AIGF seeks FDI in gambling, betting and lottery sector

06 July 2016

From Economic Times of India

 

MUMBAI:

All India Gaming Federation (AIGF), a not-for-profit organisation working towards promotion of sporting and gaming activities, has written to the Ministry of Commerce & Industry to allow foreign direct investment in the gambling, betting and lottery sector. 

AIGF has claimed that even as these industries are increasingly been recognised as legitimate industries globally, offering entertainment and recreation avenues to millions across the world, they remain illegal in most parts of India.

Under Para 5.1 of the FDI policy, foreign technological collaboration in any form, including for franchise, trademark, brand name, management contract is also prohibited in the gambling and betting sector.

AIGF has sent a letter to the ministry, asking it to allow at least 26% foreign equity participation along with rights of Indian companies or governments to use the superior technical know-how of foreign companies. Such a move would garner foreign investment of more than Rs 10,000 crore into India and provide employment to thousands.

"In the interest of nation and its citizens, it would be appropriate to consider removing gambling, betting and lottery sector from the prohibited list in the FDI policy," said AIGF CEO Roland Landers.

India lacks in the field of technology, research and development in the gaming/betting sector, resulting in certain flyby-the-night operators manipulating or rigging software, resulting in innocent consumers being cheated.

 



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