Indian Sports Ministry has brought up the issue of legalization and regulation of online sports betting. As per sources, different government administrations have been approached with the proposal, and informal consultations have been held.
The online sports betting legislative framework is still in its earliest stages of development in the country, some idealize and have referred to the United Kingdom as the market to look up to.According to the ministry officials, the most effective gambling framework has been crafted by the UK, and they hope to understand it and implement it in India.
Injeti Srinivas, Sport’s Secretary, India is currently in England to discuss the terms and hopeful to sign a Memorandum of Understanding. The most important points in the memorandum would that be of online sports betting.
The country still holds sports betting as illegal with betting on horse racing as the only legal exception, taxed at 28%. For now, the rate of tax on sports betting services is yet unknown.
The country’s illegal sports betting market is believed to be valued at $150 billion, with the most of the money coming from the local bookmakers and offshore betting sites, as per the report by India’s International Centre for Sports Security.
The struggle to legalize the online sports betting came in at a time when the country’s online poker is experiencing a boom. With the world’s largest online poker room, PokerStars, entering the Indian market, more and more operators are keen to expand in India.