Modi and Sports Betting

Sports Betting
Gambling in India is banned except lotteries but India have an illegal racket running nationwide that conducts batting on many things. The net turnover of illegal batting in India is estimated to be around $150bn and bulk of which is in cricket. Other things that have betting in India are movie performances on silver screen, election results, weather predictions etc.

IPL in cricket itself accounts for a large part of batting money in India. Indian bettors often have to transact money with foreigners. E-platforms such as Moneybookers and neteller are popular payment methods for such transactions. Online e-wallets are also used in which money is deposited by payees and it is then used to fund betting activities. Measures like demonetization have made circumventing the rules difficult as the cash depositors may be asked to reveal the sources of the money later.

As part of the income tax disclosure scheme, around 65 thousand crore rupees was declared but it is alleged that a large part of this illegal wealth still remains unearthed and after demonetization the part of this money thatís cash has become piece of paper. However, the effect of demonetization on the money stashed abroad in still unclear. This foreign money is estimated to be more than ten times the countries total debt. Gamblers and betting agents are having a hard time as e-transactions leave money trail for tracking and may invite troubles for them anytime in the future.


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