Betting of 8.3 lakh crores in IPL! So much money is going here and there that UPI also got upset

IPL Betting: While the Indian Premier League (IPL) is a source of entertainment and adventure for cricket lovers, on the other hand it has become a technical challenges for India’s banking system. Illegal and legitimate betting activities during this tournament have put tremendous pressure on the IT infrastructure of banks.

The direct impact of betting on banking system

According to the Economic Times reports, India has an illegal betting of more than $ 100 billion (about 8.3 lakh crore) during the IPL every year. These betting is mostly through foreign online platforms, which provide services to Indian citizens through cryptocurrency and ‘muel accounts’.

However, fantasy sports platforms such as Dream11 and Prediction Market Proobo are also becoming increasingly popular in India. Through them, people impose match-based conditions with real funds, for which banks have to ensure immediate and safe transaction through the UPI network.

Heavy traffic pressure on UPI’s capacity

India’s UPI system has become the world’s largest real-time digital payment system, handling transactions of more than $ 3 trillion (about 250 million crores) annually. The number of transactions increases rapidly in the IPL season, which increases the load and failure rates on the server.

Every month, the National Payments Corporation of India (NPCI) released a report of the ‘failure rate’ of banks, which helps customers to decide which bank they should keep an account in.

Increasing monitoring on transaction

The Reserve Bank of India (RBI) has also taken a tough stand on digital performance and cyber security of banks. In such a situation, banks are now resorting to Big Data and Artificial Intelligence (AI) based analytics companies. Startups such as Vunet Systems in Bangalore monitor about 1 billion transactions every day and process about 50 terabyte data per day.

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