Indian Premier League enables rupee payments

Lea Hogg May 9, 2024

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Indian Premier League enables rupee payments

The 2024 Indian Premier League (IPL) has been a game-changer for the crypto betting industry, with Stake.com leading the charge. The platform has reported that more than $100 million has been wagered on the IPL after it enabled payments in rupees, marking a significant milestone in its operations.

Stake.com, a giant in the crypto betting industry, has made its flagship sportsbook more accessible to its Indian users by enabling them to pay with rupees. This strategic move has not only expanded the platform’s currency options to six but also raised its profile in the Indian market.

?? Milestone: Enabled rupee payments, leading to over $100 million wagered on the IPL 2024

?? Promotional Strategy: Unique offer resulted in $30 million returned to players

?? Market Challenges: Offshore operators face India’s 28% GST, raising industry concerns

Source: SiGMA Key Takeaways

The integration of the rupee as a payment option coincided with several marketing campaigns aimed at supporting Stake.com’s new market presence. These efforts have paid off, with the IPL’s soaring popularity mirrored by Stake.com’s own growth.

Betting with Indian rupees

The IPL is the world’s most popular cricket league, with the first 51 matches of the 2024 season attracting a viewership of 510 million, according to Disney Star. Stake.com’s Director of Commercial, Jarrod Febbraio, highlighted the platform’s commitment to improving its product and making it easily accessible to as many players as possible.

Stake.com’s promotional push also included a unique offer that saw bets paid out on any team that managed to hit a six during the first four overs, even if they went on to lose the match. This resulted in $30 million being returned to players that would otherwise have been returned to the sportsbook.

While India has regulated skill-based gaming, many offshore operators continue to have a presence in the market. These operators are liable for the country’s 28 percent Goods and Services Tax (GST) on turnover, despite lacking a local licence. This has led to criticism from the local industry, with trade bodies warning that it could damage India’s nascent gaming industry.

Stake.com’s strategic move to enable rupee payments has significantly impacted its operations and the crypto betting landscape. With the IPL’s popularity on the rise and Stake.com’s innovative approach, the platform is set to continue its growth trajectory in the Indian market.