Three percent of GDP

After reading my piece, “Don’t Punish Victimless Crimes,” and the follow-up post to it, my friend Devangshu Datta was kind enough to send me an old article of his on legalising betting. It’s a wonderful piece, and was first published in Business Standard, though they don’t have it online anywhere. With Devangshu’s permission, I’m reproducing some paras below the fold. Note that it was written in January 2001, but though the absolute numbers would have changed, the arguments and the macro percentages probably remain valid: