Illegal betting portal Stake.com enables GPay, aims $100Mn in bets for IPL 2024

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Illegal betting portal Stake.com has enabled deposits in Indian rupees for the first time ahead of IPL 2024 and has commenced a series of marketing campaigns. The portal has enabled GPay payments probably with mule accounts and has started aggressive marketing hoping to reach $100 million total wagers.

Any form of betting is illegal in India and the government without commenting on the legality has recently mandated all offshore betting portals to register under GST laws. Despite this no offshore betting portal registered with the authorities.

Now, Stake.com is blatantly violating Indian laws and is also promoting the same with impunity.

“We are constantly striving to improve our product and want to make Stake easily accessible to as many players as possible,” said Stake’s director of commercial, Jarrod Febbraio. “With more than $100m wagered this season alone, the IPL is soaring in popularity, and so is Stake.”

The 2024 IPL season is the first season since implementation of 28% tax regime that resulted in several offshore betting websites including Super Group’s Betway and Spin exiting the Indian market and leaving the market open for other players who could risk legal action.

“We regrettably have elected to cease trading in your region. We will work with you to return any outstanding balances,” read the announcement on Betway India specific website then.

Operators like Stake.com accepting deposits in Indian rupees conduct operations through mule bank accounts. The account holders in most cases are not aware of the transactions and in most cases the current accounts list groceries as the business. RBI last year directed banks to adopt comprehensive measures to identify mule bank accounts.

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