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Stake.com highlighted that more than $100m has been wagered on the 2024 Indian Premier League (IPL) after enabling payments in rupees on its platform.

The crypto betting giant said it has enabled users to pay with rupees on its flagship Stake.com sportsbook, marking the sixth fiat currency available for customers to use.

The currency integration came alongside several marketing campaigns designed to support Stake’s new presence in the market.

The IPL is the most popular cricket league in the world, with the first 51 matches seeing a viewership of 510 million, according to the Disney Star media conglomerate.

Stake’s director of commercial Jarrod Febbraio said: “We are constantly striving to improve our product and want to make Stake.com easily accessible to as many players as possible.

“With more than $100m wagered this season alone, the IPL is soaring in popularity, and so is Stake.com.”

Stake.com’s promotional push also included a special offer that saw bets paid out on any team that managed to hit a six during the first four overs, even if they went on to lose the match.

Stake said this resulted in $30m returned to players that would otherwise have been returned to the sportsbook.

Febbraio added: “We wanted to spice things up for the 2024 season, and this promotion was perfect for our customers who don’t like cricket, they love it,” he added.

GST shakes up offshore betting in India

Stake.com is usually considered the world’s largest cryptocurrency operator, with a presence in both regulated and unregulated markets.

While India has regulated skill-based gaming, many offshore operators continue to have a presence in the market.

These offshore operators are liable for the country’s 28% Goods and Services Tax (GST) on turnover, despite lacking a local licence.

Super Group opted to exit the market in October 2023 after the country’s Goods and Council Tax Council announced the GST earlier in the year.

The tax has been heavily criticised by the local industry, with local trade bodies warning it could damage India’s nascent gaming industry.

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