As the economy grows, people gather interest in multiplying their money in forums of common interest. In India, cricket is a religion. It is powerful tool for national integrity. Why this can’t be diverted towards a legal platform for doing business through an authorized exchange. In the country where horse racing is legal at many places, futures and options, the instruments which are based on speculation are being traded profusely, why not bring something like “Cricket futures” on to the light in a regulated manner.
The main reason the government has to ban betting on cricket is that the low income groups get attracted to such alluring systems and lose their livelihood. But in a large country with 1.2 billion population, how far it is feasible for the government to ensure such a punt is not happening? There are sources that predicted Rs.10000crores ($2.2Bn USD) of cricket betting taken place during Mohali India Vs Pakistan cricket match!!!! Instead if it creates a regulatory forum for “cricket futures”, it can bring in better organized flow of interests.
Proper regulatory mechanism takes care of “match fixing” in cricket which is analogous to “internal trading” in companies. Innovation in financial economics can welcome growth in the economy provided channels are well cemented to avoid leaks... Comments are invited.. :)
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