Gaming
iGaming Giants Leaving India
Online gambling is a well-liked and lucrative pastime for many Indians because they like the thrill and excitement of placing bets on sporting events, casino games, and other events. However, the landscape of online gambling in India has drastically changed in recent months as a result of Betway and Bet365, two of the biggest and most respected platforms, declaring their exit from the Indian market. What is the justification for this decision, and what does it signify for Indian gamblers?
Why Gambling Giants are Leaving India: What is The 28% GST?
The main reason why Betway and Bet365 have decided to stop operating in India is the new tax law that came into effect on October 1, 2023. The law imposes a 28% Goods and Services Tax (GST) on online gaming, casinos, and horse racing. This means that online gambling platforms have to pay 28% of the full value of bets placed by Indian customers to the government, regardless of whether they win or lose. This is a huge increase from the previous tax rate of 18% on gross gaming revenue (GGR), which is the difference between the bets placed and the winnings paid out.
The new tax law was passed by the GST Council, which consists of representatives from all Indian states, as a way to curb illegal and unregulated online gambling activities in the country. The law also requires offshore platforms to have GST registration and compliance to operate in India and gives the authority to block access to any non-compliant sites. The law aims to protect Indian consumers from fraud and addiction, as well as generate more revenue for the government.
However, the new tax law has also made online gambling very unprofitable and unsustainable for many platforms, especially those that cater to low-stakes and casual bettors. Betway and Bet365 have stated that they cannot afford to pay such a high tax rate on every bet and that they would rather focus on other markets where they can offer better services and value to their customers. Therefore, they have ceased trading in India and have asked their existing customers to withdraw their funds as soon as possible.
The Future of Online Gambling: New Laws, Higher Taxes…What Now?
The new tax law on online gaming has changed the online gambling scenario in India significantly. While it may have some positive effects on curbing illegal activities and generating revenue for the government, it also has some negative impacts on the online gambling industry and its customers. Many platforms may find it difficult to operate in India under such high tax rates and may decide to exit or reduce their services. This may limit the options and choices for Indian bettors, who may have to settle for lower quality or less reputable platforms.
Moreover, the new tax law may also affect the profitability and enjoyment of online gambling for Indian customers. They may have to pay more taxes on their bets or winnings than before, which may reduce their returns or incentives. They may also face more restrictions or difficulties in accessing online gambling platforms, especially those that are based offshore. They may have to deal with more legal and regulatory uncertainties, as different states may have different rules and policies on online gambling.
Therefore, the future of online gambling in India is uncertain and challenging. However, it is not hopeless or impossible. There are still some online gambling platforms that are willing and able to serve Indian customers and offer them a safe and satisfying online gambling experience. There are also some online gambling enthusiasts and advocates who are working to create a more favorable and conducive environment for online gambling in India, by lobbying for more reasonable and consistent laws and regulations. There may be some changes or developments in the online gambling landscape in India in the coming years, and we hope that they will be for the better.
Conclusion
Online gambling is a popular and lucrative activity for many Indians, who enjoy the thrill and excitement of betting on sports, casino games, and other events. However, the online gambling landscape in India has changed dramatically in recent months, as two of the biggest and most trusted platforms, Betway and Bet365, have announced their exit from the Indian market. The main reason for this decision is the new tax law that imposes a 28% GST on online gaming, casinos, and horse racing, which makes online gambling very unprofitable and unsustainable for many platforms.
However, there are still some alternatives that offer a variety of sports betting and casino games, as well as attractive bonuses and promotions. Some of the best online betting sites that you can join today in India are 10CRIC, Dafabet, and 22Bet. These platforms accept Indian rupees and offer a safe and satisfying online gambling experience. The future of online gambling in India is uncertain and challenging, but not hopeless or impossible. There may be some changes or developments in the online gambling landscape in India in the coming years, and we hope that they will be for the better.
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The stock market, FX, and derivative markets are all vastly different. However, they all share a common thread that makes them attractive for institutional and retail investors alike. These markets have deep liquidity and mature market frameworks. The reason? They are tightly regulated, which in turns attracts the capital that deepens the liquidity available.
