A betting exchange is a platform where clients can trade on the results of certain events. Barring a few differences, betting exchanges provide the same options to bet as a bookmaker.
Is betting legal in India?
In the vast majority of India, online gambling is still illegal. Be aware that gaming is controlled in the country and that the restrictions in place are based on the Public Gaming Act of 1867 before we go any further.
This law was passed prior to the introduction of the internet, thus there is no reference to online gambling. Online gambling and casinos are therefore neither legal nor illegal.
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The Information Technology Act of 2000 in India is another set of laws that regulates online activity in India. However, little concerning online gambling is included in this either. Because of this, most citizens of the country are still free to gamble at online casinos and bookmakers.
The only states with gambling regulations and licencing procedures are Sikkim, Nagaland, and Meghalaya. Sports betting and online casino games are licenced in Sikkim and Meghalaya. However, residents of their states are not protected by licencing.
Nagaland, meanwhile, has a licencing agency for online games that fall within the minimal skill category. A licencing system for games of skill and chance is only in existence in Sikkim.
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Best exchange betting sites
There are many best exchange betting sites in India. Some operation with a credible license while other sites offer lucrative deals but don’t offer any rewards when you win. Thus, it is important to settle for the best exchange betting sites in India that operate with a valid casino/sports betting license.
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Is cricket betting legal in India?
India’s laws against betting fall in a grey area where nothing is clearly specified by the authorities. Currently, only Goa, Daman, and Sikkim have legalised betting although there are no proper laws set in place against online betting.
Online betting has grown leaps and bounds over the years and more bookmakers are shifting to this system of betting as a business model. In India, betting on cricket is neither legal nor entirely forbidden. States in India have different laws regarding the legitimacy of cricket wagering.
There are authorised land-based casinos in various jurisdictions that provide sports betting, including cricket betting, including Goa and Sikkim. All types of gambling, including sports betting, are forbidden in some states, including Gujarat and Maharashtra.
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The ability for Indian gamers to bet on cricket and other sports is offered by a large number of offshore online bookmakers. These websites are not officially unlawful, even though they lack an Indian licence.
So, when one asks, is cricket betting legal in India? The answer is yes and no, depending on the state you reside in and the type of bets you are planning to place.
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Types of cricket betting in India
Cricket betting involves placing bets on the outcome of cricket matches. In cricket betting, bettors can bet on various aspects of a cricket match, including the winner of the match, the score, the number of wickets, the performance of individual players, and more.
Cricket betting is carried out through bookmakers, who in turn offer odds on various outcomes of a given match.
The odds represent the probability of a particular outcome occurring, and the payout for a winning bet is determined by the odds. For example, if the odds of a team winning a match are 2.0, a bettor who places a ₹100 bet on that team would receive a payout of ₹200 if the team wins.
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That said, let’s take a look at the different types of cricket betting in India:
Match Winner: The match bet is one of the most popular types of cricket wagers. This is where you make your prediction for which team will win a specific game. With match bets, you can typically find favourable odds, and if you do your research well, it shouldn’t be too tough to turn a profit.
Top Batsman: The top batsman bet is another popular cricket wager. Here, you choose the player you believe will score the most runs during a game. Once more, if you have knowledge of cricket, this bet can be quite successful.
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Top Bowler: The top bowler bet is one form of cricket wager that is gaining popularity. Here, you make a prediction about which bowler will win a specific game or series by taking the most wickets. As long as you have a solid grasp of the game and the players, this might be a terrific way to earn some money.
Toss Winner: The toss winner is the most common kind of cricket bet. In this form of betting, you simply predict who you believe will win the coin toss before to the game. Since the odds are normally even money, this is typically a 50/50 proposition (i.e., you’ll win INR 1000 if you bet INR 1000 and your team wins the toss).
Player of the Match: With the Player of the Match bet, you simply choose the player you believe will be crowned Player of the Match after the game in this type of wager. The odds are typically a little greater on this than they are on who will win the coin toss (for example, if you bet INR 1000 and your team’s player of the match wins, you’ll get your INR 1000 back).
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Dismissal Method: You have to predict how the wicket will fall in this type of wager – caught, run out, stumped, bowled, LBW, or stumped. There are also other, less common means of dismissals.
Series Winner: The series winner bet adds thrill to one’s betting experience. With this type of bet, you choose who you believe will win the series (i.e. the team that will win the most matches). While the odds are normally the highest for this wager (you’ll earn INR 1200 back if you bet INR 1000 and your team wins the series), it is typically the hardest to predict.
Futures: The futures market is one of the riskier but potentially more lucrative cricket bets. In this kind of bet, you choose a team or player you believe will perform well in an upcoming competition or series. Futures bets often have very high odds, and if you win, the payoff can be enormous.
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Exchange betting sites in India
When using new cricket betting exchange websites in India, one bettor “backs” a bet (the traditional wager in which you bet on an outcome to occur), while the other “lays” a bet (where you bet against a result).
