New Payment Options In Gambling That Will Trend In 2022
Viaan Patel - Content Manager

New Payment Options In Gambling That Will Trend In 2022

Online gambling has started to develop slowly in India. When it comes to betting, gamers prefer to pick a site with many deposit and withdrawal methods.

They do not prefer to sign up on a brand that does not have enough payment options.

Players new to gambling and wish to learn about casino deposit methods can go through this article.

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Ewallets

Ewallet is a medium that operates between the casino account and the player’s bank account. It adds a layer of protection or a buffer between the gambling site and the account. For example, the PayPal wallet is the one that is linked to your bank account and sends funds to the gambling account. This payment option is growing in India as it is convenient. A downside of using e-wallets is they will charge a fee for withdrawing and depositing money.

Debit or Credit Cards

Debit and credit cards are the common banking options that players will encounter on all sites. Additionally, many prefer using these cards for offline and online transactions. The most commonly used cards are MasterCard, VISA, Maestro, etc. All of these are connected to their bank account. This method offers convenience, security, and reliability. These cards are being used to complete transactions at a supermarket, shopping online, other point-of-sale stations, and gas stations.

Cryptocurrencies

Digital currencies or cryptocurrencies have become mainstream for online payments. Bitcoin is the most famous crypto and was introduced in 2009. Several eCommerce sites are there that accept Bitcoin payments. Several gamers pick cryptocurrencies over credit cards because of the perks. They have higher banking limits and are secure. This option uses decentralized blockchain technology, which maintains anonymity. In that way, no one can track crypto transactions. There is no need to add any banking information for making deposits and withdrawals. Some famous cryptos used by different gambling sites are Ethereum, Bitcoin, Tether, Dogecoin, Litecoin, and Bitcoin Cash.

Prepaid cards

Prepaid cards such as AstroPay Card and PaySafeCard have been famous among gamblers looking for anonymity and privacy. They can buy prepaid cards offline in gas stations, grocery stations, and several other outlets. Online payments can be made through respective websites and are available for deposits only. These prepaid cards are available at different prices. Every card has a unique PIN or code needed to deposit money. The AstroPay and PaySafeCard come with 16-digit codes.

Unified Payment Interface

Unified Payment Interface, or UPI, was introduced back in 2018 in Mumbai. This handy mobile application is used to link gamblers’ bank accounts. It will help in hassle-free and fast payments. If needed, gamers can link to several bank accounts as they work with 150 partner banks. They can select which option to pick to make transactions. It works round the year, and payments can be made with a single click.

Neteller

Neteller is becoming the most famous payment option as several players trust it. It boasts phenomenal security and is lightning fast. Indian players like to use this payment option, and hundreds of online sites have Neteller. They have to create an account for free by entering the password, email address, and currency to start the process. After that, they have to include the date of birth, name, phone number, and address. Then, gamers can deposit funds that they can use to gamble.

Skrill

Another e-wallet that you can use to pay while playing different games at the online gambling site is Skrill. This payment option is safe and secure to withdraw and deposit funds. At times, getting funds to play for real money can be a challenge. In this instance, they can consider using Skrill instead of other options.

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Gambling Taxes in India

Many players wish to know how much the Indian state gain on gambling taxes. It is mandatory to pay tax on the winning prize in gambling. Under Section 56 (2) (ib) of the Income Tax Act of 1961, gamblers’ prize money that players win while playing games is subject to tax. The different types of games that involve tax are rewards received by online competitions, online lotteries, games of chance, or online sports betting.

State Control Gambling Laws

Every gambling activity is regulated under the Public Gambling Act of 1867. This act has specified detailed rules and regulations concerning gambling. Under the Lotteries (Regulation) Act 1988, 13 states permit gambling and lotteries. In these places, private companies are allowed to sell lotteries and are agents of the government.

The Ways States Earn From Betting

The state governing gambling earns revenue or taxes from this department. A huge amount of money is being collected from here. Over the years, there has been a huge growth in collecting taxes where betting has been legalized. When a few states follow specific guidelines, some have a flat tax rate. Even after strict restrictions, lottery and gambling are common in some states.

The winning amount of gambling is categorized as another source of income as per Section 115BB of the Income Tax Act. It applies to the money you have won after playing card games, betting, and other ways. The tax value on the winning amount is 4% of CESS and a flat 30%. This tax applies to the winning amount that crosses 10,000.

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Final Thoughts

Hopefully, players can now understand the payment options available on online gambling sites from this article to make deposits and withdrawals. Additionally, the tax rate applied on the winning amount by the government is mentioned. Now they can look for a licensed online casino to register and play for real money. Gambling for free is a suitable way to learn the process before investing cash.

Viaan Patel
Viaan Patel
Content Manager
Vian Patel has been an essential part of developing OnlineGamblingGuru.com into the great Indian online casino resource which it is today. With Viaans 9 years of experience within the online gambling industry, our visitors can be certain...
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