Sports betting and gambling are not very recent trends in India. The culture of betting dates back to the ancient times. In the epic Mahabharata, the King Yudhishthira gambled away his kingdom, brothers and even the queen Draupadi. In the present day, although not so extreme, Indians still do invest a lot in betting.

Betting is illegal in India but there is no express bar on digital betting platforms. Therefore, online betting still exists. Thus, book makers often provide Sports betting insurance to ensure that the bettors do not suffer huge losses. It is a strategy to ensure that bettors do not leave after suffering losses. If they see that their interests are protected then they would come back. The insurance companies provide attractive schemes that cause the bettors to continue placing such bets.

Analysis:

• Sports Betting Insurance

  The sports betting industry is a highly profitable industry that is flourishing. Individuals place bets through online websites. The primary objective of these websites is to generate profit. Online websites attract the customers by various methods, one of which is by providing insurance. So, by insuring a bet one can get their credit back if they lose the wager. Sports betting insurance, in a way, provides a sense of value to the bettors. It protects their stake money and gives them a sense of security.

Sports betting insurance is a great technique to provide bettors a sense of value. Every day, there are new insurance options released because it is a clever strategy to safeguard ones bet money. It is a very profitable promotion that is highly sought after by bettors all over the world.

There exist various types of sports betting policies:

1. Acca Insurance:This type of insurance offers huge reward for small investment and due to this it is one of the most common sorts of bets. In order to collect the winnings, bettors must wager on many legs and win each leg individually. The key factor causing the high payouts on Acca bets is the fact that they are incredibly challenging to win. If you lose a wager due to one leg, Acca Insurance will cover the loss and return your money. Although some other sportsbooks may have different requirements for Acca insurance, such as winning a set number of legs, the fundamental idea remains the same.
    
2. 90+ Minute Goal Insurance: 90+ minute goal insurance is specific to the game of football. This type of insurance protects the bettor when they lose a bet simply because a goal was scored after the 90-minute mark of the match. The stake shall be reimbursed to the bettor in some way if there is a goal scored after 90 minutes of play. Usually, bookmakers limit the matches and wager amounts on which they offer this protection. However, it is a great technique to safeguard one's finances.
    
3. Faller Insurance: Faller Insurance is common in horse racing and is not offered by all bookmakers. Those that do, limit their availability to the bigger races. Faller Insurance guarantees that the bettor will receive their stake money back in the event that their horse trips over a fence, is knocked over by another horse, or unseats its jockey during a race. There may be minimum requirements which must be fulfilled by the bettors to claim the insurance, like a minimum stake and the maximum amount that they will reimburse. The payback may be in the form of cash or a free bet can also be offered by the insurers.
    
4. Second Position Insurance: This is another type of insurance specific to horse racing. When the bettor comes really close to winning, however, finishes in the second position, the second position insurance comes into the picture. Some bookmakers may extend the limit up to third or even the fourth position. But there are certain conditions that need to be fulfilled, for example, there must at least be more than four horses in the race or the minimum bet amount may be fixed.
    
5. Beaten by a Certain Distance Insurance: The bettor's investment is safeguarded if their horse loses by a specific distance. Many online booking platforms provide this insurance for horses with specific odds, such as 3/1 or greater. The bettors receive their stake back in the shape of cash or a free bet if the length by which the horse is defeated meets the requirements.

Legality Of Sports Betting In India

The position of laws regarding sports betting in India is quite ambiguous. As of now there are no sports betting platforms functioning from within the country. We cannot ignore the fact that illegal bets do take place in India, especially in case of cricket. The Indian Premium League has seen a large of individuals being put behind bars due to illegal betting.

The Public Gambling Act of 1867 is the only proper legislation governing gambling or betting India but it is outdated. All forms of gambling have been declared as illegal according to this piece of legislation even though some provisions may distinguish between skill and chance. The Information Technology Act, 2000 makes no mention of sports betting.

Gambling, in India, is a state subject that is the states have the power to legislate on matters relating to gambling specific to their state. So, while most states have a conservative approach, states like Sikkim have a more liberal approach.

In the opinion of some sports betting should be made legal India. This is because, as mentioned previously, sports betting platforms exist but they do not operate within India. There is no express ban on digital betting in India Therefore, betting is still happening and so a large amount of capital is going out of India. Therefore, legalizing betting may help the Indian economy. In addition to this the sports betting insurance may further help in expanding the business and aid the economy.

Conclusion
The Sports betting insurance industry is a huge business. Digital websites through which bets are placed also provide the insurance. The primary aim of such websites is to generate profit, thus, they produce such schemes that would lure the bettors towards them. In India, the absence of proper laws has led to a lot of ambiguity.

It is imperative that the government make laws in relation to betting. In this manner, the ambiguity would reduce. Proper regulatory laws would help in guiding the bettors as well as the book makers to function in a legal manner. Any action contrary to the provisions would be punished. Indian digital platforms may earn the profit in turn helping the economy to grow further.