Ah sure, the global gambling site Stake.com is finding a grand pot o’ gold in India, with over $100 million already bet on the mighty Indian Premier League (IPL) cricket season.
Operating out of Cyprus, Stake has set its sights on significant growth in India, especially as other betting operators are backing off due to the new GST flat tax on turnover. For the first time this year, the group allowed deposits in Indian rupees right in time for IPL 2024 and launched a whole rake of marketing campaigns to top it off.
Stake says this clever move has sparked “unprecedented levels of betting activity” during the IPL season, which is due to finish up later this month.
“We’re always keen to improve our offerings and make sure Stake is as handy as a pocket on a shirt for as many punters as possible,” stated Jarrod Febbraio, Stake’s director of commercial. “With more than $100 million wagered this season alone, the IPL is soaring in popularity, and so is Stake, to be sure.”
IPL Marketing Gives Stake’s Presence in India a Mighty Boost
The Indian rupee has now become the sixth fiat currency available on the group’s flagship Stake sportsbook. One marketing campaign cleverly paid punters as winners if their team hit a six during the first four overs. The only rule was that bets had to be placed in INR with a maximum payout of up to $25. Stake reported that this happened during 30 of 48 selected IPL matches, or 63%.
“The promotion also proved a savvy strategy for snaring new customers. More than 80% of users who redeemed the offer were new to Stake as first-time depositors,” Stake revealed.
“We wanted to spice things up for the 2024 season, and this promotion was perfect for our customers who don’t just like cricket—they love it,” they added with a twinkle.
Super Group Has Already Exited India Over GST Tax
The 2024 IPL season will be the first one since India’s GST Council announced a 28% GST tax on betting turnover in July of last year, which caused quite a stir. Industry bodies such as the All India Gaming Federation (AIGF) have condemned the tax rate as potentially stunting the regulated market.
Super Group, which owns Betway and Spin, exited the Indian market last October in response to the GST announcement, opting not to face the new financial hurling match.
