Many Indians like the thrill and excitement of betting on sports, casino games, and other events, and online gambling is a popular and lucrative hobby for them. However, the Indian online gambling business has just been rocked by huge news: two of the biggest and most popular names, Betway and Bet365, have announced their exit from the Indian market. This statement has left many avid bettors perplexed as to why these corporations would choose to abandon such a profitable market.
In this post, we will look at the reasons behind their departure, how it will affect the Indian online gambling sector, and what it implies for casino operators and bettors. Also, what could be the future of online gambling now that this change has happened, and more big names may soon also leave the Indian online gambling market?
Betway and Bet365 Exits India
Betway and Bet365 are two of the leading online gambling platforms that have been operating in India for several years. They offer thousands of betting markets on various sports, especially cricket, which is the most popular sport in India. They also offer hundreds of casino games from top providers and live dealer games. They accept Indian rupees and offer generous welcome bonuses for new customers.
However, both Betway and Bet365 have decided to stop operating in India as of October 1, 2023. They have informed their existing customers to withdraw their funds as soon as possible. They have also stopped accepting new registrations or deposits from Indian users. This means that Indian gamblers can no longer access or use these platforms for online gambling.
This is big news for online gamblers in India, as Betway and Bet365 are two of the biggest and most popular names in the world of online gambling. They have millions of loyal customers who trust their services and value their features. They have also been sponsoring various sports teams and events in India, such as the Indian Premier League (IPL), the Indian Super League (ISL), and the Mumbai Indians. Their departure from the Indian market is a huge loss for the online gambling industry and its customers.
Why did they leave? There are many reasons behind their decision, but the most probable one is the higher tax that is now imposed on online gaming.
How the 28% GST Impacts the Online Gambling Industry
The new tax law was passed by the GST Council, which consists of representatives from all Indian states, as a way to curb illegal and unregulated online gambling activities in the country. The law also requires offshore platforms to have GST registration and compliance to operate in India and gives the authority to block access to any non-compliant sites. The law aims to protect Indian consumers from fraud and addiction, as well as generate more revenue for the government.
In the past, the law required a tax rate of 18% on gross gaming revenue (GGR), which is the difference between the bets placed and the winnings paid out. The new law, which took effect on October 1, 2023, imposes a 28% Goods and Services Tax (GST) on online gaming, casinos, and horse racing. This means that online gambling platforms have to pay 28% of the full value of bets placed by Indian customers to the government, regardless of whether they win or lose.
What The Future Holds for Indian Online Gamblers
With big names like Betway and Bet365 exiting the Indian online gambling market, the future of online gambling in India is uncertain and challenging. They may have to pay higher fees when they use online gambling platforms. With higher taxes imposed on online gambling platforms, they may also have to pay higher fees or charges when they use these platforms. These fees may include deposit fees, withdrawal fees, transaction fees, or currency conversion fees. These fees may reduce the returns or incentives of online gambling for them.
They may be exposed to more scams or fraudulent platforms that may try to take advantage of this situation. With big names like Betway and Bet365 gone, there may be a rise of scams or fraudulent platforms that may claim to be the “new” or “improved” version of Betway or Bet365 and may offer unrealistic or suspicious offers, such as huge bonuses or jackpots, to lure them into depositing money or sharing personal information. However, these platforms may not pay out any winnings or refunds, and they may also steal or misuse their money or information.
The good news is there are several other reliable gambling sites that offer top-notch betting experience: Dafabet, 10CRIC, Fun88. These keep up the high standards and promise bettors a viable alternative when the big names left the market.
The future of online gambling in India is uncertain and challenging, but not hopeless or impossible. There may be some changes or developments in the online gambling landscape in India in the coming years, and we hope that they will be for the better.