Bitcoin Betting in India
When Indian players consider betting on their favorite sports, they generally keep conventional payment methods in mind. They tend to rely heavily on their bank cards or e-wallets to make deposits and withdrawals at Indian facing sportsbooks. We are here to tell you that there is a smarter and better payment offering and that is via Indian-friendly Bitcoin betting sites.
Bitcoin is by far the world’s most popular cryptocurrency and allows bettors to bet on their favorite sports with complete ease, security, and anonymity. The payment method is growing in popularity among both Indian players and operators, giving birth to a number of Bitcoin betting sites in the last couple of years.
This article gives you detailed information about Bitcoin gambling in India while keeping the focus on Bitcoin sports betting sites. If you are a sports enthusiast and want to kick-start your Bitcoin sports betting journey, you can learn how to do so in this article with in-depth guidance on every single nuance of Bitcoin betting in India.
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Best Bitcoin Sports Betting Websites
If you are looking for the best Bitcoin gambling sites, check out BettingGuru’s featured list of sports betting Bitcoin sites. The team at BettingGuru spends a lot of time checking and shortlisting the top Bitcoin sports betting sites for our Indian audience. We use a strict set of criteria to ensure that only the best sports betting Bitcoin sites get featured on our recommended list.
The Bitcoin betting sites you will find at BettingGuru are licensed and regulated by top gaming regulators such as the UK Gambling Commission (UKGC) and the Malta Gaming Authority (MGA). Our featured Bitcoin sportsbooks welcome Indian players with attractive bonuses, have on-going promotions and cashback offers, offer a wide range of sports betting coverage, offer both domestic and international cricket betting action, good VIP programs for loyal customers, are Bitcoin-friendly and have live chat support.
If you decide that you want to do your own research and find a suitable Bitcoin betting site, do keep in mind the above criteria, as it will help you have a safe and secure Bitcoin betting experience. However, if you don’t want to spend a lot of time and research on shortlisting a betting site, then just pick anyone from BettingGuru’s recommended list and you will not go wrong.
What is Bitcoin Betting?
A cryptocurrency is a virtual or digital currency that is created and protected with the use of cryptography (thus the name crypto-currency). This means that you cannot spend the currency more than once or counterfeit it using modern technology. Bitcoin was the first-ever currency to have been made this way. It has seen its fair share of trials and still stands as the best digital currency currently available.
Bitcoin, and any other cryptocurrency, is based on blockchain (a network not run by any single country or organization). This means that is completely decentralized and does not belong to a jurisdiction. What’s more, the currency does not belong to any country, and thus, cannot be manipulated or be liable for taxes.
This is the reason why many betting sites now offer an option for Bitcoin sports betting. Indian players who have always wanted to try Bitcoin gambling can now bet on sporting events around the world by making deposits in BTC and withdrawing their wins in BTC. There are many India-friendly crypto betting sites that allow you to use different cryptocurrencies like Bitcoin, Litecoin, Dogecoin, Ethereum and Bitcoin Cash to place your sports betting wagers.
Here are some pros & cons associated with bitcoin betting. These are:
- Complete anonymity: Bitcoin betting preserves complete anonymity for both the player as well as the betting site. There is no need to provide your payment info to bitcoin sports betting sites.
- Tax-free: Since bitcoin is decentralized, it is not bound by any single law or jurisdiction. Thus, anything you earn in Bitcoin is completely yours to keep as per current Indian taxation laws.
- High transaction speed: Unlike other payment methods that take a long time to deliver your money, bitcoin processes your withdrawals instantly.
- Volatile value: Bitcoin is quite unpredictable as a digital currency. The price of bitcoin against the INR fluctuates considerably and at times can cause significant losses when the value of bitcoin drops.
How to gamble with Bitcoin
Bitcoin gambling is similar to any other form of betting. The only difference is in the payment method. In other forms of betting, you make payments via banking options like Visa, MasterCard, Skrill, PayPal and Neteller to name a few. While in bitcoin sports betting, you make deposits using bitcoin only.
The process to gamble with bitcoin looks like this: (1) Create a bitcoin account; (2) Register at a bitcoin betting site in India; (3) Deposit money; and (4) Withdraw your wins.
The first step is to create your bitcoin account. To do that, follow these guidelines:
First, select a bitcoin wallet to hold your funds.
This can be a hardware wallet, a hot wallet or any other type you prefer. Create your account by following the instructions given on the wallet’s website
Add money to your wallet.
Using your bank cards (or e-wallets) and selecting the amount you want to add. You can also have a friend transfer bitcoin to your account.
Make sure you complete the transaction and you are ready for betting with bitcoin
The next step is to find the best bitcoin gambling site you can and register your account. You can choose one from the bitcoin betting sites mentioned on BettingGuru’s featured list or find one from your own research. These are the steps you must follow to register an account at a bitcoin betting site.
Click on the sign-up button on the website.
Enter your personal details like name, age, gender, among others.
Select bitcoin from the currency options given.
Finish your registration by confirming your email account.
Once you create your account at a bitcoin betting site, you are ready to make a deposit:
Navigate to the sportsbook’s banking page and click on Deposit.
Select bitcoin from the given options.
Enter the amount of money you want to add.
Follow through with the instructions to add money. Then, the sportsbook will credit that BTC amount in your gaming account.
Once you start betting at the bookie and rake up some wins, you are ready to cash out your winnings into your bitcoin wallet. This can be done in the following way:
Login to your gaming account and navigate to the banking page.
Go to the Withdrawal section.
Enter the amount you wish to withdraw.
Make sure that the amount passes the minimum and maximum withdrawal criteria of the sportsbook.
Select Bitcoin from the given payment options.
Follow through by making the payment.
The amount will then reflect in your bitcoin wallet.
