We have discussed whether online sports betting is legal in India in great detail on our OCBpage, which you can refer to. Betting exchanges are very different in how they work, and the question of how they fit into the legal landscape in India is valid.
The good news is that betting exchanges in India are not illegal or banned. But as always, the answer is not quite so simple. Read on to learn more!
The Public Gambling Act 1867 is aimed squarely at gambling houses, sports betting and games of chance such as dice. This is prohibited, though exceptions are made for skill and horse racing games.
Indian gambling laws are woefully outdated as they do not apply to modern times, with the Internet providing access to many online betting sites and casinos. This realm remains untouched by most laws in India.
The Foreign Exchange Management Act 1999 applies to online financial transactions, including transactions made at online betting sites, which must be made in Indian rupees. This ensures that online bookies allow you to make deposits and withdrawals in INR.
But not a single modern law has sought to regulate online gambling in India in one way or another. It has never been legalised, nor has it been prohibited. Since betting exchanges also fall into this category, they are not illegal or banned.
That said, some states (individually in charge of online gambling regulations) have begun to regulate online gambling and betting. Most state governments consider gambling vice and seek to ban it.
Some states, such as Goa or Sikkim, have legalised gambling in many forms. In these states, you can place online bets or use exchanges as you please.
Other states, such as Andhra Pradesh, have successfully banned online gambling and betting entirely. If you live there, you should stay away from betting sites.
Some states have attempted to implement bans, but local high courts have squashed those attempts as excessive. You can expect these states to try again to enforce strict laws, but this will likely take time.
In the meantime, you can use betting exchanges in most countries without worrying about legal consequences.
At a traditional betting site, you bet on the odds determined by the bookmaker on a specific outcome in a match or race. Exchange betting differs because you don’t bet against the bookie but against other players.
You can either back an outcome, meaning you win if the outcome you bet on is indeed the result. Or you can bet on an outcome not happening, which means you win if you are correct. That differs from betting on the opposing team to win, a separate bet you can place at an exchange.
On top of that, you can determine yourbetting odds when backing a bet and staking an amount that may exceed the limits of traditional betting sites. However, someone needs to lay your bet as well.
This sounds complicated, so let’s try and simplify. This is how you back a bet:
The other option is to lay a bet:
Here are three of our best bookies, two of which also feature betting exchanges:
At 1xBet India, you’ll get a full-service betting site in India that includes traditional sports betting and a wide range of gambling products.
It is easily one of the best cricket betting sites in the world, featuring just about every cricket event.
Here is what we like about them:
Less excellent is their customer service and the cluttered web design. Use the 1xbet app; the design is much improved and more fun.
WinDaddy Sports is a newer betting site in India, but it has a betting exchange, which is why you should check them out.
We quite like what they have to offer, which includes the following:
The only thing needed here is a help or FAQ section. But otherwise, this is an excellent option for Indian punters.
If a bookie is called FairPlay, you expect them to play fair. Given that their main features are their betting exchanges for cricket, football and tennis, you will undoubtedly find fair odds here as other players mostly determine them.
On top of that, you get traditional sports betting and an online casino here. This is why you should check them out:
Their customer service could be better, and you should know that you must register an account before properly using Fairplay. So, go ahead and check them out.
