Two of The Biggest Online Gambling Companies Leaving India

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 environment has shifted radically in recent months, with two of the largest and most reputable platforms, Betway and Bet365, announcing their withdrawal from the Indian market. What are the grounds behind this move, and what does it mean for Indian gamblers? What kind of future can Indians expect in light of these changes and other upcoming ones, too? What can they expect now, too?

What Online Gambling Platforms Are Exiting India?

Betway and Bet365 are two of the leading online gambling platforms that have been operating in India for several years. Betway is a global online gambling brand that offers thousands of betting markets on sports, esports, virtual sports, and more. You can also enjoy hundreds of casino games from top providers and live dealer games. Betway used to accept Indian rupees and offers a generous welcome bonus of 100% up to ₹10,000 for new customers. Bet365 was another popular online gambling site that offered competitive odds on sports betting, especially cricket.

However, both Betway and Bet365 have decided to stop operating in India. 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.

The Reason for The Exit: Higher Taxes

The new tax regulation that goes into effect on October 1, 2023, is the primary reason Betway and Bet365 have opted to quit India. The legislation applies a 28% Goods and Services Tax (GST) on internet gambling, casinos, and horse racing. This implies that online gambling providers must pay the government 28% of the total amount of wagers placed by Indian users, regardless of whether they win or lose. This is a significant rise above the previous 18% tax rate on gross gaming revenue (GGR), which is the difference between bets made and wins paid out.

Therefore, Betway and Bet365 have ceased trading in India and have asked their existing customers to withdraw their funds as soon as possible.

How Betway, Bet365 Exit Affect Indian Gamblers

With Betway and Bet365 gone, many Indian gamblers are left with limited options for online gambling. They may have to switch to other platforms that may not offer the same quality or variety of services as Betway and Bet365. They may also face more challenges or risks in accessing or using these platforms, such as legal issues, technical problems, or security threats.

One of the challenges that Indian gamblers may face is the legal uncertainty of online gambling in India. Different states may have different rules and policies on online gambling, and some may even ban or restrict it completely. For example, Tamil Nadu has recently passed a law that prohibits online gaming, wagering, and betting in any form. This means that Indian gamblers who live in or visit Tamil Nadu may not be able to access or use any online gambling platforms, even if they are based offshore. They may also face legal consequences if they are caught violating the law.

Another challenge that Indian gamblers may face is the security threat of online gambling platforms. With two of the biggest names in online gambling now gone, there may be a rise of fake or fraudulent sites that may try to take advantage of this situation. These sites may offer unrealistic or suspicious offers, such as huge bonuses or jackpots, to lure Indian gamblers into depositing money or sharing personal information. However, these sites may not pay out any winnings or refunds, and they may also steal or misuse the money or information of the customers. Therefore, Indian gamblers should always check the credibility and reputation of the online gambling platforms they choose, and avoid any sites that look shady or untrustworthy. 

According to various gambling sites reviews, that count on user feedback and expert testing, there are but a few alternatives when it comes to online betting and casino games in India. 22bet, 10CRIC and Bons offer secure environment and payment transactions, as well as promote actively responsible gambling.

Conclusion

The exit of Betway and Bet365 from India significantly impacts Indian gamblers, who may have to deal with more challenges or risks in online gambling. They may have to pay more taxes on their bets or winnings than before, which may reduce their returns or incentives. They may also face more restrictions or difficulties in accessing online gambling platforms, especially those that are based offshore. They may have to deal with more legal and regulatory uncertainties, as different states may have different rules and policies on online gambling. They may also have to be careful of fake or fraudulent sites that may try to take advantage of this situation. Therefore, Indian gamblers should be cautious and vigilant when choosing online gambling platforms, and always gamble responsibly and legally.