You may choose to keep it there or withdraw it to your bank account.
Free Bitcoin gambling
Most players will search for free bitcoin gambling bonuses before deciding to make a bitcoin deposit of their own money. For this particular reason, many bitcoin gambling sites allow you to play for free by offering a welcome bonus or letting you enjoy free to play games.
Nearly all bitcoin gambling websites allow you to check out their games in demo or free to play mode. However, this free to play mode is only available for online casino games and does not apply to sports betting. If you want free bitcoin bets, you must get access to a no-deposit bonus or a sign-up bonus.
A no-deposit bonus allows you to get free spins or free cash without making a deposit. Free bitcoin gambling sites will give away a no deposit betting bonus that will allow you to use the free BTC to bet on your favorite sports. When you find one, you can create your account and claim the BTC bonus and start your sports betting journey.
There are also sign-up bonuses that come in the form of a match deposit bonus. When you make a BTC deposit, you will get a matching BTC deposit based on the terms and conditions of the bonus. You can also earn free bitcoins on bitcoin faucets, which are websites that give away free bitcoins when you complete certain actions. You can then use these to fund your sportsbook account.
Can you legally bet with Bitcoin in India?
Since bitcoin is not answerable to any government or institution, many Indian players are hesitant to create accounts on sites accepting bitcoin in India. This is because the Reserve Bank of India (RBI) does not favour bitcoin betting and speaks against using it. This has led to many Indian players staying away from using bitcoin for sports betting. India has also banned gambling in most parts of the country and hence bettors are usually fearful of signing up at sites accepting bitcoin in India.
However, you can rest assured that it is completely legal and safe to carry out betting using bitcoin. The RBI does not condemn bitcoin betting as long as you play at regulated online sportsbooks that are located outside of India. Offshore and licensed betting operators are legal to bet at as they provide you a legitimate way of betting using bitcoin.
There are a few domestic sportsbooks that offer cryptocurrency-based betting options, but it is best to stay away from these, as they would classify as domestic and illegal bookies. There are also some unlicensed betting sites. Our advice to Indian bettors would be to avoid all online betting sites that run without a license. These sites will appear all good as long as you win less and lose more. However, when you win a large amount of money or start winning more than you lose, these sites may jump on the next opportunity to block your account or decline your payments.
Do check out BettingGuru’s recommended list of bitcoin betting sites in India, as all these sites offer Indian bettors a safe and secure bitcoin betting experience.
Bitcoin Cricket Betting
It is safe to say that every sports bettor in India is looking to place cricket bets on both domestic and international games. Now, you can enjoy Bitcoin cricket betting on a lot of online betting sites. India-facing sportsbooks focus on providing bettors with a large number of cricket betting options. You will find the top bitcoin sportsbooks covering the most popular T20 cricket league in the world – Indian Premier League, bilateral series involving India and top ICC events including the ODI World Cup, T-20 World Cup, and test matches.
Bitcoin cricket betting is growing in India and one of the reasons for this is because betting sites are also covering T20 leagues around the world such as the Big Bash League, Caribbean Premier League (CPL) and Bangladesh Premier League (BPL), giving cricket bettors in India continuous cricket betting options.
It is quite easy to go about bitcoin cricket betting as all you need to do is create your account, deposit funds using bitcoin, and start betting on matches, tournaments, and championships taking place all year round in the world of cricket. BettingGuru’s list of bitcoin betting sites pays special attention to cricket betting providing our Indian readers with a great selection of bitcoin cricket bets.
Bitcoin Betting On the Mobile
Almost all bitcoin wallets have mobile apps that work with both Android and iOS platforms. Players can link their gaming accounts to their bitcoin wallet and fund their gaming accounts on the go. A lot of the top bitcoin sportsbooks now have dedicated mobile apps that make it easy for players to download, create their accounts and make BTC deposits within a matter of minutes.
Players no longer have to wait to switch on their computers, log in to their accounts and wait to complete a fiat money transaction before they can start betting. Mobile bitcoin betting apps are easy to use and allow players to turn their smartphones into a mini bookie. The ability to use bitcoin to make deposits and withdrawals allows Indian bettors to place bets on their favorite games in a matter of seconds and enjoy superfast withdrawals.
A good betting bitcoin site has the following key attributes:
- It has a valid license from a reputed gaming commission like UKGC, Malta, Alderney, Isle of Man, Curacao or Costa Rica.
- It follows an extensive KYC process to confirm your identity. This way, you can know that it is serious about offering its services.
- It provides instant deposits and withdrawals. Although all sports betting bitcoin sites offering bitcoin have instant transactions, some sites keep your funds pending for review. In contrast to this, a good site delivers your funds instantly without any processing or review.
To start your journey on a sports betting bitcoin site in India, you are required to fulfil the following criteria:
- Legal age: You must be over 21 years of age (minimum age required to bet in India) to place bets with any bitcoin betting site from India.
- Verified identity: You must verify your identity to the sportsbook by providing both ID and verification proof.
Yes, nearly all Indian sportsbooks allow you to bet on a plethora of sports options. When you are betting with bitcoin, you can place bets on a number of options like football, basketball, badminton, boxing, volleyball and all the other sports that are offered by bitcoin-friendly sportsbooks.
Bitcoin is not regulated or governed by any set of laws in India. No taxes are imposed on BTC transactions. However, when you withdraw your bitcoins back into your bank account by converting them into INR, you will be eligible to pay taxes as per the rules of the IRS (Indian Revenue Services).
We would say yes – if you are playing at any of BettingGuru’s recommended bitcoin sports betting sites. This is because our recommended bitcoin-friendly sites use the latest SSL encryption to protect their players’ personal and financial information. You can also use these winnings to place more wagers on your favorite games going forward.