Published by: renybang
Online gambling has been around for quite a long time and has grown in popularity worldwide, India included. Since many people enjoy watching sports worldwide, online sports betting, in particular, has become relatively popular.
Online sports betting has been a significant industry in India over the past several years, and this trend appears to continue. However, looking at India’s online casinos space, it hasn’t always been simple for Indian gamblers and sports fans to wager on their preferred teams since the country’s gambling rules haven’t always made it possible to do so legally.
However, the sports betting sector is expanding in India at a rapid pace, and today, several notable betting firms are making a move in the country. Without question, the online betting industry in India has the potential to expand significantly over the coming years.
But how do online sports betting in India work? In the following sections of this article, you can learn much about how online sports betting in India work. From this article, you’ll understand Indian betting laws, how to bet on sports, popular sports to wager on in India, and taxes paid from gambling winnings, to mention a few.
Online Gambling Laws in India
Undoubtedly, the Indian gambling business has expanded dramatically in recent years. However, you need to keep in the back of your mind that Indian betting legislation might be unpredictable, and you may want to familiarize yourself with them first.
Even though India’s online sports betting market is expanding rapidly, it hasn’t always been easy to understand the country’s complicated gambling rules. Since no single gaming legislation applies to the entire nation, India’s gambling regulations differ slightly from those of many other nations.
The gambling regulations in India are state-specific, meaning that they differ from one state to the next. In other words, in some states, you cannot face criminal charges for engaging in online sports betting, while in others, you could face persecution.
For example, in Odisha, Andhra Pradesh and Telangana, all forms of betting are illegal. With such, it has been challenging to determine whether internet sports betting is entirely legit in India. However, one can’t deny that many Indians are obsessed with online sports betting, which is why the sector keeps expanding.
How to bet on sports in India
Wagering or betting on sports in India isn’t a complicated process. Provided you have a betting account with you, all that’s left is to place your bet(s) at a bookmaker of your choice without too much difficulty. Here’s how to go about betting on sports in India:
- Open your betting account – Visit the official website of your bookmaker and then click on the ‘open account’ icon. After that, enter your username, passcode, valid email address, contact information, and currency to finalize the process.
- Deposit funds to your account – Once you complete your account registration process, fund your account via popular methods in India such as NetBanking, UPI, Paytm, Skrill, Neteller, Visa, MasterCard, PaysafeCard, or MuchBetter.
- Claim your bonus offer – Most betting sites will reward you with a 100% bonus on your first deposit if you reside in India. Make sure you claim this bonus.
- Place your bet(s) – Now that you have funds in your account, place your first bet(s) by selecting the sport or tournament you prefer. After choosing your ideal market, pick your perfect bet type and click the odds you want to wager.
- Fill in your stake amount – Enter the amount you wish to wager.
- Confirm your bet – Once you key in your stake, press or click on the ‘Confirm’ tab to place your first bet.
Popular payment methods in India
Indian customers can use several deposit options to fund their betting accounts. But since we are learning how sports betting works in India, we will limit our attention to the popular methods that Indian bettors frequently utilize. Some of the most popular deposit methods in India include:
- Debit/Credit cards
- Indian NetBanking
Popular sports to wager on in India
Now that you have funds in your account, the next thing that you may want to consider is wagering on your favourite sports or players. Fortunately, Indians can place their wagers on many sports and other tournaments.
Every Indian should be able to wager on their preferred sports, regardless of which ones they enjoy watching or supporting. Most sports betting companies provide a wide variety of sports to wager on, but cricket is undoubtedly the most widely favoured sport in India.
As a result, if you visit an Indian online sports betting site, you’ll probably find a large variety of wagers on cricket. Besides cricket, other sports to wager on in India include:
- Ice hockey
- Table tennis
Even though Indian bettors seem to wager on other sports, IPL seems to have taken India’s gambling industry to the next level. Most players in the country prefer to wager on sports that they understand the most, and cricket betting takes the lion’s share.
Does India tax winnings from gambling?
As internet use grows in India, more and more people are turning to so-called online betting services, which let users wager on well-known sporting events both domestically and internationally with the hope of earning money. With such, taxation issues always come up with some aspect of the possibility for money generation.
Although most people who engage in internet betting do so as a hobby or for amusement, it is theoretically feasible to make money from the practice, and some professional bettors do succeed. So, are winnings from internet betting subject to tax in India?
Are gambling winnings subject to standard income tax or a different tax bracket? Despite the ambiguity of the regulations governing internet gambling in India, it is still feasible for Indian gamers to place wagers safely and lawfully.
It’s, however, essential to remember that according to the Income Tax Department, gains from internet gambling are taxable.
India’s Income Tax Act Section 115BB provides information on the tax consequences of winnings from internet betting. According to this clause, the winning sum is subject to a flat tax of 30%, excluding cess. The total net rate and cess is 31.2%.
The Bottom Line
Today, many Indians spend a sizeable amount of time on the internet placing bets. Even though the activity is somewhat limited in some states, an increasing number of Indians seem to be placing bets daily. Registering for a betting account, making deposits, and placing bets isn’t a complicated exercise among Indian bettors.
The significant number of online sports betting operators that have entered India’s online gambling space has seen the number of Indian bettors increase immensely. While winnings from gambling are subject to taxes, that hasn’t prevented bettors from India from accessing their favourite bookmakers and placing their bets.