For Quick Alerts
For Daily Alerts

Legalise betting in sports to counter spot fixing: FICCI

By Religare

On the back of the IPL spot-fixing scandal, Federation of Indian Chambers of Commerce and Industries (FICCI) has proposed for legalising sports betting in India.

"Despite several attempts to ban it, betting is continuing albeit in an underground way and substantial resources have been invested into enforcing such a ban," FICCI said in a statement.

FICCI in its statement said that India is losing billions of dollars in taxable revenue (an estimated Rs 12-20,000 crore annually) through black marketing operations in sports betting.


It has proposed that if gaming and betting is legalized it will benefit exchequer and could potentially fund sports development, social protection or welfare schemes and infrastructure development plans.

The legalisation of sport betting is going to be the accountability for the large amounts of money transferred through illegal channels and reduction in cases of match fixing, money laundering and crimes, said the reports.

In a statement to the government, FICCI has highlighted how blanket ban on sports betting has been impossible to be sustained without a proper regulation.

Read more about:
Story first published: Friday, May 24, 2013, 23:34 [IST]
Company Search
Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'


We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more