Payment Methods For Indian Online Casinos: Legal Considerations And Security Measures

Gambling is fun and must be taken as same without breaking the bank. You cannot just waste the money you have kept for eating to spend on gambling. It is necessary to take precautions when choosing a casino in India. The government only recognizes certified and licensed casino operators. However, you must check out your state regulations before signing one. 

After you have chosen the right casino and checked your state regulations, you first must make a deposit. You can do it through various authorized payment gateways available for Indian players.

PayTM

This fast and secure digital wallet operates only through the net banking system. You can deposit the bet and withdraw the winning amount through this payment method. Players will also get points from the digital wallet, like the bonus rewards from the casinos.

Google Pay

We all know it as GPay too. Google Pay is a globally recognized digital wallet payment method launched in 2011. It includes trustworthy and secure transactions whether you are paying through it or receiving the money through a bank. It does not charge any transaction fee. You can use it at any offshore or regulated Indian casino that accepts this digital payment method.

Skrill

This e-wallet accepts Indian currency too. It is also an efficient and secure method. This e-wallet payment and withdrawal method is accepted at global casinos. However, a withdrawal fee of 2.5% is higher than that of other e-wallet methods.

Debit/Credit Cards

Well, the players from the allowed Indian states who can bet and gamble can use their bank credit or debit cards. You can use the most popular Mastercard or the VISA card. These are linked with your bank and globally accepted by the casinos. It is a secure and legal way to make payments in most countries alongside India. The deposits through Mastercard or the VISA card can be made instantly, but the withdrawal of your wins can take up to a week. 

Direct Bank Transfer

Direct bank transfer is also accepted in a few regulated casinos if you are not into third-party apps or do not use Net Banking. However, the government in India does not allow direct bank transfers. You can only rely on this method if your State regulations allow it. It is a secure method, but your withdrawal time may vary from casino to casino.

UPI/ Net Banking

The UPI or Unified Payments Interface is also one of the secure payment methods if you are skeptical about using third-party apps. It is accepted by all the commercial banks that function under the regulations of RBI. You can carry out highly safe deposits and withdrawals in your casino account. Putting in large card numbers will be no hassle, as your work can be done by simply putting in a PIN. The payment processing time may take some time because of the acceptance of authorization or while adding the third-party customer.

The legal scenario of casino payments differs in India as related to foreign countries. Many countries even allow the players to win and withdraw the jackpot amount. A few countries may levy taxes on the jackpot amount, but large transactions are still not allowed in India. If you are trying to withdraw big wins from your casino account and that too from an offshore regulated account even, you may end up in money laundering activities. 

You must pay the taxes at 30% of your wins and the 4% cess if the casino operator does not deduct it. The TDS needs to be deducted by the casino operators in India. You have to get the anti-money laundering certificate too. Always read the terms and conditions of a casino regarding the withdrawal of big amounts into your account. 

On the other hand, cryptocurrency is allowed for Indian citizens, but it is only allowed in the regulated states. You can carry out anonymous transactions through cryptocurrency. The biggest benefit is the increased security and the ease of withdrawal of transactions. Since fewer cryptocurrency-related laws exist in India, players can always use this method. There will be no incident of fraud or hacking, as it can be done with other casino payment methods.