Here are the latest developments in the story:
The Delhi Police alleged today that Raj Kundra, a co-owner of the Rajasthan Royals IPL franchise, has admitted to betting on his own team. Mr Kundra was questioned for 10 hours yesterday as part of investigations into the allegations of betting and spot-fixing in the IPL.The police have also alleged that Mr Kundra's business partner Umesh Goenka has told them that Mr Kundra's wife and Bollywood actor Shilpa Shetty also placed bets.
Mr Kundra and his team could face suspension from the IPL for upto five years if the charge of betting is proved against him. All betting except that on horse racing is illegal in India. BCCI rules say the penalty for betting is suspension for 2-5 years. And IPL contracts provide that a franchise can be terminated if an owner "acts in a way that brings the BCCI/IPL/game of cricket into disrepute."
Mr Sibal said,"Fixing is illegal, so it can never be legalised. But legalising betting needs to be debated. If we legalise betting, then the people who lose money may blame the government for legalising it."
Mr Kundra has been asked to hand over his passport to the police and he has been asked not to the leave the country. The Delhi Police did, however, allow him to return to Mumbai yesterday.
The police say Mr Kundra's questioning has not revealed any links with fixers or the underworld.
The Delhi Police have already arrested 26 people in the case, among them Test cricketer Sreesanth and two other players from the Rajasthan Royals, and has sought to charge them under the Maharashtra Control of Organised Crime Act or MCOCA.
It claims to have direct evidence that the alleged spot-fixing and betting in the IPL is run by underworld don Dawood Ibrahim, believed to be living in Pakistan, and his associate Chhotta Shakeel.
A senior official of another IPL team, Guranth Meiyappan, is out on bail after being arrested last month on charges of betting. Mr Meiyappan's visiting cards say he is the "team principle" of the most successful IPL franchise, the Chennai Super Kings.
Mr Meiyappan's father-in-law, N Srinivasan, heads the powerful Board of Control for Cricket in India, and has been forced to relinquish his powers while an investigation into the betting and spot-fixing scandal is completed.
Small-time Bollywood actor Vindu Dara Singh, who was also arrested for allegedly serving as a go-between for Mr Meiyappan and bookies, was also granted bail this week. He told reporters today, "There's no evidence against me."
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