Legalizing and regulating gambling and betting will not only create employment opportunities for millions of people, but would also help government earn huge revenue from the sector.
However, responsibility of ensuring welfare and safeguarding the interests of the vulnerable sections of society should be kept in mind while regularizing betting, they said.
Speaking at the All India Gaming Summit here, Law Commission Chairman Balbir Singh Chauhan said the issue of gambling and betting had to be addressed by experts of the industry and that the Law Commission would welcome their opinions and incorporate them in its report.
“As per the industry reports, regularizing and legalizing the sector will bring in revenue and employment. But responsibility of ensuring welfare and safeguarding the interests of the vulnerable sections of society should be kept in mind while regularizing betting and gaming,” a statement quoted Chauhan.
The summit organised by All India Gaming Federation addressed topics such as ills of the present system, issues and challenges and self regulation in skill gaming.
Rajya Sabha Member and senior advocate of the Supreme Court K.T.S. Tulsi said if betting was legalized and regulated, it would provide direct employment to 5,70,000 people and indirect employment to millions.
“Besides, government can earn huge revenue by legalizing the sector. For example, on a turnover of Rs 1,50,000 crore, the government can earn a TDS of Rs 4,500 crore,” he said.
Sarika Patel, Commissioner of UK Gaming Commission, said that the UK’s gambling laws were very comprehensive and included both betting and gambling.
Phil Harisson, Regulator at Gaming Laboratories International (Australia), said it was impossible to restrict gambling and hence regulation was the best solution.