Can The Economy Rely On Betting To Fill In The Gap?
Establishing fixed laws and regulations over online sports betting and horse races could resolve illegal fixing efforts and provide a good source of revenue to strengthen the economy. During this health crisis, many governments are reviewing various avenues to boost incomes to support the economy which had been badly impacted by the measures to control the pandemic. However, the question is why has the government taken a different measure and banned online betting on sports and even poker online?
In the Indian constitutional debate, people expressed concern about gambling and the total ban on gambling. After receiving responses from the legislature, that certain countries received significant income from game services, the countries that have participated in gambling and gaming are listed in the country list wherein each country has the right to control these activities.
However, in the 1950s, the introduction of the Internet as well as the accessibility to remote services were not predicted. So the problem of having to regulate sports betting (e.g. horse racing betting) has to be solved. If so, does this need to expand regulation online such as betting on sports and horse racing?
Promote legalization of betting
Historically, in the traditional form of games, the lottery, tickets have been used to fund social projects, this includes the British Museum and the Great Wall of China. In India, the British built the city hall in Kolkata in 1813 using lottery tickets. This includes the Ripon Building, Moore Market, Victoria Cathedral, and etc. In the process of looking into problems related to spot-fixing or otherwise called match-fixing, the committee designated by the Supreme Court advised that sports betting be made legal.
In the report, it fairly believes that it will not only be a source of income but also help safeguard the ethics of the sports industry. Standardized sports betting allows you to know the bettor’s identity and betting events, and identify shady betting patterns. If shady betting behavior are recognized, the case can be looked into right away. In order to profit from their evil activities, the person who decides the location/game must place a large bet on the event. The betting method is then triggered and the players and game officials are investigated immediately.
When suspicious activities are found, not only important stakeholders will be investigated, but the stakes will also be invalid, making the punter impossible to make money. What has been seen in the international scene is that registered dealers (bookmarkers) work as sports guardians because the odds are determined influenced by fair play. So if a licensed dealer had been found to be fixing an event, they will lose a lot of money apart from their licenses.
Can our present economic situation rely on betting (of any kind) to fill in the gap? During this time, the forced quarantine as measures to fight the ongoing pandemic keeps our economy stagnant. And even if quarantine and easing have started, there is so much damage that immediate measures need to be done to save the economic climate. For years the government has benefited from betting of all sorts (despite the risks involved), and at this point, betting could still help survive local and even global economy.