Under the Lottery Regulation Act, private parties are not allowed to run lottery schemes.
Sugal & Damani Group works as a distributor of state lotteries and provides lottery operational technology to 17 jurisdictions worldwide.
The group's CEO Kamlesh Vijay said that streamlining regulatory and taxation structure of lotteries as well as a change in people's perception towards the segment can play wonders to the exchequer.
"In India, lotteries have the potential to contribute anywhere between Rs 35,000 crore and Rs 50,000 crore on annual basis (to the exchequer)," he told PTI.
According to him, the funds garnered through lotteries can be used for public welfare schemes and development of sports on the lines of the US, the UK and China.
In Kerala, the government has announced that resource mobilisation for a comprehensive health scheme would be done through lottery funds, he said.
Vijay also expressed concerns about the current tax structure for lotteries.
Under the Goods and Services Tax (GST), sale of lotteries can attract 12 per cent to 28 per cent tax.
In February, he had also written a letter to Prime Minister Narendra Modi suggesting streamlining the sale of lotteries in the country.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)