Minister of State for Finance Anurag Thakur on Thursday said legalizing betting and getting it into the formal economy will help contain "unholy and corrupt" practices like match-fixing besides generating tax revenues. He made the remarks at an event hosted by ICICI Securities, responding to a suggestion by the Economic Advisory Council to the Prime Minister's (EACPM) part-time member and mutual fund industry veteran Nilesh Shah, who pitched for legalizing betting in the country. Shah said there is a "natural instinct" among Indians to bet and gamble, which is seen in abundance in places like Las Vegas, Macau and Nepal. "My suggestion will be to legalize betting and gambling activities, which are underground. They continue to exist in our society," he said.