Here’s All You Need to Know About Adda52’s Wallet Policy

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Here’s All You Need to Know about Adda52’s Wallet Policy
April 20th, 2021 10:06

To play on a cash game table, join a multi-table tournament/Sit & Go, or do re-buy or add-on, you need to pay the buy-in amount in the form of virtual chips.

When you make a deposit to buy chips, your money goes into your wallet on the website. Earlier, VIP chips were required to play cash games online and the player had to transfer his Poker wallet balance to VIP wallet to join the tables. Now, there is only one wallet in the system. All your deposits, bonus benefits, and winnings are credited to this wallet only. It consists of real chips (amount of money which you can withdraw), instant bonus (non-redeemable), and tournament bonus (non-redeemable). As the name suggests, tournament bonus can be used to get registered to play multi-table tournaments and Sit & Go only. Similarly, the instant bonus is to play on ring game tables only.

On the website, you can check your wallet balance in the “My Account” section anytime.

How your winnings get credited to your wallet?

Ring Game

When you leave your seat from a cash table after playing the hands, your chip balance automatically gets credited to your wallet.

Tournament

When you finish in one of the top positions in a tournament or a Sit & Go, your share of the prize pool is credited in the wallet. It can be in the form of Real cash chips, Instant Bonus, or Tournament Bonus as per the rules of the game.

How to make a withdrawal request?

The minimum amount you can redeem from the website is Rs. 100. Here are the steps to withdraw money from your Adda52 account –

  1. Go to the ‘My Account
  2. Enter the amount you want to redeem.
  3. Click at “Calculate TDS” to calculate the applicable TDS.
  4. Click the “Transfer” button.
  5. Click “Proceed” to confirm the request.

There are no withdrawal charges. The daily withdrawal limit depends on the player’s loyalty level. You can update or modify your withdrawal request an unlimited number of times. If the user cancels/edits his withdrawal request, all his requests he raised after this will also be canceled.

TDS policy

The deposits you make on the website are ‘tax-free’.

TDS is calculated on the basis of Section 194B of the Income Tax Act. If you withdraw more than 10,000 from your winnings in a single withdrawal, 30% of the amount will be deducted as TDS. No TDS will be applicable if you withdraw less than or equal to 10,000 in a single attempt.

The player gets a TDS certificate from the website which he can use at the time of filing his annual income tax return.

When you make a withdrawal request, firstly the “Tax-Free” amount will be withdrawn. If the “tax-Free” amount is not sufficient to match the requested withdrawal amount, the remaining amount will be taken from the “winnings” and TDS will be deducted as applicable.

The calculation of the “taxable” and “tax-free” amounts is done on the basis of the player’s previous profits and losses at the tables. Here are some scenarios to help you understand it better:

1st Instance

You buy chips of Rs 2000 & join a Ring game table. When you leave the table, your chip balance is 10,000.

Your net winnings in this situation is= 10,000 – 2,000 = 8,000

If you request for withdrawal, there will be no TDS deduction as your net winning is below 10,000. You can easily withdraw the amount or re-invest at the tables.

2nd Instance

You are playing at the table and lose 5000. In the next game, you win 20000. To calculate the taxable amount, the amount you lost at the table will be deducted from your total winnings.

20000- 5000 = 15000. This 15000 is your ‘winning’ which will be taxable if you choose to withdraw it in one attempt.

It is recommended to calculate the TDS before requesting a withdrawal and take decisions accordingly.

Rules Regarding TDS calculation:

  1. Instant Bonus and Tournament Bonus are not considered as an investment or winning.
  2. Rakebacks are subjected to TDS.
  3. Leaderboard prizes and contest winnings, if given as real cash chips, are subjected to TDS deduction.
  4. No PnL (Profit and Loss) reset happens on 31st March. As per the new rules, it is carried forward for the next year.

Note: Every person is liable to pay his taxes to the government on his own. Adda52 is not responsible to fulfill player’s personal tax-related liabilities in any situation.

How To sign-up on the website?

You can register on the website for free. Once your account is created, you can find all the information such as wallet balance, loyalty points, bonus chips, etc easily in the “My Account” section.

How to make a deposit?

You can deposit money in your account on the site to buy chips through any Indian Credit/Debit Card, Net banking, online wallet, etc. 

How to become a member of the loyalty program?

When you make your first deposit on the website, you automatically become a member of the “Adda52 Advantage” loyalty program. There are 5 clubs in the program – Rookie club, Jacks Den, Queens Haven, Kings Court, & Acers Adda. You can earn mind-blowing rewards such as bonuses, tournament tickets, electronic gadgets, gift vouchers, etc by moving up to the levels of the program.

How to download the Adda52 app?

You can download the app directly from the website to play the game on your Android and IOS devices. Poker clients are also available to install on your Windows and Mac systems.

What makes Adda52 different from other Poker sites?

  • Adda52 hosts all popular variations of Poker such as Texas Hold’em, Pot Limit Omaha, Omaha Hi-Lo, Hold’em ++, 5 Card Stud, and Crazy Pineapple. The tables are available 24×7 on the website. You can participate in online real stake games and win great big cash prizes and bonuses every day. 
  • The site offers tutorials in the form of blogs, articles, infographics, and videos to help beginners learn the basics of the game such as hand ranking, betting rules, table position, bankroll management, etc. Without investing any money from their pockets, the players can improve their game by playing freeroll games with practice chips.
  • Adda52 holds RNG certification from iTech Labs, Australia which ensures random distribution of cards on the table.
  • Dedicated customer support is always available for your queries related to the game and your account on the website. You can contact via call, email, or live chat. 
  • You can also create your own private table where you can invite your friends to play the card game with you.
  • Adda52 hosts tournaments with massive prize pools regularly. Some of its most popular tournaments on the website are –Iron Man (8 Lac GTD prize pool), Excalibur (10 Lac GTD prize pool), The Mint (15 Lac GTD prize pool), Maverick (15 Lac GTD prize pool), Godfather (25 Lac GTD prize pool), The Ballers (22.5 Lac GTD prize pool), Adda52 Millions (25 Lac GTD).

Adda52 offers high-quality features, fabulous bonuses, awesome promotions, and a comprehensive range of playing options to the users. Join now!

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