Praise Be to Allah.
First of all, betting is equivalent to gambling, and it is haraam in Islam.
Allah Subhanahu Wa Ta'ala has said in the Qur'an:
يَا أَيُّهَا الَّذِينَ آمَنُوا إِنَّمَا الْخَمْرُ وَالْمَيْسِرُ وَالْأَنصَابُ وَالْأَزْلَامُ رِجْسٌ مِّنْ عَمَلِ الشَّيْطَانِ فَاجْتَنِبُوهُ لَعَلَّكُمْ تُفْلِحُونَ
"O you who have believed, indeed, intoxicants, gambling, [sacrificing on] stone alters [to other than Allah], and divining arrows are but defilement from the work of Satan, so avoid it that you may be successful." [5:90]
You've mentioned in your question that you were betting with a friend of yours about India's win/loss in a certain game. Considering the above verse from the Qur'an, this is definitley haraam, and you should never do such a thing, as a Muslim must abide by the Rules and Restrictions set by Allah Subhanahu Wa Ta'ala , without any kinds of hesitations and without any kinds of questions/arguments. So you should try your level best to avoid such actions or situations. May Allah protect you from such sins, Ameen.
Secondly, with regards to the issue whether not paying the bet amount turns into debt or not, scholars have recommended that it's not permissible to pay the debt for something haraam. Hence, it is technically not a debt in Shaa Allah, since betting is haraam. So, at the first place, try your best not to pay it. But if you're somehow forced to pay it, then better pay it, and ask Allah Subhanahu Wa Ta'ala's forgiveness and sincerely repent and commit to never doing this again. For more details, please refer to this link. And Allah knows best.
May Allah keep your faith strong, and keep you clean from debts, and let you die as a Muslim. Ameen.