Sports is a field which is liked by every person these days and therefore ‘sports’ betting has become very common in today’s world.’ So, if the Gambling in this sports industry comes into picture then the value of the game is lost. Country like India where in every city people follow cricket and because of introduction of Indian Premier League the gambling is also increasing and because of that the game which is known as ‘Gentlemen’s Game’ is now losing its value. People gamble to earn more money; just by predicting the result of the game and by which match fixing also comes into picture. For financial benefit people who are involved in such scandalous activity do not care about anything and they just exploit the spirit of the game.
Sports Betting in India:
Talking about Sports betting in India then we can definitely say that it is Illegal in the country except the horse racing which considered to be legal. Every state in the country has their own laws to curb the betting issue. India has that long love affair with the game of cricket and which is never ending. Betting on Indian premier league outpaces all other betting on major sportsbooks serving India. In India cricket is most famous game and football is second most popular sport which is watched by Indian audience. There are many other games such as badminton, table tennis, lawn tennis which is also watched by Indian Audience but the fans in India ae not so much crazy for these games when compared to cricket and football. So, the uncertainty of the outcome is an essential part of sport’s attraction.
Now a days the issue of Match Fixing is a major threat to sport and because of that online gambling in India is also increasing. Doing these malpractices for earning financial profits. The online gambling racket is growing so fast these days that the rate of organized crimes is also increasing and types of betting are also increasing. By fixing a match result it defeats the very purpose of that game and in this process many professional athletes who are playing the game gets involved to earn more money. There is also increase in corruption due to this activity and it is a fundamental and worldwide threat to future of professional sport.
Laws Relating to Sports Betting:
According to a report by ‘All India Gaming Federation’, the India Exchequer loses almost Two Lakh Crore each year due illegal betting in sporting industry in India. When the analysis is done it showed that about 50 Million USD is wagered on every IPL match which is a huge loss to the economy of the country also and which is against the law.
In India we have varied sets of aw to get rid of Illegal betting in sports industry such as, Section 30 of Indian Contract Act, 1872 makes void and unenforceable any agreement by way of wager except with regards betting on horse racing. Then Foreign Exchange Management Act, 1999 (FEMA) its provisions with the FDI policy prohibits the remittance of income from lotteries, sweepstakes, racing as well as investment in lottery, and gambling and betting business also. Payment & Settlement System Act, 2007 gives sole power to Reserve Bank of India to empower to regulate all forms of electronic payment which makes it compulsory for each individual to adhere to those guidelines.
Prevention of Money Laundering Act, 2002 makes it compulsory for the entities which exclusively carrying on business of offering game of chance for cash as well as casino activities then these entities must adhere to this Act and it also includes maintenance of records also.
IT Act, 2000 prohibits ISP’s not to be a platform for any activity which encourages gambling or betting.
Cable Television Network Rules, 1994 prohibits advertisement of gambling activities.
And finally, Income Tax Act, 1961 under Section 115B and 194B keeps checks on the income gained through winning of lotteries, races, betting etc. as taxable.
There is no specific law to govern the gambling and betting in India. There is a need to implement the above said laws properly to curb the issue and to increase transparency there is a need to implement the laws related to gambling and betting activities.
To sum up ‘The charm and Integrity of the Sports need to be safeguarded at any Cost’.
 Section 30 of Indian Contract Act, 1872