Parimatch

Key Points

• Overview: Parimatch is a Cyprus-based online gambling and betting platform operating globally, including in India, offering sports betting, casino games, and mobile app services.

• Allegations: Serious accusations include money laundering, tax evasion, fraud, and unfair withdrawal practices, with a reported INR 700 crore siphoned to tax havens via shell companies.

• Customer Complaints: Numerous users report blocked accounts, withheld winnings, and poor customer service, though some praise the platform’s interface and support responsiveness.

• Legal Issues: Under investigation by India’s Directorate General of Goods & Services Tax Intelligence (DGGI) and Enforcement Directorate (ED) for money laundering and tax evasion. No confirmed lawsuits or bankruptcy records found.

• Risks: High financial and legal risks due to ongoing investigations and customer distrust; reputational damage from fraud allegations and regulatory scrutiny.

Overview

Parimatch is an international online gambling and betting platform headquartered in Cyprus, operating in multiple jurisdictions, including India, under various domain names (e.g., pari-match.in, pari-match-bet.in). The company offers sports betting (cricket, football, tennis), casino games (poker, blackjack, slots), and live dealer experiences through a mobile app and website. Launched in 1994, Parimatch has grown into a prominent player in the online gaming industry, emphasizing a user-friendly interface and extensive betting options. The platform markets itself heavily in India, leveraging celebrity endorsements and sports league advertisements.

Allegations and Concerns

Parimatch faces significant allegations, primarily from Indian authorities and users:

• Money Laundering and Tax Evasion: In 2023, the DGGI uncovered a network allegedly linked to Parimatch, accusing it of siphoning INR 700 crore to tax havens through 400 shell companies. Funds were reportedly converted into cryptocurrencies to evade taxes. The investigation revealed connections to local TV networks and celebrity endorsements, raising national security concerns.

• Fraud and Unfair Practices: Users and posts on platforms like Quora and Reddit claim Parimatch engages in fraudulent practices, such as blocking withdrawals after significant wins, deducting winnings, and manipulating slot game return-to-player (RTP) rates (e.g., reducing RTP to 85% from a claimed 96-97%).

• Regulatory Scrutiny: The Enforcement Directorate and India’s Home Ministry are investigating Parimatch alongside other betting platforms like Mahadev, with suggestions to ban such platforms for national security reasons.

• Sanctions: In 2023, Parimatch was sanctioned by Ukrainian President Volodymyr Zelensky for allegedly financing Russian schemes, leading to a review of its sponsorship deal with Chelsea FC.

These allegations remain unproven in court, but their severity and consistency across sources warrant concern.

Customer Feedback

Customer reviews of Parimatch are polarized, with significant negative sentiment overshadowing positive feedback:

• Negative Feedback:

  • A Trustpilot user (pari-match.in) reported: “What a fraudulent activity going on pari-match-in.com since 3rd Nov’24 i am chasing incorrect fund transferred… Amount was 98000rs… They still using same payment provider to taking collection payment and lots of customer facing same problem.”

  • On Reddit, a user stated: “Parimatch retracted the entire amount I won as the bonus amount which is 35k and my original deposit value of 2000 and left me with only 1500… This is completely unfair.”

  • A Quora post claimed: “Yes it’s 100% fraud. Once u win big they ll block ur withdrawal option and deduct all the winnings from ur account. I have lost almost 3.50 lakhs INR.”

  • An X post by @voxya_ noted: “He requested withdrawals from Parimatch, all marked completed but none were credited to the Bank account. Despite multiple supports, they blocked his account with no refund.”

• Positive Feedback:

  • A Trustpilot review praised: “Customer support at Parimatch is excellent — quick responses and helpful staff!”

  • A review on socinvestigation.com highlighted: “The Parimatch mobile app offers an unrivalled user experience… smoother, faster, and more intuitive interface.”Negative reviews dominate, focusing on financial losses and account issues, while positive feedback centers on usability and support responsiveness.

