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.