India’s appetite for Bitcoin continues to grow as Crypto Millions Lotto enters the Indian market
India’s passion for Bitcoin hasn’t even begun to falter, despite ongoing uncertainty around regulations. Recognizing the power of India’s love for cryptocurrencies, Crypto Millions Lotto announced that its opening up access to its high-paying Bitcoin lotteries for Indian players.
The online lottery platform is launching four brand-new games, and two of them — India Millions Lotto and India Fantasy 5 — are aimed at players in India. At the same time, Crypto Millions Lotto is inviting people in 180 countries around the world to join players in Europe in playing their mega-jackpot lotto games.
Crypto Millions Lotto stands out for its large jackpots, where prizes can run to more than $1 billion, and the fact that it pays out winnings in Bitcoin. On top of that, you can win a Crypto Millions Lotto jackpot without even buying a ticket; if you introduce a friend and they win a jackpot, you get a percentage of the amount they win, without lowering the total jackpot in any way.
Bitcoin is riding a wave of popularity in India
Crypto trading is already massively popular in India, with lots of people investing in different cryptocurrencies and hoping to make their fortunes. There are hundreds of WhatsApp groups, Reddit threads, and Facebook groups dedicated to sharing advice and tips about how to get rich with crypto.
In the last few months, interest in crypto has only grown. Total investment in cryptocurrencies in India grew from $923 million by April 2020 to nearly $6.6 billion by May 2021, adding an extra several billion dollars to the market in just 1 year. India has more crypto buyers than any other country; there are 10.07 crore (100.7 million) crypto owners in India, compared with 2.74 crore in the US, 1.74 crore in Russia, and 1.30 crore in Nigeria. To put that into perspective, there are 80 million investors registered with the BSE (India’s stock exchange).
Among all the many different cryptocurrencies being traded in India, Bitcoin is the most popular crypto, with a market share of 75%. All of which makes it a good time for Crypto Millions Lotto to launch their popular Bitcoin lottery for players based in India.
Bitcoin’s popularity defies its legal uncertainty
You’d never guess it from the millions of Indian Bitcoin investors, but cryptocurrencies are still unregulated in India — although they are legal — so there’s no redress for people who lose money in crypto scams and crypto speculation is a risky proposition there.
There’s even a risk that cryptocurrencies could be banned at any time. In July 2019, an Inter-Ministerial Committee recommended banning crypto, and the Reserve Bank of India (RBI) seriously considered doing so, but in March 2020 that ban was squashed by India’s Supreme Court.
A new bill that has been proposed and is under investigation could ban private cryptocurrencies but permit an official decentralized coin. This could be a problem if you want to keep playing Crypto Millions Lotto, but another bill under consideration suggests requiring companies to declare their crypto holdings, which would be a step towards accepting crypto. It encourages crypto enthusiasts in India to remain optimistic.
Why Bitcoin lotteries?
In India, physical lotteries are only permitted in 13 of the 28 states and eight territories, and even there, the only tickets you can buy are for the official state lottery. However, online lotteries are legal as long as they are based outside of India, and you buy the ticket on an international website. The country’s national Public Gambling Act 1987, which forbids gambling of any kind, including lotteries, also makes an exception for online gambling.
Playing an online lottery in Bitcoin is seen as even safer for Indians who enjoy the thrill of gambling, because India doesn’t recognize Bitcoin (or any crypto) as a currency. That means a Bitcoin lottery is seen as playing with play money, so there’s no legal problem with it. Bitcoin lotteries are also usually more anonymous and private than those in fiat currency. You might not need to declare your winnings, especially if you spend them in crypto on other crypto sites, because the money goes straight into your crypto wallet.
Bitcoin lotteries are also appealing because they’re usually international. You can play a lottery from any country on the platform, no matter where you are, so you can try for bigger jackpots. Some sites offer free lotteries, like Crypto Millions Lotto where you enter by inviting a friend. Finally, Bitcoin lotteries usually have lower fees than other lotteries, payout faster, and offer more secure payment processes, thanks to the crypto wallet.
However, before you jump into a Bitcoin lottery, it’s important to choose a reliable platform that has proven fairness, which means that you can verify the result after payout and check that it was truly random. Another downside is that free Bitcoin lotteries tend to pay out very small amounts, so look for sites like Crypto Millions Lotto which have big jackpots.
Given the steady popularity of Bitcoin in India, together with Crypto Millions Lotto’s decision to bring popular Bitcoin lotteries to the market, it seems likely that the Indian government and the RBI will eventually come down in favor of approving and regulating cryptocurrencies so that Indians can legally enjoy a regulated cryptocurrency market.