Stake has been dealt a significant blow following the suspension of Indian Premier League cricket amid ongoing conflict between India and Pakistan.
The league has been suspended – initially for a week – due to security concerns as tensions continue to rise between the two countries.
The news comes as a substantial hit to online casino Stake, who has targeted growth in India and specifically the IPL – the world’s richest cricket tournament.
The IPL is also the most popular cricket league on the planet, attracting over 235 million viewers just on the opening weekend of the season – culminating in 27.7 billion minutes of watch time.
How Did Stake Attract New Customers In India?
Stake enabled deposits in Indian rupees for the first time ahead of IPL 2024 and commenced a number of marketing campaigns to promote the brand.
One marketing campaign saw punters settled as winners if the team they backed hit a six during the first four overs – even if their team ended up losing.
The only catch was bets had to be placed via Indian rupees with a maximum payout of $25. Stake said this resulted in $30 million returned to players that otherwise would’ve gone straight into their pocket.
The campaign was a great success as more than 80% of users to have redeemed the offer were new to Stake as first-time depositors.
Stake Took Advantage Of Competitor Exits Following GST Turmoil
Headquartered in Cyprus, Stake entered the market in India at a time when other operators preferred to distance themselves due to concerns about the Goods and Services Tax (GST) on turnover.
The crypto casino rolled the dice and is now emerging as a monopoly in the Indian cricket betting space, which led to unprecedented levels of activity throughout the campaign.
Last May, just over a month into the 2024 season, Stake reported their platform had seen over $100 million wagered on IPL alone.
In early 2024, plans were announced for the 28% GST on turnover for betting which saw Super Group – owners of Betway and Spin – exit the Indian market entirely.
Industry bodies such as the All India Gaming Federation condemned the move, believing it could stunt the regulated market.
India has regulated skill-based gaming, promoting the emergence of offshore casinos who are still liable for GST despite not holding a local license.
These platforms are no-KYC betting sites which feature no payout limits or restrictions, allowing players to sign up using a crypto wallet and nothing else to ensure secure anonymity.
Joe Lyons is a betting industry writer for GamblingIndustryNews with years of experience on reputable gambling websites. Joe specialises in long form content in the world of sports betting and gambling. Joe is recognised as an expert in sports fields such as horse racing, soccer, NFL and NBA.
