According to a Chainalysis report, in 2024, India emerged as the world’s top country in terms of mass crypto adoption, surpassing the US, China, and Nigeria. Cryptocurrencies have entered everyday financial scenarios, from remittances to investments, in full earnest. Against this backdrop, more and more players in India are opting for betswap, the first decentralised betting exchange where money does not pass through intermediaries and every move is recorded in a smart contract.

How the site works, where it is legal, how to bet and withdraw winnings – read in the detailed Betswap review below.

Decentralisation as a Basis for Security

Interestingly, Betswap does not have the usual “centre” of data storage. The site works as a P2P exchange: smart contracts on the blockchain record each bet, and funds are temporarily blocked in escrow until the outcome is calculated. This arrangement removes middlemen and eliminates manual intervention in the line or payouts, which independent reviews of 2025 have also noted.

Technologies that make betting safer:

• Smart contracts with immutable code: the terms of the bet cannot be rewritten after publication.
• The protocol is “provably fair”: the hash salt of each game is revealed after the calculation and any user can check the correctness of the RNG.
• Two-factor signature on withdrawals: the exchange signs the transaction only after user confirmation via hardware or mobile wallet.

Betswap’s Licence in India

Before Betswap registration, it is important to understand how this site fits into Indian laws. The operator BSGG Labs N.V. has a Curaçao licence No. 365/JAZ, and the site itself is allowed for users from India; the minimum deposit is 500 INR, UPI, bank transfer, and cryptocurrency are accepted.

Gambling regulation in India remains fragmented: the General Public Gaming Act 1867 does not cover the online format, and most states adopt their regulations. In 2023, the Ministry of Digital Affairs amended IT-Rules 2021, requiring ISPs to block sites that feature betting on game outcomes without permission from self-regulatory organisations. Betswap circumvents the strict wording by storing data outside the country and not advertising in Indian media, but still applies voluntary KYC verification at the request of the state.

Payment Scenarios: From UPI to USDT

Let’s understand the payments on Betswap. 

If fiat is needed, a UPI payment from ICICI Bank takes an average of 40 seconds; within the exchange, the amount is instantly converted to USDT at the Binance P2P rate with no commission. 

For crypto deposits, Bangalore residents often use Polygon (MATIC) because of its low $0.01 commission network. After confirming a single block, the smart contract tops up the balance, and the bet is available in live without reloading the page. Direct deposit via Metamask is also possible, which is convenient for players who combine trading and betting in one wallet.

Withdrawal of USDT to Trust Wallet takes about three minutes – this is faster than bank NEFT, which is still processed in batches twice a day. At the same time, the transaction history is stored on the blockchain, which makes any disputes technically resolvable without the help desk.

The Tools of Responsible Play

Each section begins with an introductory explanation of the mechanism. Betswap has built in three levels of self-control:

• daily deposit limit (default 20,000 INR);
• session timer to remind you of the 60-minute threshold;
• An irrevocable self-exclusion for 30 days.
  

Additionally, the user can customise notifications of total activity for the week and the option to temporarily hide the balance in the interface if it is causing stress. Once the limit is activated, a new UPI transaction is automatically rejected, and a rejection tag is stored in the log. This approach fulfils the IT-Rules requirements of “reasonable measures against psychological harm” and reduces player dependency.

Practical Examples of Safe Bets

In this section, we will try to link theory and real-world experience. 

Imagine a fan from Pune who wants to bet INR 1,000 on the IPL Mumbai Indians – Rajasthan Royals match. He creates a market with odds of 1.90 on Mumbai winning, the counterparty is found by an aggregator bot, deposits the USDT equivalent into a smart contract, and receives an NFT receipt for the right to win. When the match ends, the Chainlink oracle publishes the score; the contract releases 1,900 INR in USDT, and the player withdraws it via IMPS. The complete cycle is 2 hours and 12 minutes; neither the support team nor the Chainlink middlemen were needed.

Another case is a live market for the number of sixes in an inning. The odds are recalculated every 15 seconds, but the smart contract fixes the quote at the time of the click, eliminating slippage disputes. The Chennai-based player notes in the chat that he has thus avoided three cancellations at a regular betting operator, where lines can freeze if there is a sudden change in the account.

Three Rules for the Indie Player Who Wants to Stay Safe

Here are three rules every Betswap user should know:

• Always check the smart contract address in Polygon Explorer: it should start with 0x4BAd… – Spoofs are common in Telegram phishing chats.
• Use bank UPI in your name only. Third parties may violate the source of funds rule, and the exchange will block the withdrawal until KYC is clarified.
• Keep an eye on the TDS 1% tax levy limit. If you withdraw more than INR 10,000 in one day, the site will automatically deduct the fee, but for large USDT winnings, you’ll have to declare it yourself. This way, you will avoid unexpected requests from the FIU, which has already blocked the URLs of nine offshore exchanges in 2023.
  

Betswap site demonstrates that decentralisation, Curaçao licence, and local UPI support can coexist peacefully even in India’s changing legal landscape if a player applies the practices described.

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