Before we kick start this article, I want to give you a head start on live sports betting in Bangladesh. After that the taxes charged on online bets and winnings will be covered.
Lastly, let us briefly examine how accessible online gambling sites are for Bangladeshis before concluding with some final thoughts about what lies ahead in this industry.
Although land based gambling in Bangladesh is restricted to only horse race betting and the fact that it has no online sites of its own, more and more Bangladeshi sports bettors are making use of international ones to place their bets. The country is located in South East Asia with the Arabian sea on its southern coast.
The country gained independence from Pakistan in 1971, even though democracy was not restored until 1991. However, the nation has had some violent episodes as well as instances of political instability since then.
There is no point anymore in exempting horse racing from the law. Suhrawardy Udyan, previously known as Bangladesh Rama Race Course was the only racetrack which had Sunday races after the colonial era. It is a memorial place called Suhrawardy Udyan where Pakistani army surrendered in 1971 and race didn’t take place there for long time since then. Rapid decline has set into this area, which initially was used for rallies and became a tourist attraction [2].
Though it is kept under, betting still exists. Small betting circles emerge during sporting events such as Cricket, football and Kabadi that are largely not interfered with by the government officials who look after larger gambling ventures in order to save their resources for them.
Currently, there are no online companies that are legal in Bangladesh, but foreign websites can be used by Bangladeshi citizens without any restriction.
Notwithstanding the fact that these online bookmakers offer gambling services, it is important to note that such services are not within reach of Bangladesh’s jurisdiction. At the same time, there seems to be no will from the government at all to stop this activity. However, there is increasing use of technology which has also seen many Bangladeshis go online.
A number of companies in Bangladesh are frequented by bettors. Therefore, it is advisable to engage with those reputable firms that have a good track record. Most European bookmakers are owned by large corporations, some of which are publicly traded on international stock exchanges. These companies also hold licences from the strictest gambling regulators for online gamblers.
On top of these factors, you can also visit this place for the best deals on different events. Mostly, they offer sign up bonuses and free bets but their terms and conditions vary a lot.
For all online sports betting done by Bangladeshis, they use foreign bookies that do not have any taxation policy for individuals. This means all the money a player wins from such bets can be withdrawn and used in any way the winner chooses.
In Bengali you can find a few sites, but it is not the norm. However, almost every site features English. In the same vein, many websites will hold your account balance in another currency such as US dollars or Euros instead of accepting bets in BDT.
A good number of people use credit and debit cards for depositing money. Many individuals feel it’s a trustworthy way of sending funds electronically, especially when using the reliable Visa and MasterCard. While you may have trouble getting your winnings onto a MasterCard, most websites will accept both. Your chosen site can typically arrange a bank transfer or send a check if this happens.
Other ways of depositing funds include e-wallets like NETeller, which enables you to shift money rapidly from a centralized online wallet. Through NETeller, it is also possible for you to have your wallet in the currency of your choice thereby minimizing exchange rates.
In case of opting for prepaid alternatives, numerous choices are usually found locally or you can ask the customer care section of a gambling site to know which type is recommended in your locality.
As the majority of the populous is Muslim, it seems improbable that there would be any changes in Bangladesh law regarding gambling. As technology progresses, this will make such sportsbooks even more accessible and it is a positive sign that there are no plans to ban online betting through foreign firms.
The Public Gambling Act of 1867 is the ACT NO. II OF 1867 [1].
Dhaka Tribune reports that Suhrawardy Udyan is a sanctuary for the homeless [2].
