NEW DELHI: The Law Commission is set to recommend a series of stringent regulations to allow online betting in India, including one which allows a person to place only three bets a year.
“We want it banned. But if it cannot be, then stringent regulations should be in place…it is an addiction…people have lost so much money,” a senior functionary of the commission, quoting a ‘working paper’ prepared for members to take a final call on the issue, told PTI.
According to the document, people interested in placing online bets will have to play through a licenced operator.
The operator “will” seek details such as income and total property of the person placing bets to allow him or her place “high stake” or “low stake” bets, PTI reports.
The high- and low-stake slabs are being recommended by the law panel to ensure that people indulging in betting do not end up losing all their money and property.
A person who does not come under the ambit of the income tax law will be allowed only to play low-stake bets.
Betting on sports, except horse racing, is banned in India but based on a 2013 report prepared by FICCI, the underground betting market in India is estimated to be worth Rs 3,000 billion.
According to estimates put out by the All India Gaming Federation, even by bringing half of the underground market through regulation, the government stands to gain over Rs 70 billion in tax every year and nearly Rs 100 billion will come in through FDI.
