Indian market for word ‘betting’ has always been grey. Now and then we see a lot of fiction in movies about betting and gambling. But online betting and all the aspects related to it are totally different words.
In India, online betting is prohibited but that is not strictly true. Moreover, football is one of the most popular sports in India. The India Super League is the most played football and produces football talent for India. That’s why football betting online is one of most being played in India. India’s Supreme Court maintains that horse racing and Lottery gambling are on the legal side of gambling, which makes it even more complicated. There is no clear uniform law that is transparent and fair for all aspects of gambling.
Gambling has a similar impact on Indian laws and the market. Goa, Sikkim, Daman, and Nagaland being the only states in India where you can get a license for online gambling because of the Public Gambling act 1976. After that Maharashtra banned online betting and gambling under Bombay Prevention of Gambling Act, 1987. In big states like Maharashtra Lotteries and Horse Race betting is legal but online sports betting is a big offence.
The Gaming Federation of India and Indian Fantasy Sports Federation have their own rules for online gambling and betting on sports.
Digital Payment has changed the rules in last five years:
Five years ago it was almost impossible to make payment to deposit and withdraw currency on online betting sites in India. Banks used to take an unnecessary huge amount of time to verify the bank transfers between two accounts. They forced to stop any transaction on the betting site made by a user, which was frustrating.
But since the entry of global online payments format Paypal and Skrill, rules have been changed. They widely used platforms alongside Netteler on betting websites. But there was a catch with these kinds of payments. They offer easy and user-friendly gateway for payments but also take a big amount as in charge of their services, which is not worthy for small kinds of transactions on small bets.
Then in 2016 Reserve Bank of India introduced a new payment platform, UPI (Unified Payments Interface). With UPI ID, Indian users were easily making payment with no extra charge of any kind. Banks registered in India allow UPI payments for faster transactions and the biggest input from that was instant withdrawal of money to your account via UPI.
Impact of Online Sports Betting on Indian users:
Due to the current pandemic and lockdown, Indian market for Online betting saw the biggest rise. Users getting bored at one place and now turned to online fantasies in hope to earn extra. Rise of users in Stock Market apps, Sports fantasy sites and online casino games like TeenPatti has changed the direction of Online Sports Betting.
Many football fans in India are fanatic with betting websites like Sportsbet, 1xbet, Casumo, and Lionsbet. There will be no fall in numbers for football betting transactions. These sites are offering betting deals and bets even on every minute of those blowing 90 minutes of football betting online.