If you own Bitcoin, you probably take comfort, if not enjoyment, in some degree of risk, whether that be games of chance or sports outcomes. In that case, then you’re in luck because there are plenty of great online casinos and sports betting sites available to Indian Bitcoin bettors; the trick is figuring out which are worth your time and coins. So, before you spend any of your Bitcoins, remember that India’s best Bitcoin betting sites of 2022 are those that are fair, secure, and legitimate.
Only Use Reputable Bitcoin Betting Sites
The first thing you need to do when deciding whether or not to place your bets with an online Bitcoin casino or sports betting site is to check its reviews —after all, the best way to learn from mistakes is to make sure you’re learning from the mistakes of others. Check reviews to get an idea of whether a betting site is fair and whether it is secure.
Next, make sure the casino is licensed by a reputable gambling authority; for legitimate betting sites, this information is usually easily available. If you have a hard time finding out about a site’s licence, it’s best to err on the side of caution and go find a better, more reputable site.
Because Bitcoin is still developing in India, a lack of government regulation has led to an explosion of online betting sites providing Bitcoin as a payment option. However, the flip side to this booming, unchecked market is a distinct degree of caveat emptor, or buyer beware.
Making Online Bets with Bitcoin
Online Bitcoin casinos and betting sites usually offer live dealer games like blackjack and baccarat, but many will also have a section for sports betting featuring football and cricket, among others. When making your bets, make sure the site you’re using is properly encrypted so as to protect the security of your crypto wallet.
The benefits you can expect to receive from using Bitcoin for online betting include improved cryptographic security features, faster deposits and withdrawals, larger welcome bonuses, and better attention from customer support.
India lacks any specific laws that prohibit Bitcoin/cryptocurrency gambling; if there is no law, then there is no crime. So, at the time of the writing of this article, online Bitcoin bettors should be totally in the clear. Be sure to keep up to date on the development of relevant local or national legislation. Notably, while the Reserve Bank of India issued a warning on the use of Bitcoin in general, it has not made any move to ban its use. Finally, although Bitcoin is not recognized as a legal tender, Indian Bitcoin owners can easily exchange it for its USD value.
Another benefit of online gambling using Bitcoin/cryptocurrency, given the current state of Indian government regulation, is that any winnings you earn will not be taxable. The legally prescribed 30% tax rate on gambling winnings only applies to casinos based in India. Since most online Bitcoin casinos and betting sites are based abroad, they are not required to withhold India’s 30% tax on your gambling winnings.
Likewise, foreign Bitcoin betting sites operating in India don’t have to pay taxes on their profits; this works out well for these sites’ patrons because they can then pass on the amounts saved to their bettors by providing lower minimum wagers, better deposit bonuses, and higher odds.
The Big Picture
Online Bitcoin gambling has gained incredible popularity in India within the last few years due to the improved ease and security of making deposits and receiving payouts. At present, there is a wide variety of games and sports available for Indian Bitcoin bettors online, from traditional table games to slots, to the most popular national sports.