Gambling and other forms of betting are the common thorough out the world. In India, people bet on animal fights on the street, cock fights, playing card games. Over a period of time, the people have started betting on the cricket and other national sports. With several crores of money being transacted illegally and the government’s failure to end the menace, there is a wide spread comment about the need to create a robust regulatory framework for legalizing gambling. Will legalizing gambling end the menace ?

Advantages

Curb black money and terror financing

The reasons to look at legalising and regulating gambling are several. First, gambling is already operating in a spread out and operating in a huge way. Despite devoting several legal measure andc covert actions, legal enforcement authorities are not able to curb it. Gambling and betting is mostly done very secretly and which is handled in a delicate manner. It is mostly headed underworld and strong syndicates who use the unaccounted money earned from gambling activities for nefarious activities. These activities could include terror financing. So legalising the activity will not only help curtail an important source of black money and stop funds flowing to terror agencies.

Gambling online if they didn’t feel it was right for them. That’s not what we’re about. What we can do, though, is provide the information needed to make a personal judgement. That’s the purpose of this page. We discuss the main pros and cons of online gambling, so that you can make your own mind up about. As we have seen, when new casinos open, there is a wide range of jobs available to local residents with varying skills levels. Legalizing the sports betting industry would create many jobs directly and many more indirectly, that would provide support for the operations.

Huge Revenues

Estimates about the size of the gambling market in India vary according to various private and government agencies. According to KPMG report, the size could be around $ 50- $60 billion, while other, more recent, studies from financial institution peg the value even to higher numbers. Even a normal estimate suggests with just 15 per cent GST, the government could earn tens of thousands of crores by legalising sports betting. If online gambling and casinos are also permitted in a strong restrictive way, the estimated tax revenue very huge to both state and central government. These can be used to fund health and other constructive projects of the government.

Employment opportunities

Apart from revenue generation, legalizing the gambling will surely create huge employment. Globally, wherever gambling is regulated, it has created a massive opportunity for employment generation. In India it could create direct and indirect jobs for around 25-40 lakh. How ? U.S. employs over 2.5 lakh people in the gambling industry, while over 1 lakh individuals are employed in the U.K.

Disadvantages

Spoils the integrity:

Integrity is a core component in any activity, but in sports and games is crucial to its success. It serves the basis for the enjoyment of participants and spectators. But if the gambling and betting are legalized, integrity and honesty will be under great threat. Match fixing and spot fixing would drastically increase. Athletes and players will be tempted. Psychologically, players attracted to gambling naturally because of their competitive nature, media success, money and self-assured sense of entitlement.

Affects common man

If betting were to be legalised, this lower class of the country will affect. Betting attracts the common man to try their luck and tempts them to play with money. It is very tough to imagine the consequences of a poor person losing his hard-earned money or his life saving on betting. Law commission report on legalizing gambling

India’s Law Commission has submitted a recommendation to government that sports betting and gambling be legalized and regulated. In a report titled Legal Framework: Gambling and Sports Betting including Cricket in India, which was submitted to law minister, the Law Commission said that shutting down illegal gambling and enforcing a ban on sports betting had failed to produce the desired results, leading instead to an increase in illegal gambling and black money circulation. “Since it is not possible to prevent these activities completely, effectively regulating them remains the only viable option,” the report said.

Among the recommendations is for a law to be enacted for the regulation of gambling that can then be adopted by India’s various states. The report also recommends that gambling services should be offered only by licensed Indian operators who would be granted licenses by the regulatory authority and that gamblers should have the number or size of bets capped within a given time period. “The nature of stakes should be restricted to money with a linkage to PAN card and Aadhar card and the betting amount should be prescribed by law, having an upper limit on the amount one can legally stake in a gamble, which may be on the basis of the deposit, winnings or losses,” the report said. It was also suggested that gambling be classified into two distinct categories – “proper gambling” and “small gambling” – with “proper gambling” referring to high stakes play. In a submission to the Law Commission’s report, local gaming industry body the All India Gaming Federation (AIGF) said it had recommended a regulatory regime that would allow authorities to supervise the sports betting market.

Conclusion

There is an overwhelming support backed by the law commission report for the idea to legalize gambling. Some of the important points put forward are the failure to control illegal betting (large scale), government losing a huge revenue-earning opportunity, employment generation. So the only recourse left is to legalise, regulate and tax which can lead to huge income. Those these opinions have strong points, but it is no guarantee that legalising betting will generate revenue as projected, How ? Did the strong economic steps like demonetisation and giving more power to tax authorities have made a huge impact on the revenue inflow or curbed black money ? Legalizing gambling would also lead to demands for legal frame work other nefarious activities like prostitution, drugs etc. So the government has to weigh the pros and cons before indulging the act of legalizing gambling, which can lead to a complex impact on the society.

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Many may not be aware that betting on sporting events in the world has been practiced for centuries. Let’s be honest, as long as there are sports – sports betting will exist around the world despite bans in some countries. In this text, we’ll try to point out some pros and cons of legalizing sports betting.

