State Finance Minister Anurag Thakur said Thursday that legalizing gambling and incorporating it into the formal economy will help curb ungodly and corrupt practices such as match-fixing, as well as generate tax revenue.
He made the remarks at an event organized by ICICI Securities, in response to a suggestion from the Economic Advisory Council to part-time member of the Prime Minister (EACPM) and veteran of the mutual fund industry, Nilesh Shah, who proposed legalizing gambling in the country.
It can be noted that sports betting is legal in many countries around the world and reports of these types of cartels arrested are frequently reported, pointing to a prevalence of the activity.
Shah said there is a natural instinct among Indians to gamble and gamble, which is seen in abundance in places like Las Vegas, Macau and Nepal.
“My suggestion will be to legalize gambling and gambling activities, which are clandestine. They continue to exist in our society, ”he said.
In response to the same, Thakur, who has also been closely involved with the cricket administration, said countries like Australia and England have legalized gambling.
Billions of millions of revenues reach the treasury through the activity and are spent on the development of sport or other activities, he said.
“If we look at the problem of match fixing, then the trends in betting can give us clues as to whether something ungodly is happening or not. Gambling can be a powerful tool to stop fixing, he said.
Thakur added that betting is systemic and the same system can be very helpful in keeping an eye on people indulging in match-fixing.
