Banking at Betting Sites in India

Whilst you are able to ‘play for fun’ at an online casino and try out all kinds of games, it is not possible to also ‘bet for fun’ at a bookmaker. If you place a bet on an event, you have to fund your bet with real money (unless you can use bonus funds or free bets, which still act like real money).

So, to place bets on cricket, kabaddi or tennis, you need to fund your account at the online betting site and there are various ways to do that. Let us tell you the most important things you need to know about depositing real money and withdrawing your winnings at online betting sites in India.

Banking with a bank account

Depositing funds into your betting account in India can be a challenge for some customers as not everyone in India has a bank account. That doesn’t mean it’s impossible to fund an online betting account, though, but it’s a little trickier than when you have a classic bank account.

If you do have an account, your best option to transfer money into your betting account is the use of –

E-Wallets:

These are third-party payment providers such as Skrill, Neteller, Paypal or many others. Most online betting sites operating in India also operate internationally and work with many different payment solutions, including a wide range of e-Wallets. Some may only offer their services in a handful of countries. The most widely used and best-known are the three above, though Paypal is not available at many online betting sites. Thus, Skrill or Neteller are your best options.

E-Wallets are super convenient to send and receive money online, which includes depositing and withdrawing to and from your online betting account. Getting an e-Wallet is usually free of charge, though fees are applicable for various services you may use. Those fees are different according to the provider, but generally, they are affordable.

If you have an e-Wallet or want to get one, we have extra articles on the subject. In any case, e-Wallets will withdraw funds from your bank account (which you have linked and authorized) and then you can simply use these funds to deposit them into your online betting account.

One of the main advantages is that there’s no direct link to your bank account and that payments are processed very quickly. Deposits are usually instant and withdrawals, once approved, are just as fast.

Bank transfers/instant banking

Of course, if you do have a bank account, another option would be the traditional bank transfers as well as instant banking, if your bank offers them. The main difficulty with the old-fashioned bank transfer is that banks in India may very well refuse to issue a payment to an online betting site.

Perhaps you have decided to deposit INR 20,000 into your account at your online betting site, which you authorized via your usual method from your bank account. The bank would then look into the transaction request to make sure everything is in order. This may take some time. Eventually, they decline the transaction and you still have not been able to fund your online betting account several days later. What happened?

Well, unfortunately, many banks in India don’t want to be associated with any form of online gambling. Whilst it is not illegal for people from India to gamble at foreign online betting sites, the laws are still in a grey zone and Indian banks simply don’t want to risk a penalty. It may be unlikely that this will happen, but better safe than sorry.

Many customers from India have encountered this problem. It’s not impossible to use a bank transfer or instant banking in India to fund your online betting account. But it’s not the method most recommend.

Indeed, e-Wallets are your best option here.

How do I fund my online betting account without a bank account?

Depending on the online betting site you want to play at, you may have several options to fund your account without the need for a bank account.

Prepaid cards

Almost all online betting sites allow the use of Paysafecard or even AstroPay to fund your account. This means you can go to a retailer, purchase a prepaid card with cash and then use the PIN-code on the card to fund your account. This is easy enough, though it still presents a problem when making withdrawals, as it is not possible to do that.

This is where it’s important to check all available deposit and withdrawals options an online betting site might offer because you want to be able to withdraw as well, even if you don’t have a bank account.

Ask a friend

In fact, you may need to get the help of a friend. You can still open an e-Wallet without a bank account. You could ask a trusted friend to add money to your e-Wallet using their credit card (provided they have one, of course). In turn, you simply hand over the cash to them directly and then you can use your e-Wallet to fund your online betting account.

Withdrawing the money would be done in a similar way. You sent the funds to your friend’s account and in turn, they hand over the cash. Of course, that’s a little complicated and you need someone you trust completely, but it can be done.

Other payment options

If all else fails and your online betting sites offers many different payment options, you may also use the following:

• Pay by phone
• Cheques
• Pay by mobile app

Indeed, you may be able to simply write a cheque, send it to the casino and fund your account that way. That will take a little longer, of course, but you can even use this method for withdrawals.

You could also pay by phone, which means that the deposit to your online betting site will appear on your phone bill, which you will need to authorize, of course.

Using a mobile app is sort of similar as well. The app would need to draw funds from an e-Wallet or some such and you could then authorize any payments via that app.

Cryptocurrencies

Finally, there are cryptocurrencies, which are accepted by many online betting sites in India. You may encounter the classic Bitcoin or newer options such as Litecoin or Ethereum or many others. Online betting sites would make it possible for you to deposit, bet and withdraw using your chosen cryptocurrency.

Cryptocurrencies are also stored in wallets, however, whether online in the cloud or on your computer. Whilst they are a very secure method and completely anonymous, some cryptocurrencies are quite volatile in value and you still need to buy cryptocurrencies using traditional funds.

Things to keep in mind when banking at an online betting site

A few practical considerations no matter which payment method you choose are these:

• What are the minimum and maximum deposits and withdrawals?
• How long do transactions take?
• Are there fees involved?
• Does my method allow withdrawals as well?
• How secure and anonymous is the payment method?

Also, if you use an e-Wallet, for instance, you have to use the same name your e-Wallet account is in that you will use for your online betting account. Eventually, before you make your first withdrawal, your identity will be checked by the betting site to ensure everything is in order. This is meant to protect you, your funds and the casino (money laundering is still an issue).

As such, any discrepancies may result in a withdrawal request being declined.

If you want to know more about the different payment options at online betting sites in India, check our guides, where we explain them in more detail.

How to deposit and withdraw at an online betting site

Once you have found an online betting site that offers a deposit and withdrawal option that is convenient for you, the actual process of making a deposit and later a withdrawal is fairly straightforward. Do keep in mind, though, that most online casinos want you to use the same method for both transactions.

Here’s how it works when making a deposit:

• Click on ‘cashier’
• Choose deposit and then the payment option
• Decide on the amount you want to deposit
• Confirm

Depending on the payment options, you need to enter a PIN code or another ID or email address, but that’s usually about it.

How to make a withdrawal?

• Click on ‘cashier’
• Choose withdrawal and then the payment option
• Decide on the amount you want to withdraw
• Confirm

Receiving the money will take a little longer as the request first needs to be checked and approved by staff. You may have to wait a few hours or even days, depending on your preferred method. As long as you have already gone through the KYC process (i.e. verified your ID), you will eventually be notified that your request has been approved and your winnings are on their way to you.