Friday, May 24, 2024

How Cricket is becoming more Profitable for Fans in India

If there’s anything that Indians love more than watching cricket, it’s betting on cricket. Indians love a good game of cricket and they are also known for having some of the world’s best cricket players of all time. Betting on cricket adds an extra layer of excitement and fun to the game; plus it’s a great way for hardcore fans to put their knowledge to the test by betting on matches.

With the ever-growing popularity of betting on cricket in India, it’s no surprise that there are hundreds of cricket betting sites to choose from and place your bets with. However, despite its undeniable popularity, cricket betting in India is very much a grey area.

Read on to learn more about the legal situation of online betting in India and how you can bet on cricket online at reliable betting sites.

Is Sports Betting Legal in India?

According to the most recent gambling laws in India, betting on games of chance is illegal. In fact, nearly all forms of online gambling are prohibited within the country, with a few exceptions made for betting on games of skill. For example, betting on fantasy sports is allowed in India since this is classified as betting on skill-based games. The problem with the Indian gambling laws is the distinction between games of chances and games of skill.

The distinction between the two has always been heavily contested, especially when it comes to the most popular form of sports betting in India which is cricket betting. Despite the legality of betting on fantasy sports and even horse racing, cricket betting is not considered a game that involves skill to bet on.

In recent years, many have been calling for the legal acceptance of cricket betting in India, especially considering the fact that there is already a massive market for it. However, so far it seems that the future of sports betting in India is unlikely to change, leaving Indians with no option other than to bet on their favourite sports at foreign betting sites.

The Biggest Cricket Betting Events – 2021 IPL and T20 World Cup

Since a lot of cricket betting is done unofficially through illegal bookies in India, there are no official figures for how much money is bet on these major crickets events. However, it’s estimated that the IPL betting market alone is currently worth more than $60 billion. It’s also estimated that around $200 million are bet on every ODI cricket match in India.

This year, the two biggest cricket tournaments took place. The 2021 T20 World Cup has just taken place after a long waiting period of five years from the last edition. This year, cricket fans were eagerly waiting for the T20 World Cup and bettors were equally eager to place their bets on their favourite teams. The T20 World Cup generates millions of rupees from cricket betting, along with the IPL. The IPL is another major cricket tournament which takes place every year and attracts bettors from all over the world, not only in India.

Statistics show that the biggest number of bets are made towards the knockout stage when the action gets really heated. It’s estimated that a whopping Rs 1000 crore, or around $130 million, is bet on every knockout match. Since a lot of IPL and T20 World Cup betting is done underground, it’s hard to have an accurate estimate of how much is actually bet on these events, but there’s no doubt that with online cricket betting on foreign sites and underground betting combined, cricket betting in India is booming.

Online Cricket Betting Banking Options – Why Indian Bettors Prefer Cryptocurrencies

Nowadays, any top online casino in India offers a variety of reputable banking methods which allow players to make safe transactions when gambling online. However, since online gambling is technically illegal in India, some players encounter issues with payments since banks often reject transactions made to a betting site.

For this reason, Indian players are turning to cryptocurrencies which offers the perfect solution to all the problems associated with traditional payment methods. Unlike other payment methods where transactions can be blocked, currency exchanges might not be favourable, or there are fees to be paid, cryptocurrency offers players a safe and easy way to gamble online.

Cryptocurrency casinos offer several benefits, including the safety and anonymity of transactions and the fact that deposits and withdrawals are instant. Bitcoin is undoubtedly the most popular form of cryptocurrency used for gambling online, but there are several others like Ethereum, Litecoin, and Ripple which are commonly used.

The Best Crypto Betting Sites in India

Considering that gambling online using cryptocurrencies offers so many advantages, it’s no surprise that Indian crypto casinos are on the rise. Let’s take a look at the top Bitcoin cricket betting sites in India.

  1. Pure Casino
  2. 10Cric
  3. Joo Casino
  4. Casumo
  5. 22 Bet Casino

The great thing about cryptocurrency casinos is that many of them offer exclusive bonuses for any deposits made using cryptocurrency. Bitcoin bonuses are the most common and they usually offer an added bonus when you top up using Bitcoin. And as we mentioned above, using Bitcoin or any other cryptocurrency is not only the safest way for Indians to gamble online but the fastest way to deposit and withdraw funds as well.

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