Risk Considerations

• Financial Risk: Users face potential loss of deposits and winnings due to reported withdrawal issues and account blockages. The company’s alleged use of cryptocurrencies and shell companies increases financial opacity, risking further losses if regulatory crackdowns freeze assets.

• Reputational Risk: Ongoing fraud allegations, sanctions, and investigations damage Parimatch’s credibility, potentially reducing its user base and deterring partnerships with reputable brands.

• Legal Risk: Investigations by DGGI, ED, and potential bans in India pose existential threats to Parimatch’s operations. International sanctions and scrutiny over money laundering could lead to fines or operational restrictions in other jurisdictions.

• Operational Risk: Reliance on questionable payment providers and lack of a registered office in India (as claimed by users) heightens operational vulnerabilities, including regulatory non-compliance and customer distrust.

Business Relations and Associations

• Partnerships: Parimatch has advertised through local TV networks in India during sports league broadcasts and engaged media management companies to hire celebrities for promotions.

• Sponsorships: The company sponsored Chelsea FC until 2023, when the deal was reviewed due to Ukrainian sanctions.

• Shell Companies: Investigations revealed a network of 400 entities, including shell companies in India, allegedly used to launder money. Dummy directors, such as drivers and vendors, were reportedly paid to represent these entities.

• Crypto Exchanges: A Mumbai-based crypto exchange operator was arrested for converting INR 96 crore of Parimatch user funds into cryptocurrencies, indicating ties to unregulated financial networks.No specific individuals (e.g., executives) are named in the sources, limiting insight into leadership.

Legal and Financial Concerns

• Investigations: The DGGI and ED are probing Parimatch for money laundering and tax evasion, with 400 bank accounts frozen during a crackdown. The Home Ministry is involved due to national security concerns.

• Sanctions: Ukrainian sanctions in 2023 accused Parimatch of financing Russian schemes, though no further details confirm the outcome.

• No Lawsuits or Bankruptcy: No public records confirm lawsuits, unpaid debts, or bankruptcy filings against Parimatch, but the lack of transparency (e.g., no registered office in India) raises concerns about accountability.

• Regulatory Evasion: Parimatch has resurfaced under new domain names (e.g., pari-match-bet.in) to circumvent government bans, indicating non-compliance with Indian regulations.

Risk Assessment Table

Expert Opinion

Analytical Summary: Parimatch presents a high-risk profile due to serious allegations of money laundering, tax evasion, and fraudulent practices, substantiated by investigations and user complaints. While the platform offers a polished user experience and extensive betting options, its operational opacity, regulatory evasion, and customer financial losses overshadow these strengths. The lack of a registered office in India and reliance on shell companies and cryptocurrencies suggest a deliberate effort to avoid accountability, increasing risks for users and partners.

Pros:

• User-friendly mobile app with a wide range of betting and gaming options.

• Strong marketing presence and occasional positive customer support feedback.

Cons:

• Severe allegations of fraud, money laundering, and tax evasion under active investigation.

• Consistent user complaints about withheld funds and account blockages.

• Regulatory non-compliance and sanctions erode trust and operational stability.

Cautionary Advice: Potential users should avoid engaging with Parimatch until investigations conclude and regulatory compliance is verified. Existing users should withdraw funds promptly and document all transactions. Businesses considering partnerships should prioritize due diligence, given the reputational and legal risks. Reporting issues to the FBI’s Internet Crime Complaint Center (IC3) or India’s Cybercrime Portal is recommended for affected users.

Key Citations

“How A Gaming Co Allegedly Syphoned Off INR 700 Cr To Tax Havens Via A Nexus Of 400 Entities In India” – inc42.com

“Parimatch Reviews” – trustpilot.com

“Parimatch Scam, Please Help” – reddit.com

“Exploring Parimatch App in India – Security Investigation” – socinvestigation.com

“Websites banned amid Mahadev betting scam resurface under new names” – livemint.com

@Blue_Footy on X, March 13, 2023

@voxya_ on X, May 9, 2025