Betting is ubiquitous in society. In India, people bet on card games, animal fights on the street, etc. Over a while, people have started betting on cricket and other national sports. With several crores of money flowing illegally and the government’s failure to end the menace, legalizing betting’s advantages and disadvantages are like two sides of the coin, each fighting to land upright. Let us look at some reasons for legalizing betting:
Advantages of Legalizing Betting
Curb Black Money and Its Misuse
Betting is already operating in a spread out and running hugely. Despite devoting several legal measures and covert actions, legal enforcement authorities are not able to curb it. Betting is mostly done very secretly and handled delicately. It is mainly headed underworld and strong syndicates who use the unaccounted money earned from gambling activities for nefarious activities. These activities could include terror financing. So, legalizing it will help curtail an essential source of black money and stop its misuse.
Estimates about the size of the betting market vary according to various private and government agencies. According to studies from India’s financial institutions, the measure could be around $ 50- $60 billion. Even an average estimate suggests with just 15 percent GST in India, the government could earn tens of thousands of crores by legalizing sports betting. If casinos and online gambling are also permitted, the estimated tax revenue is enormous to the governments.
Generation of Employment Opportunities
Apart from revenue generation, legalizing betting will undoubtedly create massive employment. According to various statistics, wherever gambling is regulated, it has created an enormous employment generation opportunity. In India, it could create around 25-40 lakh direct and indirect jobs. The U.S. employs over two lakhs fifty thousand people in the gambling industry, while in the U.K., over one lakh individuals are employed.
It Contributes to the Sport’s Popularity
Sports immediately become more appreciated when some little money comes into play. The Player’s every action will make you cheer and appreciate their effort. Every point scored in any sport will be valued more by the viewers.
The legalization of bets could increase overall passion and viewership, making both the players and the viewers happier with their career decision.
Competition Means Attraction
Sports will create more attraction if the viewers become very passionate during matches. It’s a win-win situation for all. Streamers will get more viewers, and players will get a more extensive crowd to keep the consumers excited and entertained.
Many Opportunities for Businesses
If betting were to become legal, hundreds of thousands of betting locations would become potential business opportunities. Every government could benefit from these places opening up here and there throughout their country.
League Organizers Support
League organizers have expressed their pro-bet thoughts in the past, and almost everyone interviewed on this subject stated that they feel like sports betting should be legalized throughout countries around the world. These organizers were specific about the “win-win” factor for earnings for the players, the consumers, and the governments’ benefit due to taxes.
A Regulated Industry Helps Protect Gamblers
Player safety and security should always be a priority. Gambling is a divisive topic, but it’s going to happen irrespective of it being legal or not. With access to a regulated gambling market and legitimate casinos, players can be protected.
Disadvantages of Legalizing Betting
Spoils the Integrity
Integrity is a core component in sports and games and is crucial to its success. It serves as the basis for the enjoyment of participants and spectators. Legalized gambling will encourage match-fixing and spot-fixing as it grants media success, money, and a self-assured sense of entitlement to both players and bettors.
Affects Common Man
Betting attracts the commoner to try their luck and tempts them to play with money. Loss of wealth has severe consequences for people with little money.