The Sports Ministry has started the groundwork to frame a legislation to legalize online sports betting in India. Informal consultations have already been held with various stakeholders in the government. But then, it may take at least two years for the ministry to prepare a draft.
The UK has one of the most effective gambling laws. The Sports Ministry is also likely to seek assistance from its counterparts in the UK to understand their system and see if it is possible to introduce it in India. At present, betting is legal only in horse racing, and it is taxed at 28 per cent under GST.
According to Doha-based International Centre for Sports Security, the illegal betting market in India is worth $150 billion, or roughly 9.6 lakh crore. The government feels legalizing it will be beneficial for the economy as well as the country.