1 lakh individuals are employed in the U. Integrity is a core component in any activity, but in sports and games is crucial to its success.