In a landscape where most gambling operators are retracting in hesitation, Cyprus-headquartered Stake is boldly advancing towards opportunity. Targeting the Indian market, Stake has chosen the moment when others are stepping back, wary of the shadow cast by the new Goods and Services Tax (GST), to shine in its ambitions. Ahead of the eagerly awaited Indian Premier League (IPL) 2024, the company has made a groundbreaking move: facilitating deposits in Indian rupees, thus tailoring their services for the local crowd.
This decisive push into the Indian market coincided with the thrilling cricket season, and it was not long before Stake began seeing results. The company’s director of commercial, Jarrod Febbraio, announced remarkable growth, with betting activity reaching “unprecedented levels” during the IPL. He asserted, “With more than $100m wagered this season alone, the IPL is soaring in popularity, and so is Stake.” It is indicative of the potential Stake sees in India’s gaming landscape and their commitment to cornering a sizable share of it.
Recognizing the enthusiasm of cricket fans in India, the rupee’s introduction marked it as the sixth fiat currency on Stake’s robust sportsbook platform. One promotional campaign, particularly designed to thrill, promised participants that bets placed in INR would be paid out as winners if their chosen team smashed a six within the first four overs. With a maximum payout of $25, this exciting opportunity occurred in 63% of the 48 selected IPL matches. The offer was more than just a chance at winning; it represented a smart customer acquisition strategy that converted over 80% of the stakeholders benefiting from the promotion into first-time depositors on Stake.
“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,” Febbraio elucidated, capturing the essence of the campaign that resonated with the fervent cricket aficionados.
However, the expansion coincides with tempestuous regulatory upheavals. The 2024 IPL season is the inaugural season under the cloud of plans for a 28% GST tax on betting turnover, a move announced by India’s GST Council to the dismay of many in July of the previous year. This proposed tax rate has sent ripples of concern through the industry with the All India Gaming Federation (AIGF) among several bodies condemning it as a potential chokehold on the growth of a regulated market.
As a testament to the significant impact of this announcement, Super Group—the conglomerate behind household names like Betway and Spin—ceased its Indian market operations last October. This reverberates the sentiment of an industry cautious about the shaky ground imposed by the new tax edict.
Despite these industry-wide qualms, Stake’s advancement is unwavering. The company perceives India’s billion-strong population and increasing internet penetration as ingredients for a lucrative market. Their investment in localization, marketing, and integration of local currency indicates a long-term commitment, suggesting that they are positioning themselves not just as participants, but as leading players in the gaming sector of India.
Stake’s emphatic surge is a story of ambition meeting opportunity. While the clouds of taxation loom, their bold strides are set against the vibrant backdrop of the nation’s most spellbinding cricket extravaganza. Whether Stake’s gamble in the Indian market will continue to pay dividends beyond the IPL season remains to be seen, but their aggressive strategy and adept adjustments suggest a promising future amid the rising tide of regulatory changes.