Betting As A Mean Of Entertainment And A Way Of Making Profits

Today you can bet on almost all sports – but also many other things including phenomena from public life. All you have to do is go to the first sports betting place, study the offer and place a bet. Technological advances have made it possible for you to do the same from home, over the Internet, or by telephone – which is the last known phase of activity that has lasted for two hundred years.

History Of Sports Betting

The beginnings of professional sports betting are related to horse racing and England at the dawn of the 19th century. The English, however, organized the races much earlier. The inhabitants of the Island loved horses, races, and the excitement they bring with them – so they bet regularly, but more recreationally. More serious betting began only around 1800 when the organization of equestrian races was established.

What did it look like then?

In those times it was a bit different. The bettor would place a bet on the horse to the bookmaker and wait for the end of the race. Each bookmaker used to calculate the payout according to its own rules. The basic principles they were guided by were the assessment of the desired percentage of return to the players.

They also look at the assessment of the chances or mood of the players towards individual horses. During the betting, the bookmaker had to monitor the payment and, based on the mathematical calculation and assessment of the remaining payment – devise such quotas that will be to his advantage. However, if he happened to make a mistake in the budget – his odds would be small and neither the players nor he would be satisfied with them.

Sports Betting Today

Today, with the development of technology, everything is different. From the number of sports available for betting, to the precise setting of odds, to the way you can bet. Today you can go to sports betting places – but you can also bet online via the Internet by using your computers, tablets, or mobile phones. Mobile betting applications are one of the most important developing sectors in the last 10 years. Some sports bettings branches pay a lot of money to their players – but they certainly earn even more.

Pros And Cons Of Legalizing Online Gambling Laws

Many sports betting chains have expanded so much – that in some countries they have more branches than the tax administration. This is especially the case with European countries where this type of gambling is very popular – primarily because of soccer, which is one of the most popular sports on the old continent.

Legalization of Sports Betting – Yes or No?

Many US states are still not clear about the topic of legalizing sports betting. According to NJGamblingFun, some states like Tennessee are willing to share the profits from this lucrative business – while some other states are still claiming that sports betting should not be legalized. Where is the middle ground? Although you can see illegal bookmakers almost everywhere – this activity is still demonized in many places.

Even some European countries where this activity is legal – have decided to introduce certain restrictions when it comes to the payment of winnings, taxes, and salaries of sports bettings as well as their number. Will this have a large impact on the economy, sports, and human nature that loves ‘forbidden fruit’? We have tried to point out some of the reasons for and against the legalization of sports betting.

Pros

1. Sports Betting Is An Extremely Advanced Industry

The gambling industry is known as one of the most powerful in the world. And we don’t just mean Las Vegas with its flashy neon signs. In addition to those that are already well known to us – the illegal betting industry is also flourishing. According to some estimates, it is worth more than a hundred billion dollars. Today, the availability of betting has taken off so much that this industry seems stronger than ever.

Although after the decision of the US Supreme Court, each federal state has the opportunity to make its own decision on legalization – it must be recognized that its adoption may be an economically justified decision. Also, anyone who practices this type of entertainment will find it far easier to do so in a legally regulated environment.

Pros And Cons Of Legalizing Online Gambling Winnings

2. The Economy Comes First

Legalizing sports betting would no doubt be a good boost for the economy. Namely, only the filling of the state treasury based on the collected tax could already show the potential of this activity to a considerable extent. Also, there are a large number of jobs that will be opened in this industry in case it is legalized.

Some estimates claim that between 125,000 and 150,000 new jobs could be opened in the US alone. Economists who have worked on the estimates – claim that this industry could bring the state revenues between 4 and 6 billion dollars in two years. Such potential should certainly not be overlooked.

Cons

3. One rule is the same everywhere: The house always wins!

Although many people took betting as a hobby, many of them have fallen into the real traps of sports betting and gambling. However, one rule applies everywhere: The house is always winning! If some people think that different rules apply in sports than in roulette or blackjack – they are wrong. The human factor cannot be ignored. To be even more specific – money spins everything. This means that a large amount of money began to flow into sports – as well as in gambling business.

Pros And Cons Of Legalizing Online Gambling Addiction

This includes sports clubs, various competitions, and championships. We have heard of cases of rigged or sold matches many times. Proponents of the theory that legalization should not be approved also have this as an ace card up their sleeve. Also, there are sports betting statistics, which you shouldn’t blindly rely on – because surprises are always possible. The only statistic that is firmly established – is that the house almost always wins. Or at least certainly, much more than it pays off.

4. Commercializing In The Sports Area

Pros And Cons Of Legalizing Online Gambling Sites

The factual situation cannot be disputed here. Money is already largely determining the factors in sports, both on American and European soil. A large number of billionaires have invested their money in buying clubs and organizing tournaments. Many of them are sponsors of championships in tennis, football, and other sports. Money provides not only events – but also power. And power in sports should not be manifested financially but on the court.