How People Use The IPL To Make Money Every Year.
IPL is a big deal in India, given its skyrocketing popularity among cricket fans as well as the passion with which the country continues to follow every season of the sport. With the 2021 IPL less than a month away, it is now more evident than ever that the the country is set for another season of ‘the cricket craze’.
But it’s not just the excitement of watching the IPL season that makes IPL such a memorable time in the country. For many Indians, the IPL means a chance to earn a secondary income. While this income may or may not be enough to sustain them for an entire year, the opportunity to earn extra money during the IPL season is not overlooked by most regular Indians.
So how exactly does IPL provide additional income to people?
The answer lies in IPL betting. Even though physical gambling and sports betting through bookmakers is considered illegal in India, there is a huge community of bookmakers running an entire IPL based economy. The simple reason behind this huge illegal but successful business is the convenience with which people can bet on IPL and earn extra cash.
While estimates can guess at the numbers that this secret industry is growing, there may be no solid way to know the actual amount the industry generates each year. But according to a few underground bookmakers who have been caught before, each IPL match can go up to 100 crore in the value of the bets placed. And that’s just with a bookmaker!
So despite the risk of getting caught, why do bookmakers continue to conduct large-scale IPL betting operations?
The answer is clear: the success of the industry is too great and the risk is comparatively less. However, this seedy underbelly of the IPL has put many ordinary people and their money at risk. Aside from illegal activity, the lack of regulatory authorities in the sector makes it impossible to protect user needs.
But there seems to be another option that has recently popped up over the past couple of years, offering a bit of relief to many who wish to bet on the IPL.
The rise of online gaming
The advent of fantastic sports websites such as Dream11, which even sponsored the IPL 2020, along with many more IPL betting sites which provide an alternative to illegal bookmakers, has helped people switch to a safer, less illegal option. Since online betting is not yet included in the Public Gaming Act of 1867 as an illegal activity, it is currently in a practical legal gray area, which most betting sites operate.
However, there is a lot to be said for the relative safety of using these online gaming apps and betting sites. Using safe and secure payment methods such as UPIs and e-wallets which are already popular in India, these betting sites are certainly a less dangerous alternative to underworld bookies.
If nothing can be done to prevent the Indian population from betting on IPL, then perhaps the only solution is to consider legalizing online gambling and putting in place the infrastructure to regulate the industry. Experts suggest that state governments can consider earning around 1,000 to 2,000 crore in tax revenue each year betting to be legalized.
According to recent changes in policies, some states, such as Maharashtra, have examined the pros and cons of legalization and formal regulation of the industry. For an economy that is still recovering from the onslaught of the pandemic, perhaps online gambling regulation could become an issue in the future.