# India built UPI for the economy. Gamblers built an economy on UPI

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Text version: https://stenobird.com/podcast/daybreak-5886514/india-built-upi-for-the-economy-gamblers-built-an-economy-on-upi.md
Podcast: [Daybreak](https://stenobird.com/podcast/daybreak-5886514)
Published: 2026-06-18T20:30:00+00:00
Episode link: https://share.transistor.fm/s/8a5abae8
Audio file: https://media.transistor.fm/8a5abae8/f2605926.mp3
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Duration seconds: 1214

## Resource

2026 was the first IPL season after India banned online real money gaming last year. The platforms were gone and the payment gateways were blocked. The government had made its position clear. The betting, however, did not stop. The Ken's Mrunmayee Kulkarni went looking for where it went and found it hiding inside something the government itself built. On platforms like 99 Exchange, gamblers deposit and withdraw money directly through UPI, gambler to gambler, with no mule network and no victim to file a complaint. But the ED's tools were designed for a system that leaves a trail. This one doesn't. In this episode, Mrunmayee joins host Snigdha Sharma to walk through how the money actually moves, and why the enforcement machinery has no good answer for it yet. Tune in. Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

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## Transcript

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