Gia Janashvili, a well-known entrepreneur and established iGaming consultant, is bullish on the Indian iGaming industry, as is the rest of India. The Indian iGaming industry, according to the co-founder of Veli Services, is expected to grow rapidly in the coming years.
The projection of the B2B2C partnerships consultant prompts research and analysis of the subject. It begs the question of why the industry is likely to grow, and how this growth will attract more foreign investment to India. Gia Janashvili brings invaluable insight and experience to other continents' iGaming markets, including Africa and Latin America. The entrepreneur's interest in the Indian market makes it worthwhile to investigate further.
Why is the Indian iGaming Industry Expected to Grow?
The is rapidly expanding around the world. The last few years have shown that the industry has incredible growth potential. The popularity of online gaming is surging at an unprecedented rate, and it is expected to continue in this direction. The global online industry is expected to be worth more than $92 billion by 2023.
The Indian online gambling industry is expected to grow at a similar rate. The country's iGaming sector is already producing impressive results. The Indian iGaming sector is currently valued at approximately $930 million. Because of the rapid adoption of smartphones and internet usage, this figure is expected to grow exponentially in the coming years.
Unpopular viewpoint, due to the complexities of the laws under which it operates, India's iGaming industry is dormant. Confusion abounds as a result of the country's segmentation of gaming laws in the 27 states.
The gambling industry is currently governed by three laws. The prohibits all forms of gambling. However, it may not be a complete impediment because internet gambling arrived long after its establishment. limits all types of prize competitions to a monthly prize of 1000 rupees or less. The Information Technology Act of 2000 considers internet gambling to be illegal, but it does not expressly prohibit it. A constellation of legal frameworks that are all in need of updating.
Despite their existence, the laws contain loopholes that allow iGaming to exist. The Sikkim and Goa states are also contributing to the confusion because they allow gambling establishments. Other states are likely to join the current casino legalization wave, expanding the gambling industry even further.
Foreign Investment in the Sector is Expected to Increase
In recent years, technology innovators, business leaders, and internet service providers have been making inroads into the Indian market. The large population of more than 1.3 billion people provides an excellent market for a wide range of technological goods and services. Increasing access to the internet is a particularly profitable venture in the subcontinent. Due to widespread internet access, India is becoming increasingly appealing to iGaming entrepreneurs.
“Between August 2020 and January 2021, the gaming sector in India received US$544 million in investments, and this amount is predicted to increase further. There is a real possibility Veli Services will start to look for third-party strategic partners to enter the Indian iGaming market in the near future. It is a very interesting market for us. There are strong indicators that the gaming industry is about to undergo a fast expansion in India. We definitely believe that we have a lot to contribute with our vast B2B2C experience,” says Gia Janashvili, co-founder of .
Foreign investors have a good opportunity to expand their influence in India. Owing to differences in location and culture, there is a significant divide in various iGaming segments. Individual businesses find it difficult to approach the market as a whole because different player groups have varying tastes and preferences. A broad approach is detrimental because competitors who specialize in specific markets will have a competitive advantage.
Because of the uniqueness of the Indian iGaming market, an innovative approach is required. Partnerships with local entrepreneurs is the most practical approach that can be used in India. Investors looking to enter the Indian market will have the best chance of success if they form effective B2B2C partnerships. This can help appeal to different market segments, niches, and cultures in such a diverse area as India. In the near future, foreign investors are likely to place their trust in B2B2C firms like Veli Services. Such collaborations can help investors maximize their appeal to the diverse Indian market. The strategy is viable in the rapidly expanding Indian iGaming market and may encourage more foreign investment in the country.
India's iGaming industry is rapidly expanding and questions have been asked if India will become the after Australia. More people are purchasing smartphones and connecting to the internet, making it easier for them to access online gambling providers. Similarly, due to the effectiveness of the B2B2C partnership approach in the diverse market, foreign investors are more interested in the lucrative market. The future of India's iGaming industry appears bright, as does the expected foreign investment.