Crypto Vs. Gambling – Is It Possible to Gamble with Crypto in India, How It Works with Taxes in Crypto?
Aaradhya Khan - Website Director

Crypto Vs. Gambling – Is It Possible to Gamble with Crypto in India, How It Works with Taxes in Crypto?

Crypto Vs GamblingOnline gambling has earned extreme popularity in countries like India in the last decade.

It now has access to many online gambling sites that accept cryptocurrency.

The emergence of digital currencies shows that the online gambling culture has changed greatly.

Keeping the ease and the way cryptos are being transferred, the cryptocurrency betting sector looks promising.

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Many bettors come across this question as they are not sure. In cryptocurrencies, bitcoin is the most accepted form of transaction and playing with it is legal. It is the most widely used crypto across India. Bitcoin is not regulated by any centralised institution and is a public-owned traded currency system.

There is nothing to worry about when making transactions with crypto and gambling legally in India. Another important thing is gambling laws are outdated in India, and every state has its terms and conditions whether to allow online cricket betting in India or land-based gambling or both.

How Do Digital Currencies Work with Taxes?

The Indian Government has revealed that it does not treat digital currencies illegally. It happened after announcing taxing such transactions. It is not at all illegal to sell and buy cryptos and gamble. Crypto assets are similar to winnings from bets or horse races and several other transactions.

After years, this year’s budget stated that the taxing income from the transfer of virtual assets is put at 30%. It removes the uncertainty about the legal status of transactions. This steep tax percentage could impact the trades soaring in the country.

The Government is working to develop a system that will help regulate cryptocurrencies. After that, the proposed law needs to be cleared. What will happen in the future is a never-ending topic. The Government’s approach is to check out what is happening worldwide and then conclude.

The Benefits of Using Cryptocurrency Like Bitcoin for Gambling

Gamblers will enjoy a wide range of benefits when playing at online gambling sites using cryptos. They are:

Safe And Secure Transactions:

The transactions are safer when you play using cryptos as they follow blockchain design. This technology makes every processing secure and safe and has various security measures. They keep your financial and personal information safeguarded from hackers.

Transact Anonymously:

The cryptocurrencies allow you to transact anonymously. The only thing you have to do is provide the wallet address and the value of the money to transfer. There is no need to provide any billing address and personal information, so anonymous.

Free Transactions:

Every transaction is free, which indicates that no fee is applicable. It’s because cryptos are still not a part of any centralised financial institution. It means every player can enjoy gambling with cryptos till the last chance. They can increase their chances of winning at gambling sites.

Instant Transactions:

Every transaction is instant, so while transacting with bitcoin, it would be fast. Unlike other deposit methods, it will not take a long time. The value will reflect in your account within a few minutes. Once the amount gets transacted, you can start playing your favourite games without waiting for a long time.

Bitcoin Appreciates:

Another unique feature of bitcoin is its value increases which you can enjoy. If you made your deposit beforehand, there is a chance to get more money and play with it.

No Transactions Can Be Blocked:

Cryptos have been a game-changer for online gambling. The digital form of the transaction has made it safer, secure, and quick. Especially Indian gamblers who had to suffer unnecessary blockage earlier can use this method to play for real money. With that, they do not have to worry about what to do if a financial institution blocks their transaction.

One thing to remember while playing at the top gaming sites for betting in India, bitcoin is the only crypto used for gambling. You should research a bit and find all related information before spending it. Most importantly, you should transact money only with a legitimate site. Do not opt for an illegal site as it won’t be a good option. Now that you have understood why to use cryptos in online gambling, here are a few top-class and legitimate sites to play.

The Top Online Gambling Sites to Play in India

Bitstarz:

Bitstarz is a site that accepts Bitcoin Cash but not Bitcoin. You can enjoy anything from sports gambling to slot games on this site. Experienced players will find withdrawals and deposits quickly with several other options. Different options are available through which you can use your bonuses and promotions. With a generous signup bonus, there are additional promotions as well.

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mBit Casino:

mBit Casino is a renowned Bitcoin gaming site with excellent live chat, customer support, and crypto bonuses and promotions. There is a minimum deposit requirement that needs to be fulfilled, and transacting money is easy. Several other banking options are also available to make transactions. It has around 2000 games starting from table games to live dealers. Every game is fair, which means that the results are not manipulated.

TrueFlip:

Like traditional online casinos, the bitcoin online gambling sites are competitive. It indicates that these gambling sites offer attractive offers to join the platform and invest your hard-earned money in betting. TrueFlip is one such brand with amazing features that you might not get anywhere else. Hence, you can complete the signup process, make a transaction to grab the welcome bonus, and start gambling.

Bspin Casino:

Although it is not a household name, this Bitcoin site is legal and cannot be matched with other brands. The rewards can be increased by 20%, and it also accepts Fiat currencies. This site is ideal for both experienced and new players.

The Bottom Line

Hopefully, this news article could explain that playing with cryptos is legal in India. The process of how the taxes work in India is also mentioned. Now you can look for an online casino offering a welcome bonus and play.

Aaradhya Khan
Aaradhya Khan
Website Director
Aaradhya Khan is one of Online Gambling Guru’s top online gambling industry experts. Without Aaradhya’s involvement, India’s top online casino guide that is OnlineGamblingGuru.com would not exist. Thanks to her extensive knowledge of...
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