underground sports betting industry market size

Last May, t he Supreme Court overturned a federal law that made sports betting illegal outside of Nevada, but left it up to the states as to what to do next. “I’ve been called by media people, friends, relatives - everybody I know that’s ever placed a bet - and they were just beyond words as to how they could arrest somebody for making a bet,” he said But Sebastian doesn’t think he should have been arrested for it. When you add up the total bets he made through the bookmaker, his handle - the total amount of wagers in a given account - was something like $300,000. Sebastian said his punishment was accelerated rehabilitation and a small fine. “Somebody that had bought my sports picks at one time – I guess was making bets with him – asked me if I wanted to put bets in through him and I said sure.” Its “help and advice” is for addicted gamblers fleeced by bookies who have no one to turn to.“I guess local bookies get customers through referrals and who do you know,” Sebastian said. The UK-based Betting Adda, a website that claims to offer “help and advice on sports betting, mainly cricket, to punters from all over the world”, says it gets 5,000 new registrations and 500,000 visitors every month from India. Its legal status is not clear, but no one has been caught or prosecuted for betting online.

Online betting on sports is also on the rise. In the United Kingdom and China, it said, funds from sports betting are used to finance elite sports and train athletes. “The revenue earned from betting can be utilised to augment the infrastructure for other sports and enhance tourist facilities,” Ficci said in a statement issued Tuesday. The tax rate on horse racing is quite lucrative some states charge as much as 20% on the value of the bets. The Federation of Indian Chambers of Commerce and Industry, an industry body, has been advocating legalising betting in sports on the ground that the government can earn Rs 12,000 crore to Rs 19,000 crore from it every year. Other than horse racing, the only legal avenue for betting in India, is that many states allow regulated selling of lotteries, a form of gambling. But during a United Nations conference at Doha in April 2015, an expert said it could be worth $4 trillion. The committee estimates the global legal sports betting market to be worth more than $400 billion. As is inevitable, the hawala system has awakened to these channels and money laundering has also become an inevitable outcome,” said the report. “With only horse racing legally permissible in India, those interested in betting have gone underground, with illegal bookies managing affairs. Stay tuned with breaking news on HT Channel on Facebook.

Underground sports betting industry market size