2025 Report [Part – 1]: How Many Indians Bet on Cricket with Crypto?

Cricket betting in India has always been massive, but 2024 and early 2025 mark a clear turning point. The rise of cryptocurrency in sports betting, combined with culturally dominant events like the Indian Premier League (IPL), has created a new chapter in how Indians wager on cricket.

This report brings together data from multiple industry sources to answer a key question: how many Indians bet on cricket with crypto, and how will the Online Gaming Law 2025 and 40% GST reshape this market?

The Sheer Scale of Cricket Betting in India

Cricket remains the backbone of India’s betting market. Multiple studies and reports including Statista have highlighted the enormous participation levels –

• Around 140 million Indians are considered regular bettors.
• This number spikes to 340 million during major tournaments like the IPL or ICC events.
• For each India T20I, it’s estimated that $200 million is wagered.

These figures alone show that cricket betting is not just popular; it’s a national‑scale activity. When combined with rapid adoption of digital payments and crypto, the market is entering a new phase.

Crypto’s Influence on Indian Cricket Betting

Why Crypto Appeals to Bettors

Cryptocurrency adoption in betting has been accelerated by key advantages-

• Anonymity: Bettors prefer privacy in a legally grey market.
• Speed: Instant deposits and withdrawals without bank delays.
• Lower fees: Especially attractive for high rollers compared to local methods like UPI.
• Global acceptance: International operators tap into Indian demand by offering Bitcoin, Litecoin, USDT, and other coins.

For Indian bettors, crypto offers not just efficiency but also perceived safety from local regulatory scrutiny.

Marketing Push During IPL

Crypto brands are not standing still. Campaigns like OKX’s “Crypto Cricket Cup” and NFT‑driven promotions tied to IPL games illustrate how blockchain companies use cricket to attract customers. This crossover between sports, crypto, and fan culture ensures betting volumes increase, particularly during marquee events.

Case Study: Stake’s Entry into India

Perhaps the clearest example of crypto’s impact on cricket betting comes from Stake, one of the largest crypto‑betting operators.

• In early 2024, Stake added INR deposits, making it one of only six supported fiat currencies on its platform.
• This coincided directly with the IPL season, creating a perfect market‑entry strategy.

Stake’s Growth Numbers

The results were explosive:

• Blask Index – 339,000 in January → 25 million by May 2024 (a 7,275% increase in five months).
• Market share – from 1.27% in January to nearly 40% by May 2024.
• eGGR (estimated gross gaming revenue) – grew from $1.2 million in January to $42 million in May.

This was not short‑term hype. Even after the IPL, Stake maintained 18.10% market share in October, proving that the gains were sustainable.

Stake’s Promotional Innovation

Stake’s campaign “first four overs six” was a standout. Bettors won if their team hit a six in the first four overs; a promo that paid out in 63% of selected matches. This creative, match‑specific offer drove over 80% first‑time depositors, most of whom used INR or crypto.

Crypto’s Passage Through the Grey Zone

Given this change, the legal ban on promotion; how do Indian bettors continue to participate? That’s where crypto plays a crucial role.

• Because banks and regulated fiat payment channels are under tighter scrutiny, crypto provides a payment mechanism that can bypass some of the restrictions.
• Crypto’s pseudonymous nature gives bettors a sense of privacy when regulations and tax enforcement become heavy.
• Offshore betting platforms accepting crypto remain accessible even when promotion is restricted, or when local operators face onerous tax burdens.

In effect, cryptocurrency has become a lifeline for those in the grey area: legal risk exists, but many bettors perceive that using crypto reduces exposure to bank rules, taxation tracking, or promotion‑based enforcement.

Estimating How Many Indians Bet with Crypto

So, with 340 million Indians potentially betting during major cricket events, how many are now using crypto under this new landscape?

While direct counts are still elusive, multiple signals give us a strong estimate:

• Stake’s rapid rise shows that crypto‑friendly operators can grab tens of millions of monthly users.
• Blask data shows an eGGR of $42M/month at peak, much of it driven by crypto rails.
• Analytics Insight reports that crypto payments are now a significant portion of transactions, particularly among high‑value bettors.
• The appeal of anonymity and speed in a highly taxed & regulated market suggests a growing preference for Bitcoin, USDT, and other coins.

Even if 10-15% of India’s 140M regular bettors used crypto in 2024, that translates to 14-21 million crypto bettors. During IPL spikes, this figure could climb to 40-50 million.

The new regulatory environment makes it likely that the higher end of that estimate or even beyond, are using crypto, because it offers both a way to avoid restrictions and a way to reduce costs associated with higher GST.

Why Timing Matters: The IPL Effect

The IPL remains the event that magnifies all these dynamics-

• Stake’s market share surged almost 40% during the IPL.
• Promotions tied to match moments (sixes, overs, wickets) that used crypto or accepted crypto/INR deposits did especially well.
• With the PROGA restricting promotions, traditional advertising‑led growth is curtailed. Crypto, referrals, and word‑of‑mouth become more central.

Thus, IPL doesn’t just drive volume, it accelerates the shift toward crypto rails and forces operators and bettors to adapt in real time.

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