Illegal betting and gambling: Tax authorities losing Rs 2 lakh crore annually, says report

As Cricket World Cup 2023 is gaining momentum, illegal betting activities are also picking up steam with crores of rupees invested through informal routes leading to a loss of about Rs 2 lakh crore to tax authorities, a report said.

The illegal sports betting market receives an estimated inflow of Rs 8,20,000 crore (USD 100 billion) per annum from India, according to Think Change Forum (TCF) report.

Factors such as digital infrastructure growth, smartphone usage, and the expansion of athletic events have contributed to this kind of inflow, it said.

Despite regulatory restrictions, India’s illegal betting and gambling market has shown remarkable growth, it said.