The rules are clear and consistently applied, so big capital holders feel confident enough to make moves. Crypto markets are different, but that difference is quickly diminishing. Money goes where investors feel secure and where the rules are transparent and specific.
Liquidity Concentration as a Sign of Market Maturity
Liquidity is all about being able to match buyers and sellers quickly and cheaply. This lets retail buyers get $50 worth of Bitcoin on a Tuesday, and also lets an institutional player sell $50 million worth on the same day. The more mature and deep a liquidity pool is, the better equipped it is to handle large buy and sell orders without stumbling or creating slippage. Liquidity goes beyond just order volume. A mature market can handle stress and pressure.
A natural outcome of market maturation is the gradual concentration of liquidity. While this may appear counterintuitive, it is a function of how efficient markets form. Consider a fragmented market made up of many small sellers offering modest amounts of an asset and a single buyer seeking to transact at scale. In such an environment, liquidity is quickly exhausted, prices become unstable, and execution becomes inefficient. This is hardly the conditions required for a reliable market. A well-functioning liquidity pool, according to CME Group, is “one where a large volume of transactions can be executed without substantial impact on the price.”
Binance’s Liquidity Scale in a Global Context
For an example on how this plays out at scale in the crypto markets let’s take a look at Binance. Crypto markets are high-velocity, meaning value changes hands quickly. Since the platform launched, their all-time trading volume is in excess of $145 trillion per Cointelegraph. To put some context to that number, the global GDP is estimated by the World Bank to be around $110 trillion. This means the company is handling trading volumes that are on-par with national financial systems.
Binance Co-CEO Richard Teng recently commented on this scale during the WEF in Davos, “As we move into 2026, I am pleased to share that we have continued to grow from strength to strength. On the user front, we crossed 300 million users globally last month. That roughly translates to 1 out of every 20 adults in the world is using the Binance platform for investing.”
Teng continued, “Binance remained a primary venue for global crypto liquidity, with $34 trillion traded on the platform in 2025 and spot volume exceeding $7.1 trillion, about a 20% increase in average daily trading volume across all products. All-time traded volume reached $145 trillion across all products—more than the annual global GDP.”
According to CoinGecko data shared by Wu Blockchain, Binance’s spot trading volume rose from $365B in December 2025 to $409B in January 2026, marking a +12.1% month-over-month increase. This is nearly 5X larger than the next exchange.
Why Compliance Attracts Professional Capital
A 2026 report from PwC notes that “Institutional involvement has crossed the point of reversibility.” Blockchain technologies are being used behind the scenes to move large volumes of value. These moves are so deeply embedded in the fabric of the world’s financial infrastructure that trying to remove them could be costly. Financial markets are using these technologies already, so the regulators catching up has become essential.
It’s also essential to understand how professional capital views risk. Smaller players will focus on upsides and first-move advantages, but the professionals care first about legal risk which is non-negotiable. When doing business in any market, professional capital must know that what they are doing is permitted (and not in a gray area), who is overseeing it, and what are the risks or likelihoods of sudden rule changes.
Professional capital isn’t cautious by choice, but instead by the fact that they answer to auditors, regulators, company boards, and their own fiduciary responsibilities. Compliance means their need for caution has been fulfilled.
Market Integrity as a Competitive Moat
Integrity in crypto markets is all about predictability from market participants. We know there are no front runners or hidden fees because we can see the fee schedule and order book live. Market makers and professional capital only use markets with integrity because it makes things predictable and ensures everyone is following the same rules.
Market integrity thus acts as a defensive layer that keeps dishonest players from attracting professional capital. Integrity is made up of three parts: surveillance, controls, and transparency. IOSCO formalizes these, writing in a report that regulators must verify entities like crypto exchanges “for the monitoring, surveillance and supervision of the exchange or trading system and its members or participants to ensure fairness, efficiency, transparency and investor protection, as well as compliance with securities legislation.”
Liquidity as the Ultimate Vote of Confidence
What this all tells us is fairly simple. Liquidity goes where investors are confident. Professional capital has more needs than retail capital. When their needs are met, they vote with their resources by deploying value into pools they trust the most. That trust comes from regulation, market integrity, and above all, confidence in the pool itself.
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