Punters must agree on the stake, betting market, and odds for this wager to be considered legal.
A betting exchange acts as a sort of matchmaker in this situation by pitting you against the other person and allowing two competing bets.
In essence, you aren’t betting against the bookmaker; rather, you are betting against other bettors who are similar to yourself.
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Betting exchanges, in contrast to conventional bookmakers, don’t make money when you lose. Instead, they levy a small commission on your earnings, which means that the more you wager and win, the more money you make. This means you get much better odds with betting exchange sites.
In the last few years, there has been a significant rise in the number of online cricket betting sites. Some have proven to be largely successful while others have lost their customer base as a result of not being able to sustain their business. Let’s look at some of the best exchange betting sites in India at present:
Indibet: Indibet is one of the most popular exchange betting sites in India, offering bettors from over the world various markets and betting options. With so many individuals seeking to take advantage of the website’s simplicity and fantastic array of betting possibilities, it has grown in popularity in India.
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Fun88: Fun88 is one of the earliest and largely popular exchange betting sites in India. As Betfair powers the betting exchange on Fun88, it provides punters an authentic betting exchange experience.
Crickex: For individuals looking for a betting exchange experience, Crickex is one of the most recent betting exchange websites in India. It is a betting exchange run by Betfair, just like Fun88.
Dafabet: Dafabet is another well-known Indian betting exchange website, which has an appealing user interface and numerous features to attract visitors. It is a fantastic betting exchange with live stats and streaming choices.
Fairplay: Although Fairplay is a fairly popular betting exchange website, it doesn’t appear to have many features. Fairplay is known for its cricket betting exchange and online casino. The entire betting exchange site is somewhat basic, though, because there aren’t additional sports betting markets.
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Cricket betting tips
While cricket betting can be fun and entertaining, it is important to note some key cricket betting tips to increase your chances of winning a bet. Keep in mind, however, that not all tips may be applicable at any given time. Try to understand which tips are applicable when placing certain bets.
Research: Before placing a bet, it’s important to do your research and gather as much information as possible about the teams, players, pitch conditions, and any other factors that may influence the outcome of the match.
Understand odds: Understanding the odds is crucial in cricket betting, as they indicate the probability of a particular outcome occurring. Bettors should make sure they understand the different types of odds and how they are calculated.
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Maintain a budget: It’s essential to set a budget for betting and to stick to it. Bettors should never bet more than they can afford to lose and should avoid chasing losses.
Explore different betting markets: There are many different types of cricket bets available, and it’s worth considering a variety of markets to find the best value.
Watch the weather: The weather can have a significant impact on the outcome of a cricket match, so it’s worth monitoring the forecast and adjusting your bets accordingly.
Stay up-to-date with news: Keeping up-to-date with the latest cricket news and developments can give you an edge in betting, especially in regards to team selection, injuries, and form.
Register with a trusted betting platform: Finally, it’s important to use a reputable and licensed betting platform to ensure the safety and security of your bets and personal information.
Best sports betting exchanges
Bettors get access to the best sports betting exchanges in a variety of formats. The following list includes the best sports betting exchanges that have grown in popularity:
Indibet: Indibet is a fully licenced, reputable, and safe sports betting exchange. Indian gamblers can register on the website just like they would with any other betting site. It also has a Curacao gaming licence. It is safe to place bets at Indibet because online gaming and betting are not yet regulated by Indian law.
Betfair: Betfair is a trustworthy exchange with a wide range of markets and aggressive odds.
Matchbook: Although it is still a new exchange, Matchbook has already established a solid reputation for its user-friendly design and reasonable commissions.
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Smarkets: Smarkets is a reputable exchange with an easy-to-use interface and high liquidity. With high odds and low commission, punters can place bets on all significant sporting events using the Smarkets betting exchange.
It’s crucial to remember that different kinds of bettors may choose different exchanges based on a range of factors, including the markets and sports offered, fee schedules, and the platform’s usability. Hence, before placing a wager, it is typically a good idea to review the best sports betting exchanges and consider the benefits that each exchange has to offer.
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Betting exchanges in India FAQs
Q. What is a betting exchange?
Ans. A betting exchange is a marketplace that lets bettors who want to place bets with other bettors connect. Instead of betting against a bookmaker, bettors bet against each other, and the exchange charges a commission on the winning bets.
Q. How does a betting exchange work?
Ans. In a betting exchange, bettors can back a particular outcome, such as a team to win, or lay the result, which means betting against it. Other bettors can then match the bet by either backing or laying the same outcome.
Q. Are there advantages of using a betting exchange?
Ans. One major advantage of using a betting exchange is that it often offers better odds than traditional bookmakers, as there is no margin built into the odds. Additionally, betting exchanges offer a wider range of betting markets.
Q. Are there any risks of using a betting exchange in India?
Ans. The main risk of using a betting exchange in India is that if no one is willing to match your bet, it will not be accepted. Additionally, the commission charged by the exchange can be higher than the margin charged by traditional bookmakers.