Although cricket betting is increasing in popularity in the cricket-crazy nation of India, there is still one major concern among Indian players regarding the option to make a deposit into their betting account and to initiate a withdrawal. We do understand that it is a valid concern for punters, especially since they are investing their hard-earned money into the industry. Cricket betting can only be as much fun as being able to take part in the market, and having the assurance of being able to withdraw the winnings without any restrictions.
While cricket betting is not considered as an entirely legal activity in India, there are certain grey areas in the country’s policies that allow Indian cricket bettors to bet on their favorite cricket matches. Several online bookmakers and betting operators take advantage of the existing loopholes to cater to the Indian cricket betting market, which necessitates the need to offer excellent and secure funding options that suits the players’ preferences. If you are looking for the most suitable payment method for cricket betting in India, read our comprehensive guide to find out more.
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The Different Banking Options Accepted by Online Cricket Bookmakers
Online betting operators accept almost all major payment methods available in the market, as having a global presence requires companies to tailor their solutions to meet the demands of their traders. However, cricket betting banking options are broadly classified into four groups, with each category having several different options and third-party service providers to suit individual payment preferences.
Bank Wire Transfer
Bank wire transfer has been the most trusted and preferred choice for funding a sport betting account for many years. Bank transfers are highly secure, along with being a legal payment method that satisfies most of the Indian money transfer laws and regulations. India is highly suspicious of international payments made from the country, and have strict anti-money laundering laws, which make a bank wire transfer all the more reliable for Indian punters.
Although bank wires have certain advantages, it is also the slowest funding method that can take up to 10 days or even more for the money to reach your account. Bank holidays and other unforeseeable circumstances can also lead to further delays, not to mention other allied expenses such as bank fees, interbank transaction costs, and exchange fees.
Credit/Debit Card Payments
Debit or credit card payments are another popular means of funding a cricket betting account, where players have the option of depositing or withdrawing money through Visa, Mastercard, or other internationally acclaimed card companies. Card funding can be performed either through bank-issued cards or through prepaid cards that are authorized to perform transactions for gambling-related websites.
Credit/Debit card funding is instantaneous, where the funds are transferred within mere seconds. The speed of transaction is what makes it a highly sought-after payment option for Indian punters, but there is a cost disadvantage for such transactions. Credit/Debit card payments may incur extra fees of transfer, and some cards also charge interest and other costs on the money transferred.
E-wallet payments are currently the most popular payment system for cricket betting sites in India, as it not only allows convenient payment through online channels, but it also bypasses the hassle and delays of traditional payment systems such as a bank wire transfer. E-wallets are also comparatively less expensive than the comparable bank wire or credit/debit card payments, which makes it even more feasible for punters.
The most popular e-wallets for Indian players include Skrill, NETELLER, PayPal, WebMoney, ecoPayz, Neosurf, Astropay, and Trustly. Some of these e-wallets also run seasonal promotions and campaigns that offer free bonuses through their partnerships with certain cricket betting sites in India, but always read the fine print before accepting any bonuses.
Some sportsbooks also accept independent and third-party money transfer systems such as Western Union, where the transfer mode is similar to a bank wire transfer. Money transfer offers a convenient platform for people who don’t have access to bank accounts, or for those who wish to keep their bank account or credit/debit card information confidential. Money transfer services can be quite expensive than other forms of banking options and can induce delays in transfers as well. Money transfer through these platforms can also limit the amount of money that you can deposit in your betting account, but it can suit the requirements of some types of cricket punters.
Depositing with Indian Rupees
The primary account currency for all bookmakers is the US Dollar, but other major currencies such as the EUR and the GBP are also widely adopted by a majority of betting operators. Regardless, some leading cricket betting bookies also tend to accept deposits in Indian Rupees (INR). The betting odds remain the same, with the only difference being that the wagering amount and the payouts are denoted in Indian Rupees.
Depositing in Indian Rupees not only simplifies the betting prospects for players from India, but it also helps in satisfying the Indian laws that have a strict anti-tolerance towards converting INR to any other currency, such as the USD, through foreign transactions. Furthermore, betting on cricket matches through the INR also helps in eliminating unwanted foreign exchange transaction costs, which can eat up around 5% to 20% of the fund transfer through exchange fees.
Due to the clampdown on gambling companies in India, it is difficult to find a reliable cricket bookmaker in the country. However, gambling is still legal in some states, where it is possible to bet on cricket matches through direct contact. These companies are usually licensed by the State authorities, and may not be able to cater to players from other parts of India. Therefore, depositing at betting sites in India requires the player to actually travel to the bookie’s registered office, or transfer money to an authorized bank account that does not break any gambling or transactions laws prevalent in the country.
Withdrawing Money from Cricket Bookmakers
Online bookies allow players to wager on cricket matches as soon as they open an account and make a deposit. Players only need to verify their email address or mobile number at the beginning, after which they can proceed to make a deposit and start betting.
However, to withdraw money from the account, players should complete an elaborate personal verification procedure, which includes uploading documents such as a passport, driver’s license, bank account statement, utility bill, or any other similar documents. The verification procedure aims to establish the identity of the punter, and verify that they are of legal age to gamble. Punters can only withdraw the money after completing the verification procedure.
Due to the difficulties, delays, and other general complexities involved in an account verification process, players should always verify their cricket betting account before making a deposit. By holding a verified account, there is minimal chance for a dispute, and online betting sites cannot withhold your withdrawal for lack of verification.
Additionally, players can only withdraw money through the same account/payment method that was used to deposit funds. Players are also expected to satisfy the minimum wagering requirements if they have opted for a bonus, free betting credits, or any other promotions. In normal circumstances, betting companies will send you the withdrawal within 24 to 72 hours, while some withdrawals can take longer.
Which Is the Best Banking Option for Indian Cricket Betting Sites?
Players should choose a payment option that is convenient and cost-effective, which depends on their account and betting requirements. For smaller betting amounts, using a credit/debit card or an e-wallet is usually the best option, while for larger amounts, the bank wire transfer is the more preferred option. Obviously, the cost of transactions, the speed of payment, and the legality aspect of cricket betting do come to the fore, which means that you should only choose a payment method that conforms to the legal requirements in your state.