Global betting platform Stake.com is reaping the rewards of its strategic investment in India, recording more than $100 million in bets during the current Indian Premier League (IPL) cricket season. Based in Cyprus, Stake aims to grow in the Indian market at a time when other operators are pulling out due to concerns about the assets and services tax (GST) on business turnover.
With the introduction of deposits in Indian rupees ahead of IPL 2024 and a series of marketing campaigns, Stake has managed to achieve unprecedented levels of betting activity. Let’s explore how this innovative and risky strategy has resulted in impressive growth for Stake.com.
Strategic expansion and marketing innovations
Stake.com, recognising the potential of the Indian market, has launched deposits in Indian rupees, the sixth fiat currency available on its platform. This move, in line with the IPL season, was accompanied by aggressive and innovative marketing campaigns. One of those campaigns offered bettors to be paid out as winners if their chosen team hit a six in the first four overs. The only condition was that bets had to be placed in INR, with a maximum payout of up to $25. This specific promotion took place in 30 of the 48 selected IPL matches, representing 63 % of the games.
Stake.com attracting new Indian users
The impact of this marketing campaign was substantial, especially in terms of acquiring new customers. According to Stake, more than 80 % of the users who took advantage of the offer were new to the platform, making their first deposit. This strategy not only increased the number of active users, but also expanded Stake.com’s presence in the Indian market, making it a popular choice among bettors. As well as the popular 1xbet and its many betting markets available.
Background to the Indian betting market
India’s betting market is going through a period of significant change due to the implementation of a 28 % tax on business turnover. Announced by the GST Council of India in July last year, this move generated negative reactions, especially from organisations such as the All India Gaming Federation (AIGF). Which warned of the potentially negative impact on market regulation. As a result, companies such as Super Group, which owns Betway and Spin, decided to pull out of the Indian market last October.
Stake.com’s response to the GST tax
Despite the challenging scenario, Stake.com has opted for a contrarian approach, investing heavily in the Indian market. Jarrod Febbraio, Stake’s commercial director, emphasised the importance of making the platform accessible to as many players as possible. He said Stake’s constantly striving to improve their product and want to make Stake easily accessible to as many players as possible. With more than $100 million wagered this season, the IPL’s popularity is growing, as is Stake’s.
Innovative leader Stake’s Impact on the betting market
Stake.com’s success in the IPL can be attributed to a number of factors. With a highlight to the company’s ability to adapt quickly to changes in the market and the needs of consumers. One of the main strategies adopted was accepting deposits in Indian rupees, which greatly facilitated local players’ access to the platform. This adaptation, although it seems simple, demonstrates a deep understanding of the preferences and needs of Indian consumers. The importance of operating in the local currency cannot be underestimated, as it removes barriers and creates a more fluid and intuitive experience for users.
In addition, creative marketing campaigns have played a crucial role in building a loyal and engaged customer base. For example, the promotion that paid bettors as winners if their chosen team hit a six in the first four overs. That not only attracted new users, but also encouraged active participation during matches. This particular campaign proved particularly effective, as it combined Indians’ love of cricket with the thrill of betting, resulting in significantly higher engagement. You can also watch and bet on cricket and horse racing in 22bet, which offers live betting.
Stake.com’s growing presence in the Indian market also emphasises the importance of innovation and flexibility for betting companies operating in challenging regulatory environments. In a context where many operators are withdrawing due to heavy taxes, Stake.com has opted for a strategy of expansion and adaptation. This includes not only accepting a new currency, but also implementing marketing campaigns that resonate with the target audience. This proactive approach sets Stake.com apart from its competitors and highlights the company as an innovative leader in the sports betting market.
Future prospects for Stake.com in the sports betting market
As the IPL comes to an end this month, Stake.com must continue to explore new ways of attracting and retaining customers in the Indian market. The company has demonstrated that a customer-centred and adaptive approach can overcome regulatory and market obstacles. In the future, Stake.com is likely to continue to innovate in its product offerings and marketing strategies. This may include launching attractive new promotions, introducing more localised payment methods and personalising the user experience to better suit the preferences and habits of Indian bettors.
Stake.com’s bet on the Indian market can serve as a model for other betting companies looking to expand their operations in emerging markets. The lessons learnt here can be applied to other regions with similar characteristics and challenges. The ability to understand and quickly adapt to local dynamics is crucial to success in any global market, especially in a sector as competitive as sports betting. As well as offering good odds for the next events, like Bettilt does.
In addition, Stake.com can benefit from strategic partnerships with local sports leagues, cricket clubs and digital influencers, further strengthening its brand and presence in the Indian market. Such partnerships would not only increase the company’s visibility, but also create a deeper connection with the local sports community.
Final thoughts: Stake.com and navigating in the new reality of the Indian Betting market
Stake.com’s success in the 2024 IPL season is a testament to the power of innovation and adaptation in the sports betting market. By focussing on the specific needs of Indian bettors and introducing creative marketing campaigns, Stake has managed to not only survive, but thrive in a challenging regulatory environment. With over $100 million in bets and a growing base of loyal customers, Stake.com is well positioned to continue its growth in the Indian market and beyond.
The strategies implemented by the company offer valuable lessons on how to navigate complex and highly regulated markets. Stake.com has shown that by understanding and adapting to local dynamics, it is possible to achieve significant success. This customer-centred approach, coupled with continuous innovation, will allow Stake.com not only to maintain its position in the Indian market, but also to expand its influence in other emerging markets. Establishing itself as a global leader in the sports betting sector.