The Indian authorities have always found sports betting to be difficult. According to a survey conducted in 2006, chance plays only a small role in most sporting events, and the outcome of a game is primarily determined by the player’s ability and the game conditions. Despite this, the official stance hasn’t changed.
Despite the lack of regulatory oversight, India’s sports betting industry has become a billion dollar business. The country’s middle class is a receptive market. Its love for cricket is evident in the number of illegal bets placed on the Indian Premier League. There are also huge numbers of Indians who enjoy football, badminton, horse racing, and basketball.
Despite widespread support for the growth of sports betting, the Indian government has remained opposed to FDI in betting platforms. However, there is no evidence to suggest that betting on sports would be detrimental to the economy. The UK Gambling Commission regulates the sports betting industry and has repeatedly called for regulation in India. Many high-profile business groups have also urged the government to regulate sports betting in India.
Legalizing sports betting is one way to bring more people into the country’s economy. Legalizing the industry would help the country’s economy by generating a large amount of income for its citizens and diverting massive amounts of money to foreign operators. At the same time, legalizing sports betting would help update the country’s laws to reflect the current market conditions.