Online Betting on the Rise in India, Upcoming Cricket World Cup and Possible 28% Tax on Gaming: Will it Have Any Effect on Online Betting Companies?
Online betting in India at licensed real money gambling sites has gradually risen over the past few years. As recently as August 2023, the GST (Goods and Service Tax) Council said that iGaming operators will soon be forced to levy a 28% tax at full value.
Players who spend money on games of chance and games of skill (there is now no differentiation between the two in India) must fork out the 28% GST on the amount they have deposited on real money gambling games (like online slots, roulette, blackjack, etc.) and on any sports bets they place – that’s on top of the 30% Tax Deducted at Source (TDS) on net winnings.
Some have said that this will have a positive impact, enabling the government to generate more revenue from the iGaming industry, expecting there to be a compounded annual growth rate of 28% to 30%. Early predictions are that the iGaming industry as a whole will grow by around $5 billion by 2025.
Other, less optimistic views say that the new 28% GST expected to come into effect in October will have a major negative impact on the iGaming industry.
They say it will force Indian players to play their favourite online casino games and place sports bets at foreign-controlled/licensed websites that operate from outside of Indian Jurisdiction.
The upcoming men’s ICC Cricket World Cup 2023: Which top Indian sites have the most competitive odds?
If you live in India and fancy having a flutter on the upcoming ICC men’s Cricket World Cup, which is officially set to get underway on October 5th at the Narendra Modi Stadium in Gujarat in India, when England play New Zealand, one of the most trusted sites you can turn to today is the official The Top Bookies review site.
It has the latest honest and unbiased reviews for more than ten carefully selected Indian online sports betting sites, all of which have sophisticated and user-friendly IPL betting apps.
These trusted sites have some of the iGaming industry’s most competitive odds and are already taking bets on the upcoming 2023 Cricket World Cup.
Some of their most highly recommended Indian online bookmakers (sports betting sites) include the following trusted brands:
- Betway India
- Cricbaba
- MegaPari
- 10CRIC
- PureWin
Other trusted sites for people living in India, which are also now taking Cricket World Cup bets, are 22Bet, 1XBet, Dafabet, PariMatch, BetTilt, Blue Chip, Sportsbet.io, Sat Bet, and PureWin, to name a few.
Can I place bets at these sites from my smartphone, and which team is most likely to win the world cup?
All of these sites can be accessed from smartphones, laptops, desktop computers and tablets, provided you are 18+. They are free to sign up to, and they all currently have the host nation, India, as the odds-on favourite team to win the world cup outright.
For example, if you decide to place a small bet on India to win the ICC men’s Cricket World Cup 2023, you are currently looking at average decimal odds of around 3.30 (which is 23/10 in fractional odds and +230 in American/moneyline odds). This also means that India has just over a 30.00% implied probability rate of winning.
In comparison, the second odds-on favourites, England, have a 23.50% chance of winning and are currently priced at 4.25 (13/4, or +325). The least favourite team to win is the Netherlands at 501.00 (500.1, or +50,000), with only a 0.20% chance of winning.
The other nations playing at this year’s world cup are Pakistan, Afghanistan, Australia, Bangladesh, New Zealand, Sri Lanka, and South Africa. India’s first game is against Australia on October 8th at the M. A. Chidambaram Stadium in Chennai.
Final note
When you sign up to a fully licensed Indian online casino or sports betting site, it’s down to you to gamble responsibly, which means several important things.
For example, to ensure you have a safe and enjoyable experience each time you log in to your account to play casino games or place sports bets, remember to set a reasonable budget, and then to stay within your budget, avoid placing silly bets and never chase your losses straight away.
Also, from time to time, don’t forget to take the occasional break to stretch your legs, clear your mind and have a snack or drink, and when you land a win, make sure you withdraw a large percentage of that windfall back onto your preferred payment method instead of leaving it all in your account.
