Lobby group wants India to create a gaming regulatory body
The Indian government has been urged by an industry lobby group to establish a commission that will have the power to clamp down on illegal sports betting operations in the country.
In a presentation to the government, Sanjiv Paul, chairman of the Federation of Indian Chambers of Commerce and Industry (FICCI), said that India was missing out on significant taxable income through the lack of a regulatory body for sports betting.
“India is continuing to lose billions of dollars in taxable revenue through illegal operations in sports betting,” Paul said.
A FICCI report added that introducing a body based on the UK Gambling Commission would also help to reduce money laundering and potential match-fixing, with illegal betting activity peaking during the annual Indian Premier League Twenty20 cricket competition.
“They [the UK Gambling Commission] audit betting operators in order to ensure that they are complying with the rules and their licenses,” FICCI stated.
“They also investigate complaints against operators and have the power to review and revoke licenses if rules are breached. The commission can conduct criminal prosecutions or co-operate with other authorities.”
FICCI also argued that a blanket ban on sports betting would be counter-productive.