Betting is an activity of predicting the results. Especially sports
betting is a multi billion business around the world. Betting market is
growing day by day and in India Betting activities are illegal.
Now, let’s talk about IPL cricket Matches in India. Recently we have been hearing news from media about huge scam happened with IPL Franchises. Huge amount of black money is sloshing around. Usually this money is sent to bookmakers and people get back the money when they win the bets. These transactions are hidden from Income Tax Department to avoid the Tax. People do lot of circus to utilize their black money and make huge bucks with out paying tax to IT department.
There should be some way to monitor and control the flow of black money and I think this can be done by making betting legal in India has in other countries like US and UK. If Betting is legalized in India all these transactions are put on papers and government can tax it their by generating huge revenue. Government should allow bookmakers to create Betting market in India so that the black money will not flow out of India. Legalizing betting can help in more tax paying business and also help people to convert their black money to white money.
Ok coming to the point, Betting on sports is controlled by bookmakers. These are the people who accept Money online from the people and maintain their bets for a given event. There are more number of online bookmakers who provides betting service to Indian market.
I am not sure if there is any law in India which avoids an individual to use this bookmaker’s service that are based outside India. Usually these bookmakers maintains an account for an individual who wants to bet. They accept Credit cards, PayPal and bank transfers etc for sending and receiving money.
Paddy Power is one such Bookmaker . You can try and explore more!
Now, let’s talk about IPL cricket Matches in India. Recently we have been hearing news from media about huge scam happened with IPL Franchises. Huge amount of black money is sloshing around. Usually this money is sent to bookmakers and people get back the money when they win the bets. These transactions are hidden from Income Tax Department to avoid the Tax. People do lot of circus to utilize their black money and make huge bucks with out paying tax to IT department.
There should be some way to monitor and control the flow of black money and I think this can be done by making betting legal in India has in other countries like US and UK. If Betting is legalized in India all these transactions are put on papers and government can tax it their by generating huge revenue. Government should allow bookmakers to create Betting market in India so that the black money will not flow out of India. Legalizing betting can help in more tax paying business and also help people to convert their black money to white money.
Ok coming to the point, Betting on sports is controlled by bookmakers. These are the people who accept Money online from the people and maintain their bets for a given event. There are more number of online bookmakers who provides betting service to Indian market.
I am not sure if there is any law in India which avoids an individual to use this bookmaker’s service that are based outside India. Usually these bookmakers maintains an account for an individual who wants to bet. They accept Credit cards, PayPal and bank transfers etc for sending and receiving money.
Paddy Power is one such Bookmaker . You can try and explore more!
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