My recent visit to Goa has me marveled at the growth of the betting (or politely gaming) industry growth in the state. What started as a few sporadic cruise boats with casinos, has today mushroomed into land and sea casinos, in every nook and corner of Goa. Yes social activists and conservatives will object to this – but see the revenue it earns for the state, which can be reinvested into infrastructure health care and education . Betting like drinking et al is a social evil, only when done in excess, in moderation it is a old lifestyle indulgence of humans , existing since start of civilization. No law, regulation can crub the same. The aim is to educate society to indulge in it moderately.
My purpose with this write up is for Govt of Goa to recognize the huge market that presents itself for earning humongous revenues from the sports betting market in India. Not many know that betting is a state subject; i.e if maharshtra or bengal or delhi want to make sports betting legal, they can go ahead and do it! It is completely in the hands of the state and the center and its tall bureaucracy need not be activated.
What makes Goa ideal for becoming the first state to legalize sports betting -
1. Tourist destination with economic and demographic potential equivalent to a Macau and Philippines.
2. Indians, like Goa as a destination. They would love to take off to goa to indulge in some sports betting and tips, amongst the pristine sun ,sand and beer of India’s No-1 holiday destination.
3. Smaller state and proactive to consumers and tourism- the goan state has an advantage of being a tourist friendly destination . Its bureaucracy is used to working around consumer oriented industries like tourism, making them proactive to facilitate policy and decisions to activate a sports betting structure. Also with a vibrant casino and poker industry Goa is better geared to kick off legal sports betting, than any other state in the country.
Benefits for Goa
1. Huge revenue numbers – to give you an idea- the last world cup in India saw betting figures touching around Rs. 50000 crore for a single tournament. On a conservative estimate an all year round revenue for legal betting in Goa can be estimated at around Rs. 100,000 crore. Betting companies usually operate on 80 :20 ratio. Where 80 percent of their revenue is pay out to winners. The remaining 20 percent, can be split (50:50) between the operating companies and the state government ( revenue sharing basis). This gives a state like Goa with a population of around 14 lakhs- revenues to the tune of 10000 crores per annum. Add to this the investment in infrastructure , tourism growth and employment – Goa and Goans would become the true kings of good times.
I understand the above write up seems radical and socially detrimental to a few . But the benefits are enormous vis a vis the ills. This article is just throwing peripheral light on the potential of legal sports betting. Your comments and valuable feedback should see me offer you further in-depth analysis on this subject.
