Illegal Betting on the Rise During Cricket World Cup 2023

Illegal Betting on the Rise During Cricket World Cup 2023

VoM News Desk | October 19, 2023 | 05:32 PM IST | Breaking News, Crime | Follow on Google News

Illegal Betting on the Rise During Cricket World Cup 2023

Illegal Betting on the Rise During Cricket World Cup 2023

Illegal betting activities have surged during the Cricket World Cup 2023, with an estimated inflow of Rs 8,20,000 crore (USD 100 billion) per annum in India, leading to potential tax losses of about Rs 2,29,600 crore annually, according to a report by Think Change Forum (TCF). Factors such as digital infrastructure growth, smartphone usage, and the expansion of athletic events have contributed to this increase in illegal sports betting.

Despite regulatory restrictions, India’s illegal betting and gambling market has shown remarkable growth, and cricket, particularly the Indian Premier League (IPL), is a significant driver of this activity. The report estimates that more than 140 million people in India participate in betting and gambling regularly, with this number increasing to 370 million during the IPL.

To combat these illegal activities, the report recommends strict implementation of the new GST regime, including the establishment of a task force to monitor offshore betting activities and forcing offshore operators to register in India. Without such measures, growth may divert from legal gaming companies to illegal betting platforms and offshore operators, leading to substantial tax losses for the government.

The report also highlights that there are over 75 betting and gambling sites targeting the Indian population, many of which continue to operate despite legal bans. These sites often employ covert methods for moving money, such as hawala and cryptocurrencies, posing a threat to financial stability, public order, and national security.

VoM News Desk

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