Should betting be legalized in India
Many countries have already legalized betting, but India is still against betting. The conventional way of betting is illegal in India, but legality on online or electronic betting stands neutral. The debate for legalizing betting roots back to several ages but still haven’t found a conclusion.
To form a conclusion, the law commission wants to know the legal issues if betting made legal. Law commission also wants to know whether legalising betting would reduce illegal activities and will it be morally correct. They also need clarity on whether the government get substantial revenue from betting and generate employment opportunities. Regulated gambling industry in the US employs over 2.5 lakh people.
They also wanted not to leave gambling aside as it is very closely associated with betting and if betting is legalised leaving gambling aside then the whole thing will be ineffective.
Why should Betting be legalised in India?
1. If legalised, the government will earn huge revenue from betting and gambling.
2. A large amount of black money can be abolished by reducing underground transactions. When betting becomes legalised all transactions are done openly and there will be a reduction in black markets.
3. A huge sum of unaccounted money will be accounted and the government can impose a tax on such income.
4. With good skill and better knowledge, even the poor can easily earn more money. As the subject matter in cricket are players, a good prediction about the player’s form can easily fetch you money.
5. Gambling has been taking place, is still taking place and will take place in India. So why not make it legal?
Why betting should not be legalised in India?
1. Hard work will find only a minimum way to earn money whereas people investing in gambling can become rich very soon. Then why should people do hard work and earn money?
2. Betting is just like a lottery. You win only when the wind flows in your direction. If one wins the other must lose. One pocket gets filled the other turns home with an empty pocket. What will happen if a person continuously loses all his money?
3. Betting in cricket implies that players are the main driving factor. Therefore there is a high chance of spot-fixing by players. There are chances for violence and crime rates to go high when people become addicted to money.
4. Savings in the bank account will be highly reduced. The banking industry will have a large impact due to the reduction in the inflow of cash.
5. Right now middle and below them are not involved in betting. If betting is legalized in India then these people enter into betting and the lives of their family will become a question mark. There are a lot of cases where people lost money in gambling and ended their life.
If betting and gambling are legalized in India, then it would require certain amendments in the acts like The Indian Contract Act, etc. There should be a robust regulatory framework which governs that people are not falling prey of excess of betting and gambling. Based on a person’s financial capability each person should be imposed with limits which ensure that their family doesn’t suffer. An awareness campaign should also be regularly conducted to restrict excess betting of money.