Gambling is one of the biggest industries in India. With a population of about 1.3 billion people, studies claim that around 80% of mature Indians gamble at least once per year; this results in an enormous market.
While most gaming revenues are still generated from land-based casinos, Indians are beginning to adopt online gambling methods for their betting adventures. This is especially true for Bitcoin casinos due to the unfavorable legal status of traditional gambling in the country.
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Late last year, India lifted the RBI’s de facto ban on Bitcoin, ushering in a new wave of crypto investors. Since the ban was lifted, Bitcoin’s price has also skyrocketed tremendously, attracting even more users from India and the rest of the world.
The convenience of Bitcoin and love gambling have made BTC casinos a firm favorite for many Indians. If you’re from India and looking for the top Bitcoin casinos and sportsbooks that are available in the country, you’ve come to the right place. The following is your complete guide to BTC gambling in India.
Is Bitcoin Gambling Legal In India?
According to India’s existing legal framework, gambling, or any “game of chance,” is illegal. You could be arrested if you are found gambling in the country. However, that law only applies to offline gambling. The Public Gambling Act of 1867, which is the only federal law prohibiting betting, does not include online gambling. As such, nobody in India has ever been arrested for playing on an online casino.
Until there is a law that bans Indians from using online casinos, it is safe to say that Bitcoin casinos are not illegal in India.
Pros and Cons of Bitcoin Gambling In India
Although Bitcoin casinos have several great benefits, they also have a few stumbling blocks. Below we’ll explore the major advantages and disadvantages of using Bitcoin for your gambling activities.
Sending and receiving BTC does not require the use of your real name and other contact information. Although all BTC transactions are public via Bitcoin’s blockchain, it’s difficult to tell that a random transaction is from one Ranjeet who lives in Manpur. This means that you can wager on your favorite games anonymously.
Thankfully, many Bitcoin casinos allow players to use their platform without asking them to prove their identity before making deposits and withdrawals.
If you’re wondering whether it is safe to gamble with Bitcoin, the answer is a resounding yes. Every transaction on the BTC network is encrypted and secured using the blockchain technology, making the system very difficult to hack.
Fast and Cheap Transactions
Unlike some traditional payment methods like bank transfers that are usually expensive and can take days to reflect in your accounts, Bitcoin transfers are cheap. They are processed within around 10 minutes (block time), depending on the network congestion. Even at the busiest times, transactions should only take up to an hour or two before they reflect in your balance.
Bitcoin is Volatile
Gambling with Bitcoin means you have to partake in the price volatility of the asset. Just three months ago, 1 BTC was worth 841K Indian rupees, but as of writing these lines, it is worth 2.7 M rupees (remember, you also can buy and use fractions of a Bitcoin).
This may be a positive if you buy at the right moment, but it can also be a significant downside as the price shifts frequently.
If you want to gamble with cryptocurrencies, then you must ensure that you don’t send funds to the wrong address during deposits or withdrawals because you can’t reverse transactions made on the blockchain. That’s just how the network is built.
What to Consider When Choosing a Bitcoin Casino
The first consideration when searching for the best Bitcoin casino should be the platform’s reputation.
During your research, ask questions like: “When was the casino launched?” “Does the operator make deliberate efforts towards resolving customers’ complaints?” and “How long does it take for the platform to process withdrawal requests?” If the answers to these questions are negative, you probably want to avoid the casino.
Game selection is probably the next most important factor to consider when choosing the best Bitcoin casino.
In India, Bettors mostly favor sports betting, especially cricket, since it’s the country’s most popular sport. Studies claim that cricket draws in as much as 80% of the illegal wagers made in India, followed by other sports and then casino games.
Whether you prefer to bet on sport, slots, table games, or live casino games, you’ll want to explore the games available with each casino to ensure that the platform you end up using has what you are looking for.
Bonuses and Promotions
Bitcoin casinos are known for their mouthwatering bonuses - usually much better than those offered by regular casinos.
It’s another reason why they are fast becoming the first choice for many online players in the country and further afield.
These promotions are intended to lure new users and encourage existing ones to keep playing. Some casinos also have VIP programs that are loaded with special offers for highly active players.
However, the terms for promotions vary by casino. Some bonus requirements are easier to meet than others. So it’s essential to understand the conditions before you proceed.
