what is Betfair?
Betfair is an online gambling site where the largest online betting exchange take place. It also offers a Sportsbook, online casino, online poker, and online bingo. The company's headquarters are located in different countries and different states outside india.betfair provides all sports APIs.
What is a Betting Exchange?
A Betfair exchange allows a member to bet against each other rather than a bookmaker. the client can get live odds and results. betting exchange provides the platform for their customers to match bets against each other.
How does betting website work??
Every bet involve two bets;- one bet backing the selection to win, and a second bet backing the same selection to lose.
Why use a betting exchange??
a betting exchange provides greater choice for punters(a person who gambles, places a bet, or makes a risky investment.)but you only need to find other member for bet. the second value for bettors will generally better on exchange.
Betfair is legal in India or not??
According to our constitution, Betfair is not legal in India. Betfair is banning all its accounts in India in 2019.but nowadays there are interesting variations in online gambling. so traffic in gambling webistes are increased.
When it comes to online betting, it’s never going to be either legal or illegal. It’s always a grey area. Whether in India or even America and Europe. It’s considered shady and only because it’s considered difficult to regulate the amount of cash that flows through the industry. Even in India, where it’s been considered illegal for centuries, it accounts for billions in revenue. Same argument for legalizing drugs, prostitution, etc. etc. There’s tons of money in it, but it’s extremely hard to regulate. That’s where the true issue lies, not with legalizing the industry but regulating the industry. Now, online bookmakers are very different. It’s a long paper trail, and therefore, frowned upon, but technically legal. There’s no “Law” that states online sports betting is illegal in India. And that’s mainly because the law was passed decades before computers were made, forget the internet we have today.
Now, as India does not have any specific law which bans online betting,so companies take advantage of this inadequacy in the law or a set of rules. we provide API that accepts bets from every state in India, and nothing can be done about it as it is under the purview of the UK Gambling Laws. None of betting websites accept payments from any Debit/Credit cards in India as it is illegal here they only accept cash. The payment is done by a ewallets in India by number of people.
However, RBI guidelines in the Foreign Exchange Management Act make it illegal for unauthorized money to travel across borders for gambling, the change in the laws after globalization and its implementation is not as efficient and fast as the private beneficiaries who take advantage of such loopholes.
it becomes very safe and easy to bet online in India right now, go to the Cricket Section of betting websites and IPL games top the list. You can bet on all time and see the details of the game, from the toss to the number of wickets a baller will takedown.
I hope this helped you, enjoy betting and be responsible. for more detail