With each new revelation into the Indian Premier League, it is getting clearer that a lot more is at stake in this cricket tournament than the prestige of individual players and the teams they represent. And it is not just the franchisees, who have put in crores of investment rupees, that have their eyes fixed on the ball. As per a report in The Times of India newspaper, an estimated Rs 5,000 crore has been bet on the tournament in India and another Rs 13.5 crore through bookmakers in Britain. Of course, this is not the first time that such estimates of illegal betting on cricket matches have surfaced in India. Neither is the IPL alone in attracting gamblers who bet big money on a competitive sport. Yet again, though, demands are being raised, this time round by people including business baron and an IPL franchisee Vijay Mallya, that India should legalise gambling.

The argument in favour of legalising betting is pretty persuasive. Betting is thriving even as it remains illegal. Since it remains illegal, though, it remains in the hands of underground betting syndicates and gambling sharks. Not only can people not openly participate in such betting but also the government must forgo vast sums of money in tax revenues. According to figures quoted by The Times of India, Britain earned Rs 10,000 crore in tax revenues from gambling last year alone.

On the flip side, there is little guarantee that legalising betting would automatically bring the entire trade overground, thanks to the high rates of taxation that would be involved. What's more, legalising betting would amount to encouraging such an undesirable activity.

The question, therefore, arises: should India bite the bullet and legalise betting?