Bitcoin casinos usually support a few other popular altcoins like Ethereum and XRP. Some platforms allow players to make deposits and withdrawls in up to 20 alternative cryptocurrencies. That’s helpful if you’re looking to explore other crypto assets on your betting adventure and avoid the volatility of BTC while still enjoying the benefits of crypto
Best Bitcoin Casinos in India – Tip Picks
As one of the oldest Bitcoin casino websites, Cloudbet offers a wide game selection with multiple crypto payment options. The platform was launched in 2013 and has been a market leader since that time.
Although the site supports casino games such as baccarat, blackjack, roulette, table games, and slots, Cloudbet feels and looks like a bookmaker and is ideal for sports lovers. Players can wager on every sport or game imaginable, including cricket, football, e-sports, and live betting.
Multiple Cryptocurrencies: Players can deposit or cash out using Bitcoin, Ethereum, Bitcoin cash, USDT, and USDC.
Intuitive Interface: Cloudbet has arguably the most intuitive web layout of all the popular Bitcoin casinos. The design is modern with a pleasant look and feel.
Great Odds: Cloudbet is not just one of the oldest BTC sportsbooks; it also offers some of the best odds in the industry, making it a go-to choice for many punters.
No mobile app: Cloudbet does not have a mobile app for android or iPhone users.
1xBit was launched in 2016 and has become one of the most reputable and innovative Bitcoin betting platforms. The casino promotes anonymous betting and accepts an extensive list of cryptocurrencies. It has plenty of games, promotions, and bonuses to choose from as well.
Strong Partnerships: The casino has a strong media presence and numerous partnerships with leading cryptocurrency companies.
Mobile Apps: 1xBit is one of the few Bitcoin casinos with a mobile app for android and iPhone devices to make betting easier and more convenient for players who are on the go or only have mobile devices.
Over 20 Supported Cryptocurrencies: 1xBit is the only Bitcoin casino that supports 26 types of cryptocurrencies for both deposits and withdrawals.
Multiple Languages: The casino was designed to cater to the needs of players around the world and has more than 50 language options to choose from.
Unregulated: 1xBit is an unregulated Bitcoin casino - there is no information about its regulatory status on the website. Being unregulated means players may struggle to take legal action against the company in the case of a dispute.
FortuneJack was established in 2014 as a casino-game only platform. However, in late 2018, the website expanded its services to include sports betting.
The casino supports eight cryptocurrencies, with welcome bonuses of up to 6 BTC and 300 free spins. The game categories include more than 30 sports, dice, casino games, and many provably fair offerings.
Reliable: There are very few complaints about FortuneJack online, and the casino has an excellent customer support team that helps resolve the issues faced by players.
Insane Bonuses: Fortunejack has a long list of bonuses and promotions for new and existing players.
Lots of Games: There’s no chance of running out of options when it comes to the game selection on FortuneJack
Only One Langauge: At the time of writing, the Fortunejack website only supports English.
Frequently Asked Questions About Bitcoin Casinos in India
What is a Bitcoin Casino?
A Bitcoin casino is an online gambling platform that allows players to wager using Bitcoin or another cryptocurrency instead of FIAT (regular day-to-day money) like you would in a traditional online casino. This means that your deposits and withdrawals are processed via Bitcoin or the currency you choose to use and are not linked to your bank account.
Do Bitcoin casinos accept other cryptocurrencies besides Bitcoin?
It depends on the platform you choose. While some Bitcoin casinos operate solely on BTC, others accept various cryptocurrencies like Ethereum, XRP, and Stablecoins. Some also support traditional payment methods like credit cards to help grease the wheels for beginners.
How to buy Bitcoin?
The easiest way to buy Bitcoin with fiat in India is via crypto exchanges, such as Binance, or peer-to-peer platforms such as LocalBitcoins.
How to bet with Bitcoin?
Betting with Bitcoin is straightforward and quite similar to using a regular online betting platform. The major difference, however, is the currency used. Read the top mistakes that you must avoid when using a Bitcoin casino for the first time.
Is online gambling regulated in India?
No, there are currently no laws regulating online gambling activities in India.
Is it legal to bet online in India?
At the time of writing, betting online in India, whether with Bitcoin or FIAT currencies, is in a legal grey area - not quite illegal but not entirely legal either. So far, no one has been harassed for using online gambling websites in the country. So, until there is a legal framework in place, players can probably continue betting on their favorite sports or casino games with Bitcoin without any concerns.