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Betting is banned in India. Every day during the major sports events like Cricket world cup, you will find the news channels go abuzz with news of how many are caught, what is the amount recovered etc. Even the biggest of biggies in India seem to be involved in this. we call this racket.

Should India ban the betting. if you ban it, you are creating another channel for the black money and another way of earning bribe for the enforcement agencies. It would always be better to permit and regulate any industry which has every means to bypass the rules.
By legalising and regulating, we can generate more employment and proper checks and balances.

One strange thing i found from the Internet is that actually you can bet in in Indian Rupees  on there are many ways to pay them, there are ways to get you money back. However, what i don’t know is weather it is legal or not. it seems to me like a professional organization and have checks on daily limits etc.

Now the question of legality. this seems to be legal in some European countries. You don’t need to go through the underworld.  there seem to be some codes and ethics in the industry. Bet legally, gain and pay tax. The company also pays tax.
we cannot deny the existence of betting in India. but there are no checks and balances which actually contribute to illegal things. I think its time to call betting industry rather than betting racket.

Having said this i am not in favour of betting and i don’t bet myself. But it would be in the larger interest of the country to remove one sector from the hands of mafia and gain some income. this will be a very good income generated for the country.

The finance minister need to initiate a debate on this so that the larger population will participate in this debate and country gets income rather than the corrupt officials, mafia and news to the media.

Originally posted 2011-02-19 11:35:00.