Bet365 has been a frontier in the online betting and gambling industry in India. Sports enthusiasts and bettors from various regions used the platform. However, the latest events have left Indian users utterly surprised and curious.
Bet365 banned and is no longer accepting players from India.
Bet365 has stopped its activities in India as of August 18, 2023. The decision created mayhem in the betting world and made a lot of people curious as to why such a drastic measure was taken and how they could continue betting.
Exit Details for Bet365
On an unfavourable August day, Bet365 officially stopped operating in India and accepting players from the country. The major reasons for Bet365’s withdrawal from the Indian market can be attributed to three big reasons:
- Regulatory issues
- The complicated nature of the financial transactions with Indian banks
- The 28% Goods and Services Tax (GST) levied by the Indian government.
Legalised gambling has always been a grey area, and the complicated Indian legal system, paired with financial transaction problems, nudged Bet365 to take such drastic measures.
Exploring Alternatives: Fun88 and the Like
Bet365’s withdrawal from India surely gives its users a chance to experiment with other betting platforms. However, it is crucial to know that the online betting world is dynamic and has plenty of alternatives. One definitely needs to be careful while choosing a betting platform.
Fun88 is a platform that offers numerous betting options. It has sports betting & casino games and is a good alternative for Indian bettors.
Moreover, Fun88 offers a tremendously smooth betting system. It has a user-friendly interface and a wide range of betting markets to choose from. Bettors can choose from cricket matches to football leagues.
The Regulatory Maze: India’s Gambling Laws, which can be considered a labyrinth to newcomers
The legal position of gambling in India is complicated and is regulated by the Public Gambling Act of 1867. The act was enacted during the British colonial period and, in essence, prohibits the operation of gambling houses. However, the bill does not have any clear clause for online betting, and this has led to numerous legal battles.
Not all states, but a few, like Sikkim and Goa, have already started to control gambling within their boundaries. The aforementioned states have already banned a few forms of gambling. That said, the regulations on online gambling remain vague. It makes both the operators and the users uncertain.
- Betting and Gambling Laws: The Indian Contract Act of 1872 and the Public Gambling Act of 1867 prohibit wagering contracts and gambling in public places. However, laws from the 19th century do not explicitly include online betting activities among illegal actions.
- Information Technology Laws: The law regulating online activities on Indian soil is the Information Technology Act 2000. Yet, the act doesn’t mention “gambling” or “betting” directly. Therefore, it does not cover sites such as Bet365.
- State Laws for Online Betting: According to the Indian Constitution, each state can implement its gaming laws. States have the power to tax income related to gaming and betting, which gives them more authority to decide whether to legalise or ban online gambling within their borders.
As a result, each state has its own set of rules—some are very strict, while others are pretty lenient.
- In Karnataka & Maharashtra, skill games are allowed, but games of chance or luck are not.
- Sikkim’s state government is working towards regulating and legalising internet betting & gambling and has even accepted license applications from online companies. Such licensing would cover various activities, including cricket betting at top sites.
- West Bengal is fast becoming India’s poker hub. The West Bengal Prize Competition and Gambling Act of 1957 identifies poker as a “game of skill.”
The Financial Challenge: Transactions and Indian Banks
Regulatory problems were one thing, but Bet365 also had trouble conducting proper financial transactions with Indian banks. Issues such as currency conversion details, cross-border transactions, and compliance with Know Your Customer (KYC) posed significant hurdles.
Indian banks that adhere to strict financial regulations may have encountered difficulties in processing online betting and gambling transactions. This would have further complicated Bet365’s operations in the country.
The Countdown: Withdrawals and Substitutes
Upon the shutting down announcement, Bet365 allowed the users to withdraw their balances until September 4. After this, no withdrawals can be made.
For people who have been ardent users of Bet365, the sudden exit has left them flustered. The world of online betting is indeed huge, and other options, such as Fun88, can provide a better experience to online bettors.
Frequently Asked Questions (FAQs)
On August 18, 2023, Bet365 officially stopped its operations in India. It is not welcoming Indian players anymore. The Indian government imposed the 28% Goods and Services Tax (GST), which, along with the changing regulatory obstacles and the complications in transactions with Indian banks, were the main causes.
Access Fun88’s website, go through the registration process by filling in the needed information and then verify your Indian phone number to sign up and start playing.
Of course! Fun88 accepts Indian rupees as deposits.
Star it if you find it helpful.
