Stake.com, a leading crypto betting operator, continues to capitalize on the Indian market as its competitors pull out. The other companies’ loss is Stake’s win as Indian Premier League bettors have already wagered over $100 million this season alone.
Some of Stake’s competitors were alienated by the GST flat tax on turnover. This notably included Super Group, which exited the Indian market shortly after the announcement. For context, India introduced a 28% GST tax on wagering turnover in a highly controversial move.
Stake, on the contrary, was not discouraged and doubled down on India. The betting juggernaut even enabled deposits in Indian rupees ahead of this year’s IPL season. The Indian rupee is now the sixth fiat currency available on Stake’s sportsbook.
Additionally, the operator increased its marketing efforts in the region, seeking to reinforce its presence in the country. One of the recent promotional campaigns, for example, paid out bettors as winners, even if their team lost, so long as it managed to hit a six during the first four overs.
Eligible bets had to be placed in rupees and had to have a maximum payout of up to $25. According to the company, the requirements for this payout were fulfilled in over 60% of the IPL games covered by the promotion.
Stake Wants to Make Its Offerings More Accessible to Customers
Stake’s director of commercial, Jarrod Febbraio, explained that his team’s investment in the region has led to impressive activity levels. He praised the performance and said that with over $100 million wagered this season alone, “the IPL is soaring in popularity, and so is Stake.”
The director also commented on the aforementioned promotion, saying that it channeled many new customers toward the operator’s platform. According to Febbraio, over 80% of all customers who have redeemed the offer were first-time depositors.
We wanted to spice things up for the 2024 season, and this promotion was perfect for our customers who don’t like cricket, they love it.
Jarrod Febbraio, director of commercial, Stake.com
Febbraio added that his team will continue striving to improve its products and make Stake more accessible to as many players as possible.