FICCI calls for legalisation of sports betting - Hindu Business Line

New Delhi, May 24:   Industry chamber FICCI has suggested that sports betting be legalised and regulated. On Friday, the Federation of Indian Chambers of Commerce and Industry said the country was losing as much as Rs 12,000-20,000 crore in taxable revenues every year because of illegal sports betting. "The greatest advantage of regulating sports 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," a FICCI statement said. It said that despite pumping in significant resources into banning sports betting, it has not been rooted out and instead the role of underworld operatives in the illegal betting market has come to light. "If gaming and betting is regulated in India, it will benefit the exchequer and could potentially fund sports development, social protection or welfare schemes and infrastructure development plans," FICCI said. In a statement submitted to the Government, FICCI has highlighted how the blanket ban on sports betting has been impossible to sustain without a proper regulation. It also cited examples of different countries, which have benefited from regulating betting. aesha.datta@thehindu.co.in via Business - Google News http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNHPj5vNdF0S4gtVZFPIeTwy_diIVA&url=http://www.thehindubusinessline.com/news/sports/ficci-calls-for-legalisation-of-sports-betting/article4746537.ece

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