Two illegal betting rings in India made transactions amounting to an astonishing Rs 10 crore between 2012 and 2020.
India's Central Bureau of Investigation (CBI) found the individuals involved were part of a larger circle of criminals that had links to match-fixing individuals with influence on the Indian Premier League (IPL).
A report from the CBI read: "The accused opened bank accounts using fake ID cards and 'know your customer' (KYC) documents in connivance with some yet to be identified bank officials. In the report, a part of the money received from the punters was shared with their foreign-based associates through hawala," CBI officials said."
The news is expected to add to growing calls for full legalization from the pro-gambling lobby in India, which believes a large amount of money and job opportunities are being lost to illicit dealings in the dark betting market.
How Many Indians Already Bet On Cricket In India?
Despite the nationwide prohibition, betting in India is a favourite pastime of millions - the majority of which takes place with dangerous underground bookmakers.
A new study from sector specialists ENV Media, titled Sports Betting Trends in a Mobile-First India, estimates the number that partakes in gambling with the best betting sites when big sporting events take centre stage.
The report reads: "During India's ODI matches, an estimated USD 200 million changes hands, albeit largely illegally. The combined annual turnover of legal and illegal (online and off-) sportsbooks is reported anywhere from USD 130 billion to USD 150 billion."
The paper expresses its amazement at the reluctance of the Indian government to capitalize on the clear and overwhelming mandate of the voting public.
"Given the sector's social and economic importance, it is surprising to see Central and State authorities approach the issue in such a timid manner. The Justice Lodha Committee made an attempt to propose a regulatory mechanism that never amounted to a Bill. Industry bodies remind us that simply by making online sports betting a regulated business India can render transparent as much as INR 3 lakh crore annually (over USD 40 billion), making it enter the economy and finding sensible use for the public revenues that can derive from it."
Other reasons For regulating gambling in India
Industry experts can point to a long list of benefits to industry regulation beyond immediate financial benefits.
Often made arguments for ordinance include:
? A safer environment for players from which to bet.
? Responsible gambling education.
? Less of a drain on national crime-fighting resources.
? Protecting the integrity of national sports such as cricket and Kabaddi by staving off match-fixing scenarios.
? The immediate closure of illegal betting rings.
Is there a future for gambling in India?
Recent news coming out of India suggests a general softening to the idea - Meghalaya Law and Taxation Minister James P K Sangma recently moved to legalise land-based and online gambling in the state for tourists.
The ENV Media study believes there are many reasons to be optimistic, stating:
"While the legislative climate prevents the industry from any long-term plans and investments, many experts are hopeful that the above transformations will lead to a viable and politically persuasive legal alternative to a completely unregulated market that is dominated by underground betting."