May 8 2024

Crypto Betting in India: Is it Advantageous?


Based on 2021 crypto data, around 97.5 million Indians now own cryptocurrency. That’s over 7 percent of the country’s population. It may not seem a lot, but the popularity of cryptocurrencies in India has risen significantly over the last few years.

India’s crypto adaption rate has been growing rapidly, and it’s no wonder why many businesses trying to penetrate the local market are starting to adopt crypto. That includes the online gambling industry.

Today, many online betting apps in India are now accepting cryptos like Bitcoin, Ethereum, Tether, USD Coin, Binance USD, and Ripple. However, is it a good idea to place bets using crypto? Let’s have a look.

Legal Status of Crypto in India

If you have crypto, don’t worry, it’s not illegal to own them when you’re in India. Finance secretary TV Somanathan spoke about this in an interview with Bloomberg Television.

Somanathan said, “They [cryptocurrencies] are in a gray area. It’s not illegal to buy and sell crypto.”

This interview happened earlier this year after announcing that the government would tax crypto transactions like winnings from gambling.

“We have now put in a taxation framework that treats crypto assets the same way we treat winnings from horse races, or bets and other speculative transactions,” Somanathan explained.

Based on the proposed Union budget 2022-23 laid out earlier this year, the government mentioned that the transfer of any virtual currencies, including crypto, will be subject to a 30% tax deduction. Receivers of crypto gifts will be the ones taxed too.

Different people see this as good or bad, and Avinash Shekhar, the CEO of ZebPay, a crypto exchange platform, is one of the optimists regarding taxation.

Shekhar said, “Thirty percent tax on income from virtual digital assets, while high, is a positive step as it legitimizes crypto and hints at an optimistic sentiment towards further acceptance of crypto and NFTs.”

Seems like Nischal Shetty, the CEO of WazirX, another crypto exchange platform, agrees. He said, “We also hope this development removes any ambiguity for banks, and they can provide financial services to the crypto industry.”

Finance Minister Nirmala Sitharaman also spoke during the budget meeting, saying, “The introduction of a central bank digital currency will give a big boost to the digital economy. Digital currency will also lead to a more efficient and cheaper currency management system.”

So, where will that leave crypto users? Reuters spoke to an AKM Global tax and firm consulting partner, Amit Maheshwari, and he said that people making crypto profits might end up paying more than 30% because of other possible charges.

“If you made a profit of 100 rupees, then including the 30% tax bracket, plus surcharge and cess, the total tax outgo will be around 42 rupees,” he explained.

So, the tax deduction may be a hiccup for cryptocurrency users, but this could signal the acceptance of digital currencies by the authorities. Corporations may have better confidence in entering the crypto market when that happens.

Also, India’s central bank has already voiced its serious concerns regarding private cryptos, as they could cause the country’s financial instability. That’s mainly why several banks have already severed ties with crypto firms. Taxation would avoid that, and more banks will then consider crypto transactions the norm.

Pros and Cons of Using Cryptos in Online Casinos

Since no official implementation has yet been announced, using cryptocurrencies to gamble online in India is still something you don’t have to worry about. Currently, many online players would say it’s more advantageous to play with crypto right now.

True enough, many online betting sites and apps have better offers for cryptocurrency players. Some of the biggest casino and betting bonuses you’ll see online are intended for cryptocurrency users.

Take, for example, a popular online casino called Bitstarz. As a welcome offer, new players can get a deposit bonus of up to 5 BTC on their first four deposits. That’s a huge amount they’re willing to give, so it’s no wonder many players are now attracted to crypto betting.

Crypto also allows players to transact with online casinos anonymously. There are now anonymous online betting platforms that only transact with crypto. However, if there are pros, there are cons. Ultimately, the disadvantage is the volatility of crypto.


With all that considered, it’s imperative that before you purchase any cryptocurrency and place crypto bets in India on websites like 10CRIC, 22Bet, and Parimatch, make sure that you understand how crypto works thoroughly.

Find out how it can be advantageous to yourself because at the end of the day, this will depend on your online activities. Check if your favorite casino or online betting site has better promos on crypto users and if the bonuses are worth getting.


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