The IPL is a big deal in India, given its raving popularity amongst cricket fans as well as the passion with which the country continues to follow each season of the sport. With IPL 2021 less than a month away, it is now more evident than ever that the country is geared for yet another season of “cricket craze”.
But it is not only the excitement for watching the IPL season that makes IPL such a momentous time in the country. For a lot of Indians, the IPL means a chance at a secondary income. While this income may or may not be enough to sustain them for an entire year, the chance to make some extra money during the IPL season is something that isn’t ignored by most regular Indians.
So how exactly does the IPL provide a supplementary income to people?
The answer lies with IPL betting. Even though physical gambling and sports betting through bookies are considered illegal in India, there exists a huge community of bookies that run an entire economy based on the IPL. The simple reason behind this huge illegally run yet successful business is the convenience with which people can bet on the IPL and make some extra money.
While estimates can guess at the numbers that this secretive industry is cranking out, there is perhaps no solid way of knowing the actual amount of money that the industry generates every year. But as per a couple of underground bookies who have been caught before, each IPL match can go up to 100 crores in value of the wagers placed. And that’s just with one bookie!
So despite running the risk of getting caught, why do bookies continue to operate large-scale operations of IPL betting?
The answer is clear – the success of the industry is too much, and the risk is comparatively lesser. However, this seedy underbelly of the IPL has put many regular people and their money in danger. Illegal activity aside, the lack of regulatory authorities in the sector makes it impossible to protect the needs of the users.
But there seems to be an alternate option that has recently shown up in the last couple of years, providing a bit of relief to many who wish to bet on the IPL.
The Rise of Online Gaming
The advent of fantasy sports websites such as Dream11, who even sponsored the IPL 2020, as well as many other IPL betting sites that offer an alternative to illegal bookies, has helped people move on to a safer and less illegal option. Since online betting is yet to be included in the Public Gambling Act of 1867 as an illegal activity, it currently exists in a convenient legal grey area, which most betting sites exploit.
However, much is to be said for the relative safety of using such online gaming apps and betting sites. Using safe and secure payment methods such as UPI and e-wallets that are already popular in India, these betting sites are definitely a less dangerous alternative to underworld bookies.
If nothing can be done to stop the Indian populace from betting on the IPL, then perhaps the only solution is to consider legalizing online gambling and putting in the infrastructure to regulate the industry. Experts suggest that state governments can look to earning around 1000 to 2000 crores in taxation revenue annually were betting to be legalized.
As per recent turns in policies, some states like Maharashtra, have considered the pros and cons of legalizing and formally regulating the industry. For an economy that is still recovering from the attack of the pandemic, maybe the regulation of online gambling may become a way out in the future.