Stake, located in Cyprus, has set its sights on expanding in India at a time when other operators are pulling back because to fears over the GST flat tax on turnover. For the first time, the organization accepted deposits in Indian rupees ahead of the IPL 2024, and it has launched a series of marketing activities.

Stake stated that this has resulted in “unprecedented levels of betting activity” throughout the IPL season, which ends later this month.

“We are constantly striving to improve our product and want to make Stake easily accessible to as many players as possible,” said Jarrod Febbraio, Stake’s director of commercial. “With more than $100m wagered this season alone, the IPL is soaring in popularity, and so is Stake.”

IPL boost after backing Indian market

The Indian rupee is now the sixth fiat currency offered on the group’s flagship Stake sportsbook. In one marketing promotion, bettors were rewarded as winners if their team struck a six in the first four overs. The sole requirement was that wagers be placed in INR, with a maximum payment of up to $25. Stake stated that this occurred in 30 of 48 IPL matches, or 63%.

“The campaign also functioned as an effective consumer acquisition technique. “More than 80% of users who redeemed the offer were first-time depositors,” Stake said.

“We wanted to liven things up for the 2024 season, and this campaign was ideal for our consumers who don’t follow cricket yet like it.

Super Group has already fled India over the GST tax.

The 2024 IPL season is the first following the announcement of a 28% GST levy on betting turnover. The move was revealed by India’s GST Council in July of last year, causing widespread outrage. Industry associations, including as the All India Gaming Federation (AIGF), have decried the tax rate for possibly impeding the regulated market.

Last October, Super Group, which controls Betway and Spin, departed the Indian market in response to the GST decision.