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Cryptocurrency deposits – the rise of cryptocurrency in India
Reputable online casinos and online sportsbooks usually offer a host of different payment methods for their players to choose from to fund betting account balances at their sites. Recently, the use of cryptocurrencies is becoming more popular, and there is a good reason why online players are turning to these payment options when playing casino games online.
This article will explain why these bitcoin deposits are becoming the preferred method of making online transactions and how you can find the best Bitcoin betting sites for you.
The Popularity of Online Betting in India
It’s a well-known fact that online betting is hugely popular in India and this source of entertainment only seems to be growing bigger and bigger as the years pass, even though the laws surrounding it are very vague. In fact, India has one of the highest numbers of internet users, so it’s no surprise that so many people turn to online platforms when placing their bets with bookmakers.
The estimated value of the Indian gambling market is currently at $930 million, and it is only expected to rise exponentially in the coming years, with some predicting that it will grow to $3.9 billion in 2025!
What do Indian Players Bet On the Most?
One of the sports that Indians especially love is cricket, with players like Virat Kohli and Rohit Sharma being some of the most well-known stars in Indian culture. Cricket is a sport that brings many fans together and it’s become directly connected with cricket betting over the years.
Cricket bets with bookmakers consist of wagering on the outcome of a particular match, which one can do by simply placing a bet on the outcome that he/she thinks will happen. There are many cricket tournaments that Indians bet on, the most popular ones being the Indian Premier League tournament and the T20 World Cup. The IPL betting market alone is estimated to be worth well over $60 billion!
As previously mentioned, India has one of the highest rates of internet users in the population. In 2020, it was estimated that there were 749 million internet users in India, and the majority of these were connected to the internet through smartphones. The reason that so many Indians access the web using smartphones rather than their laptops is partly due to the fact that they allow players to access betting sites wherever they are.
Indian Gambling Laws – Is Cricket Betting Legal in India?
Betting in India, according to the Public Gaming Act of 1867, is illegal. However, Indian gambling laws make a distinction between games of skill and games of chance, with only games of skill being permitted. A game of skill is a game where the outcome depends on mental or physical skill, while the outcome of a game of chance is completely random.
Despite this seemingly clear distinction, cricket does not form part of the games of skill category, so it’s illegal to go to a physical sportsbook or even bet online with an online casino that’s registered in India, although there are a few exceptions in a few states.
On the other hand, online betting is considered legal as long as the casino is registered outside of the country’s borders, as there is nothing mentioned about it in the Public Gambling Act of 1867. So, although it’s illegal for Indians to go to a physical betting agent to make bets, it is completely legal for them to make bets online from the comfort of their own homes, and there are many foreign online sites tailored for the Indian market alone.
Why are Cryptocurrency Deposits the Safest Way to Play Online?
Due to the murky nature of Indian gambling laws, when playing or betting online, players often have their transactions rejected especially when using popular banking methods such as Visa and Mastercard. This is where the rise of cryptocurrency deposits come in. Different cryptocurrencies, such as Bitcoin, are based on blockchain. A blockchain does not belong to a particular country, making it decentralised.
This also means that it cannot be liable for taxes, which solves the issue of having your transactions rejected. Other than that, when using cryptocurrency, you are anonymous to the betting site, which means you don’t need to share your personal information like you would need to with most banking options. Other than that, one of the greatest things about bitcoin deposits is that you can say goodbye to long withdrawal waiting times, as they process your winnings instantly.
How to Get Started with Cryptocurrency Deposits
There are several Indian crypto betting sites that offer a safe way to deposit money into your account using bitcoin or any other cryptocurrency. If you’re not sure where to get started, take a look at the top five crypto online casinos listed below.
- 22Bet
- 10Cric
- Peri Match
- Casumo
- Pure Casino
The first thing you would need to do to start depositing with cryptocurrencies is to create a Bitcoin wallet. Some of the most popular bitcoin wallets include coinbase.com, Trezor Model T, Mycelium, and Opolo. Although cryptocurrency and casinos are becoming more popular in India, there are still many casinos that don’t offer these options, so make sure to check out if your casino of choice has these options available before you sign up or make a transaction.
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