How does betting operate in the gray market of India?

Cricket betting has not yet been legalized in India but still, the number of people betting here is quite high. In addition, many bookmakers operate betting in the gray market. Although there is no strict betting law in India, due to which the gray market is flourishing very fast. Here we will tell you how betting operates in the gray market of India.

According to some reports, betting in India’s gray market generates an income of about $100 billion every year. Along with this, there is a turnover of about 20 to 30 thousand crores in almost every IPL match. This gives an idea of ​​how high the demand for betting in the gray market is. That is why the demand for legalizing cricket betting in India has been increasing from time to time so that the economy can be strengthened and all bookmakers can work legally.

Read: Why does a punter keep betting even when he loses?

How does betting operate in the gray market of India?

The most popular way to operate betting in the gray market of India is to place a bet by calling via phone. Apart from this, many Indian bookmakers provide an ID to the punter and enter the balance in it. They also offer 10% to 20% additional bonuses to entice their customers.

Compared to foreign bookmaker sites, there you can register your account yourself and start betting by depositing money yourself, whereas this is not the case with bookmakers in India.

It is illegal to set up a betting office in India as per the laws relating to betting, while there is no restriction on online betting on foreign sites. But still, punters bet in the gray market as compared to online sites. Bookmakers like Reddy Anna and KarnaBook provide an online betting facility in the country and they work illegally across the country.

Read: Why should betting be legal in India?

Betting on the gray market in India is conducted in 2 ways:

By phone line:

In this process, the punter contacts a bookie and collects some amount of money to place a bet limit. He then places his preferred bet by calling the bookie’s number during the match. Often in this, the calculation and transaction of money are done till the next day before the start of the match.

In this, the bookie himself takes the phone line and gets in touch with a big bookie. During this, his phone line keeps running, and after every ball in it, he keeps talking about the session and the odds. The bookie bids by setting his margin in this price i.e. increasing the price slightly so that he can get a certain profit. The bookie has a limit at the place where he draws the line and he can also bet within a certain limit so that he can get a profit or he can avoid more loss.

Read: Cricket history’s most famous match-fixing controversy

Through online websites:

For the convenience of the punter, the bookie operates its own online website, which can be referred to as a betting exchange, which closely resembles foreign bookmakers. In this, along with the price and session during the match, the markets related to it are visible. However, in this, the punter can bet only to the extent of the balance in his betting account.

In this, the punter has to contact a bookie and get a betting ID. After this, he is given a website, in which he login with that ID. After this, the bookie has to send money and credit the coins (balance) in it. Once the balance is credited, you can place bets up to that limit. To withdraw the winning amount, the punter has to contact his bookie and give him the information related to his bank. After this money is sent by the bookie to the same account.