Cricket is the most popular sport in India, with millions of fans across the country. With that considered, it’s no surprise that cricket betting is also a popular activity in India, with many people placing bets on both major and minor cricket matches.
However, the legality of cricket betting sites in India has been a topic of debate for a long time. In this article, we will explore the chances of online regulation of cricket betting in India.
The Latest Cricket Betting Stats in India
According to a report by the All India Gaming Federation, the estimated size of the Indian online gaming industry is around Rs 90,000 crore ($12.36 billion) in 2021.
They also mentioned that the online cricket betting sector has the potential to grow to Rs 2.5 lakh crore ($34.3 billion) by 2025. Out of this, it is the sports betting industry that’s expected to contribute around 40% of the revenue.
Cricket is, without a doubt, the most popular sport for betting in India, with the Indian Premier League (IPL) being the biggest tournament. MyBetting India reported in 2021 that around 80-90% of the sports betting revenues are from cricket wagering.
According to other estimates, the total amount of bets placed on the IPL in 2020 alone was around Rs 50,000 crore ($6.8 billion). This is a huge number because it was when the pandemic heightened.
These numbers also highlight the potential revenue that can be generated from a regulated cricket betting industry in India.
The Current Status of Online Cricket Betting in India
Cricket betting in India is currently illegal, except in a few states where it is allowed under certain conditions.
However, despite the legal status, cricket betting is a thriving industry in India, with millions of rupees being bet on cricket matches every year.
Many bookmakers are offering their services in the country, and they offer various options for betting on cricket matches like the ongoing 2023 Indian Premier League.
The Indian government has been cracking down on illegal betting in recent years, but it has not been able to eliminate it. The reason for this is that the demand for cricket betting is high, and people are always finding new ways to place bets, whether it be through online bookmakers or underground betting rings.
The Chances of Online Regulation
There have been talks about regulating online betting in India for a while now, and it seems like it might finally happen.
In July 2021, the Law Commission of India released a report recommending the legalization and regulation of online gambling and betting in the country. The report noted that a well-regulated betting industry could generate significant revenue for the government and create jobs.
It was recommended that the government create a new law specifically for online gambling and betting, which would regulate the industry and protect consumers from fraud and other illegal activities.
If the legislation goes through, the law would also establish a regulatory body to oversee the industry and ensure that all operators comply with the regulations like the UK Gambling Commission in the UK.
How India Could Benefit From Regulating Online Cricket Betting
Regulating online betting in India would have several benefits.
Firstly, it would help to eliminate illegal betting, which is currently unregulated and can lead to fraud and other criminal activities. Secondly, it could generate significant revenue for the government, which could be used for various social and economic initiatives.
Lastly, the online cricket betting industry would create jobs and help fight unemployment in India.
Moreover, regulated betting would provide a safe and transparent platform for bettors to place their bets. The regulatory body would ensure that all operators comply with the regulations and offer fair and transparent betting options to their customers.
Having a regulatory commission could help to protect consumers from fraud and other illegal activities. It could help lessen the risks that come with online gambling activities like cricket betting.
Conclusion
The legalization and regulation of online cricket betting in India could have significant benefits for the government, the betting industry, and consumers.
It could help to eliminate illegal betting and create a safe and transparent platform for bettors to place their bets.
Moreover, it could generate significant revenue for the government and create jobs in the betting industry and related sectors. India just really needs to find a way to make the activity safer for the locals.
That said, the government needs to create a clear and comprehensive legal framework for online betting, which would include licensing requirements, regulations for operators, and consumer protection measures.