The 2024 Indian Premier League (IPL) has had a profound impact on the crypto betting industry, with Stake.com taking the lead. The platform reported that over $100 million has been placed in bets on the IPL after enabling rupee payments, marking a significant milestone in its operations.
A giant in the crypto betting industry, Stake.com has made its flagship sportsbook more accessible to its Indian users by enabling rupee payments. This strategic move not only expands the platform’s currency options to six, but also increases its visibility in the Indian market.
The integration of the rupee as a payment option coincides with several marketing activities related to Stake.com’s new market presence. These efforts paid off, with the IPL’s meteoric popularity complementing Stake.com’s own growth.
Betting in Indian Rupees
The IPL is the most popular cricket league in the world, attracting 510 million viewers in the first 51 games of the 2024 season, according to Disney Star. Stake.com commercial director Jarrod Febbraio emphasized the need for the platform to improve its offering and make it as accessible to as many players as possible.
Stake.com's promotion also includes an exclusive offer where any team that scores six runs in their first four innings will receive a payout, even if they end up losing the game. This will result in $30 million being returned to players that would otherwise be refunded to sportsbooks.
Although India has regulated skill-based gaming, there are still many offshore operators operating in the market. Despite lacking a local license, these operators are required to pay the country's 28% Goods and Services Tax (GST) on their turnover. That sparked criticism from the local industry, with trade groups warning it could harm India's nascent gaming industry.
Stake.com’s strategic move to enable rupee payments has significantly impacted its operations and the crypto gambling landscape. With the rising popularity of IPL and Stake.com’s innovative approach, the platform will continue to gain momentum in the Indian market.
