CHENNAI: While rule of the law states any form of gambling is banned in India (save a few exemptions like horse racing), there are loopholes when it comes to online betting that more than a few are exploiting to earn money.
For instance, on Wednesday, a person who has been frequenting bet365 for the last three months, used it to bet on the inaugural Indian Premier League (IPL) match between Sunrisers Hyderabad and Royal Challengers Bangalore in Hyderabad.
Even as David Warner was celebrating with his teammates, the person checked his bet365 account to realise that he had won Rs 300 thanks to the match.
A few India-based banks don’t give an Indian citizen an opportunity to deal directly with overseas bookmakers, but that’s where e-wallets like Neteller come in. “Register yourself with bet365 and link it to Neteller. Link your bank account to it and start betting,” a person in the know tells Express.
Bet365 is the preferred platform for Indians living in India because of their enormous cricket-based markets. They also give Indian customers a 15% bonus for new users (if you sign on to Neteller with an initial investment of Rs 10,000, Rs 1500 is added to your wallet). While there could be an ambiguity with respect to any standalone laws that specifically addresses this issue, lawyer Vidushpat Singhania says people who use this path to bet will be in violation of Foreign Exchange Management Act (FEMA) laws.