06/01/2016 4:57 PM IST | Updated 29/08/2016 9:41 PM IST

FICCI Welcomes Lodha Committee's Suggestion To Legalize Sports Betting In India

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Federation of Indian Chambers of Commerce and Industry (FICCI) President and Vice-Chairman of the Bharati Telecomminication and Airtel mobile, Rajan Bharati Mittal (2R), Beijing Olympics gold medalist and Commonwealth Games ace shooter Abhinav Bindra (R), Chairman of Yashraj Films Yash Chopra (2L) and FICCI Secretary General Amit Mitra look at the logo during the launch of the FICCI new logo in New Delhi on October 21, 2010. Ace shooter Bindra, along with film maker Yash Chopra unveiled the new logo for FICCI. AFP PHOTO/RAVENDRAN (Photo credit should read RAVEENDRAN/AFP/Getty Images)

NEW DELHI -- The Federation of Indian Chambers of Commerce and Industry (FICCI) welcomes Justice R.M Lodha Committee's suggestion to legalize sports betting in India. FICCI has been advocating legalization of sports betting in India for the past 4 years and have been pushing this agenda with the Central and state governments. FICCI feels that the issue should be discussed with the stakeholders in the sports sector before tabling any bill in the Parliament for further debate.

As per the report of The International Centre for Sport Security ( ICSS), The Illegal Gross Betting and Gambling Revenue market in India is estimated at USD 150 billion. The global sports betting market could be worth up to USD four trillion, an expert quoted during a United Nations conference on targeting match-fixing in April 2015 in Qatar.

The revenue earned from betting can be utilized to augment infrastructure for other sports and enhance tourist facilities. Globally sports betting and gambling are being employed to generate funds for good causes and promotion of sports. In countries like the UK and China, the funds from sports betting are used for financing elite sports and training athletes.

Sports betting and frauds have been affecting the credibility of sports in the country. After frequent incidents of sports fraud around sports betting, in 2012, FICCI had launched the debate on regulating sports betting in India. Much has happened since then in illegal sports betting area.

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