What is King exchange?
King exchange is a casino and sports betting website that is banned in India. This illegal underground company sells IDs to players to play on their numerous websites and apps. Users usually use VPNs to play on the site as it is illegal. You can find casino games such as Teen Patti, Poker, and more. For sports betting, they have cricket, football, and tennis.
Why King exchange is famous
King exchange became popular because it catered to Indian players in a market where there really weren’t a lot of legal options for the same. King Exchange allowed players to deposit and withdraw with INR, and pay through Indian payment gateways without using complicated international wallets.
Secondly, King exchange allowed players to bet on aspects of cricket and other beloved Indian sports that most sites didn’t have a lot of options on. Third, since they were paying through Indian means, players often did not have to pay taxes or registration fees as much as they would with international transfers. Add to that their promises of higher odds and free money, and King exchange became the king of the underworld casino scene.
Problems with King exchange online betting
Today, King exchange’s reasons for fame have become null and void. This is because the recent boom in India-centric online casinos means that players get much more in return than they do with sites like King exchange.
Players are safeguarded by International law from fraud, their money is protected by bank-level security measures, and now there are even measures to help players with gambling-related mental health struggles. Many of these legal sites not only accept INR, but they are also available in local languages, and you can even find games like Kabbadi on them.
The influx of India-friendly online casinos has in turn bought out into the limelight, issues with King exchange and related sites. Since this is an illegal site, there is no customer service to back up their claims, and they only give a 20% welcome bonus, which is far lower when compared to most legal sites.
Moreover as reported by casinofox.in in their review, they are not legally obligated to return any money or even publish their RTP stats. Many have reported not getting their withdrawals processed, or being blocked by them. Moreover, there is no surety if the game providers are legitimate, meaning their games and website could be rigged, or potentially infected with viruses.
Who is the owner of King exchange?
Mahadevbook is the name of the illegal betting company that owned a big network of Illegal websites for betting. These included popular betting and casino sites such as King Exchange, Lord Exchange, Lotus king, and many more.
The four people who are known to have been the masterminds behind the whole operation were Tahahuddin, Azam Khan, Khaja Asim Ahmed, and Mohd Shazayb. They ran the betting sites from Hyderabad.
King Exchange and others started as a betting platforms through platforms such as WhatsApp and Telegram. The business began by selling fake IDs that players could use to bet with these bookies. The bookies earned massive amounts of illegal commissions from it all as well as the deposits that bettors deposited.
The Mahadev book owners had multiple bank accounts open to receive payments illegally and had a list of contacts and punters, which were also seized during a raid on their living quarters by the North Zone Taskforce.
In August of 2021, the four were arrested for their illegal activities including illegal commissions, running illegal sites, and more. Massive amounts of cash were also recovered from their residence.
Is King exchange Legal for Sports Betting in India?
King Exchange is an illegal sports betting and gambling portal that was run illegally by a bunch of bookies. Let’s take a look at what the laws are for such sites, and why King Exchange is illegal. By comparing legal sites, we can also see how King Exchange fails legal standards, thereby putting players at risk.
- Gambling laws in India
The general law is that running or owning a gambling establishment in India is illegal. However, independent states have the final say in how betting and gambling are treated within their jurisdiction.
This is why Sikkim, Nagaland, and some other states consider gambling to be legal, and why land-based casinos exist in India. Lotteries are legal in Goa, Sikkim, West Bengal, and many other states. However, Maharashtra, Jharkhand, and others have completely outlawed these games.
India also distinguishes between Skill Based games and Luck-based games. This is why Horse-racing is legal in India because you need to be a specialist in the field to actually be able to bet on it. Other games such as Poker are also generally seen as skill-based games and are legal. Thus games that require training and a specialized skill set are often not seen as illegal. However, it mostly depends on the state as there is no centralized ruling on gambling laws.
- Online Gambling law
Again, when it comes to online Gambling, the states have the right to decide the laws. Some states allow what they consider games of skill, i;e. Games that require analytical thinking, and skills, et to be legal, while outlawing games based exclusively on how lucky you are.
The commonality is that none of the states allow online casinos to be registered in India. Recently, Sikkim and Nagaland have legalized the industry and were handing out a few permits. Some states outright ban all online betting and gambling activities, even if they are not in India.
However, in general, it is forbidden to own an online casino or sports betting portal in India.
- King exchange
King Exchange is not a licensed portal for betting and casino games. The website and App were being run from Hydrabad, where it was illegal to own gambling platforms. They also did not have any registrations or verifications from any legal commission that made sure that all their activities were aboveboard.
They also allow withdrawals through Gpay and other wallets that pointedly mention that doing so is illegal. You can deposit money through Gpay but not withdraw it. This also meant faking information to do so. Punters have also complained of all communication being blocked once they won a lot of money. Since King Exchange is an illegal site, they had no one to contact or complain to, meaning that they lost their entire deposit along with their winnings.
All in all, none of their activities were above board, and they were also found to have connections with the underworld and mobs. Since they saved the names of their client, this ultimately also put a lot of players at risk- both with the underworld and the police.
King Exchange is a site that has been banned by the authorities, and its Kingpins apprehended. The site is a cesspool of fraud and illegal activities that leads to more losses than wins for punters.
Users will be much safer on legal sites that have better bonuses, customer support, bank-level financial security, and Indian games. There is no real reason today for players to go on sites like King Exchange. Those who are attracted by higher odds or big promises may do well to remember that the owners were apprehended for not keeping their promises and committing fraud.