The top-ranking crypto betting operator, Stake.com, continues to successfully exploit the Indian market, in spite of its competitors’ withdrawal. As other companies exit, Stake.com has reaped the benefits, with a staggering $100 million already placed in bets on the Indian Premier League this season alone.
Several competitors have left the market as a consequence of the GST flat tax on turnover. Notably, Super Group departed shortly after the tax was announced. The Indian government recently introduced this 28% GST tax on wagering turnover, a move that has been highly controversial.
However, Stake.com remains undeterred and has, in fact, reinforced its commitment to the Indian market. The company even took the initiative to enable deposits in Indian Rupees before this IPL season. As of now, the Indian Rupee is among the six fiat currencies supported on Stake’s sportsbook.
Moreover, Stake.com has amplified its marketing initiatives in the area, aiming to consolidate its presence within the country. One recent strategy, for example, compensated bettors as winners, even if their selected team lost, provided the team hit a six over the opening four overs.
The qualifying bets had to be staked in Rupees and set a maximum payout limit of $25. Based on company data, this criteria was met in over 60% of the IPL games during the promotional period.
Stake Endeavors to Enhance Customer Access to Its Services
The company’s Director of Commercial, Jarrod Febbraio, remarked that their investments in the region have resulted in remarkable activity. He hailed the strong performance, stating that with $100 million in bets this season alone, the “IPL’s popularity and Stake’s success are on the rise.”
Febbraio also referenced the aforementioned promotion, asserting that it successfully attracted a new customer base. Reportedly, more than 80% of all customers who availed of the offer were first-time depositors.
We sought to revitalize the 2024 season’s betting, and this offer was just the ticket for our customers, who are not merely fans, but passionate cricket enthusiasts.
Jarrod Febbraio, Director of Commercial, Stake.com
Finally, Febbraio confirmed that the team would persist in their efforts to enhance their products, with the goal of making Stake.com increasingly accessible to a broader range of players.
