Cricket Gambling
Cricket Gambling – Big money or insider trading: In the recent IPL bidding in the cricket betting world, bids were between 160 and 250 percent higher than the BCCI’s base price. And one of the new team owners is an international gambling company.
On paper, betting and gambling may be banned in India, but if you are a company called the Board of Control for Cricket in India, the law is up for interpretation.
Cricket Gambling
And after BCCI’s decisions in the last year, post-pandemic, anything and everything related to betting – My11Circle and Mobile Premier League and Dream11 – are currently some of the most popular brands associated with BCCI in one way or another.
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The BCCI is so generous that it allows its president Sourav Ganguly, captain Virat Kohli and former captain and now mentor Mahendra Singh Dhoni to support these brands which are online betting businesses (or games, as it is popularly known). What is different is that all the ads of these brands come with the disclaimer that “this game involves an element of financial risk and may be addictive”.
On October 25, 2021, a team auction that was expected to fetch just Rs 3,000 to 3,500 crore per team suddenly fetched almost three times the amount and the BCCI took a decisive step to allow international betting and gambling to run Indian Premier League teams in India Company.
At a walk-in bid event in Dubai, BCCI president Sourav Ganguly, secretary Jay Shah, treasurer Arun Singh Dhumal and IPL president Brijesh Patel evaluated nine bids and finally approved the two new teams. Sanjeev Goenka-led RPSG Group and private equity fund CVC Capitals Partners successfully raised the highest bids of Rs 7,090 crore and Rs 5,625 crore to win the rights for their teams at Atal Bihari Vajpayee Stadium and Narendra Modi Stadium in Lucknow. Ahmedabad for the next 10 years.
Why would the RPSG group pay Rs 7,090 crore for a team based in Lucknow where there are no big corporate houses to offer huge sums for corporate boxes inside the stadium? Having owned Rising Pune Supergiant for two seasons in 2016 and 2017, RPSG Group has some experience in running an IPL team. In 2018, when many teams turned a profit for the first time, most franchise holders made a loss to the BCCI. , but the experience before 2018 was clear enough for Sanjeev Goenka this time.
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However, there are more important issues surrounding CVC, which is involved in betting and offshore gambling. (Don’t forget that in 2014 CVC took an 80 percent stake in Sky Bet, a betting and gaming company founded and owned by British media and telecommunications group Sky Group Ltd.) How could such a company be selected as the successful bidder? Instead of being blacklisted during the evaluation process? Was the bidding program about enabling CVC to enter India?
CVC has invested heavily in sports betting and gambling worldwide, which is vulnerable to bidding targets set by the BCCI related to the development of the game of cricket. In 1999, CVC bought William Hill, one of the largest British bookmakers. In 2003 it acquired IG Group, the UK’s leading provider of speculative investments such as spread bets. In 2013, CVC attempted to buy Betfair, the world’s largest company for internet betting exchanges, but the deal did not go through.
In 2015, CVC acquired a 10 percent stake in Spanish soccer league La Liga in a $117.3 million deal that gives CVC 11 percent of La Liga’s media revenue for 50 years. CVC will also provide $2.9 billion in interest-free loans to league clubs. Real Madrid, Barcelona and Atlético Madrid opposed the move. “CVC bought the stake after negotiating terms that violated Spanish law and La Liga’s protection of clubs,” a BCCI insider said. In the end, the decision was overturned.
Earlier this year, 38 of the 42 clubs in the Spanish soccer league La Liga voted in favor of a major investment from CVC, which would add €2.7 billion to La Liga. Barcelona and Real Madrid are among the clubs that refused the contract. The Royal Spanish Football Federation, football’s governing body in Spain, described the deal as “”
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Given CVC’s history and the fact that sports betting is still banned in India, why did no one at the BCCI raise a red flag while evaluating CVC’s bid documents? You feel that giving the right to own and operate the IPL franchise to a betting entity will cause serious concerns for the overall IPL ecosystem.
It has now happened that “CVC Capital Partners was heavily fined by the Dutch Competition Authority for breaching the competition rules for price fixing”. A BCCI insider said
, “Considering all these factors, CVC Capital Partners (a group company of Irelia Company PTE LTD) has failed to comply with the terms and conditions prescribed by BCCI under the ITT document”. An ITT document refers to an invitation to bid for the right to own or operate a new team.
In 2014, while hearing the IPL spot-fixing case, the Supreme Court booked Chennai Super Kings owner N Srinivasan’s son-in-law Gurunath Meiyappan for betting on the team’s performance. The Supreme Court compared it to the practice on the stock market.
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When CVC Capital Partners enters the IPL, what guarantee is there that these owners – who run betting and gambling businesses worldwide – will not use their resources and inside information to make money?
Starting in 2021, the BCCI is set to earn Rs 1,200 crore per year for the next 10 years (including Rs 709 crore and Rs 560 crore paid by the two new teams). Given the team’s past records that show it earning around Rs 200 crore annually from central revenue and around Rs 100 crore more from gate collection, sponsorship and merchandising, the two new team owners could be in the red with RPSG in the near future. Group losses in the order of Rs 350 crore and CVC Capital Partners annual losses of around Rs 260 crore.
On the face of it, it seems like a questionable investment, but perhaps both owners felt altruistic in the name of cricket? With Bollywood and cricketers backing them, gambling sites are betting big that these celebs are naive or simply indifferent to what they’re talking about. approves
On March 13, former Indian cricket team captain Virender Sehwag launched a cricket tournament in Delhi where many former stars will participate in the nine-day T20 tournament starting on March 22 in Ghaziabad, Uttar Pradesh. Such leagues, which include former international players. Cricketers have become popular, but what is alarming is that cricket has become a soft target for betting and gambling companies that act as sports websites.
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In recent weeks, two gaming brands, Khiladi and SkyExch.net, have associated with ‘Legends Cricket’, featuring cricketers of the past. SkyExch.net is listed as an online betting site and sports betting is not legally allowed in India. By becoming the title sponsor of the Doha Cricket Tournament, SkyExch.net has found a way to showcase its services, including gaming. The sports news website, like many others, seems like a trap.
Similarly, Khiladi, a betting exchange that has actor Shahid Kapoor as its brand ambassador, is the title sponsor of a league where Sehwag, Tillakaratne Dilshan, Suresh Raina, Harbhajan Singh, Praveen Kumar, etc. will play, to earn a little extra. Traffic ahead of the lucrative IPL season – a favorite destination for bookies and gamblers.
Sports betting has become the vehicle of choice for companies. Internationally known platforms such as Betway, Bet365, Pari Match, Dafabet, Fairplay and 1xbet are linked to major tournaments and media houses in India, and the way these offshore betting companies operate independently in the Indian ecosystem is unimaginable.
From tennis tournaments to the Indian Super League, these offshore betting companies have strong ties. Some of India’s best players like Mary Kom, Mithali Raj and Saina Nehwal endorse these brands, while top football teams like Bengaluru FC and ATK Mohun Bagan have the logos of these betting sites (eg Pari Match News) on their jerseys. Endorsements are big business and many Bollywood actors from Ranbir Kapoor to Jacqueline Fernandez, and Varun Dhawan to Kiara Advani help these sites catch millions of eyeballs. Either these celebrities are naive, or indifferent to what they support.
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It is interesting to note that several gaming sites including Mahadev Book are allegedly owned by Saurabh Chandrakar; Who are fleeing from various agencies in India.
Although the government has tried to stop these betting sites from operating their websites, the operators circumvent these restrictions and spend a lot of money on digital and print advertisements.
The Prime Minister’s Office has acknowledged the evil spread by betting sites