Legalise Gambling, Betting On Sports As Regulated, Taxable Activities : Law Panel
The Law Commission of India on Thursday submitted a report to Law Minister Ravi Shankar Prasad, which stated that, it is not completely possible to prevent gambling and betting on sports. Hence “effective regulation” seems to be the only viable option.
The Commission recommended that gambling and betting on sports, including cricket, be allowed as regulated activities under direct and indirect tax regimes and use as a source for attracting foreign direct investment (FDI). It also recommended that the government recognise match fixing and sports fraud into criminal offences.
The report stated that such a decision would “strike at the underworld’s control over the illegal and unregulated gambling industry.”
“Parliament may also enact a model law for regulating gambling that may be adopted by the states or, in the alternative, Parliament may legislate in the exercise of its powers under articles 249 or 252 of the Constitution,” it said.
Linking of Aadhar or PAN card of an individual involved in gambling and betting, making transaction cashless to regulate money laundering, was also suggested by the Commission. It also stated that laws regulating Foreign Exchange Market (forex) and FDI to be ammended to allow investments in casino and online gaming industry.
Countries where gambling and betting is legal :
Australia, Singapore, United Kingdom, Canada, Finland, Italy, Hong Kong, Norway, Greece, Spain, Ghana, Mexico, Nigeria, Philippines, South Africa etc.
Countries where gambling and betting is illegal :
United Arab Emirates, Brunei, Cambodia, North Korea, Japan, Cyprus, Qatar, Lebanon, Poland, China etc.