The future of iGaming in India

FPJ Web DeskUpdated: Thursday, June 09, 2022, 08:46 PM IST
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The future of iGaming in India | Photo: Pexels

The global sports betting market, including the underground market, is estimated to be worth more than $1 trillion. Today, it is gaining traction in a number of nations, and it is projected that the industry will continue expanding. India is a country that enjoys both sports and gambling, so it comes as no surprise that the two are booming and popular local sectors.

The local betting industry in India was projected to be worth more than 90 billion rupees, or more than $1.2 billion. With the present trajectory, experts predict that the value of the Indian cricket betting industry might reach 143 billion rupees, or over $2 billion, by the end of next year.

With these figures, India appears to be a promising location for a betting market. As a result, various gambling organizations are beginning to enter the Indian betting market. For example, there are many legal betting sites found here that cater to the Indian market. Other variables influence the expansion of this industry in the country, which we will discuss shortly.

India might have the Largest Betting Market

India has a population of about 1.4 billion people, and half of them are online. It is anticipated that over 749 million people in the country use the internet, with the majority (744 million) utilizing mobile devices.

Aside from the large amount of people who can be reached by gambling companies if they provide their services in India, people are also beginning to do more using their mobile devices. Smartphones are becoming more affordable while remaining powerful, which is encouraging more people to get their own smartphones. As a result, the number of mobile bettors is projected to rise.

Sports Betting Statistics

According to a study from October 2021, the number of individuals who will wager online in the country during key events is 370 million, with 140 million of them placing bets on a regular basis. In India, men account for 88.4% of online bettors, while women account for only 11.6%.

Their investigation also discovered that the younger generation is the one who places bets online. According to the same survey, 44.6% of online bettors in the country are between the ages of 18 and 24. 32.5% of online gamblers are between the ages of 25 and 34.

It is mainly popular in the Indian states of Telangana, Karnataka, and Maharashtra. Telangana accounts for 18.7% of India's online betting market. Karnataka has 13.2%, and Maharashtra has 9.6%.

Over 30 online betting organizations operate in the state, and as expected, cricket is the most popular sport. When a major cricket event, such as the Indian Premier League or the ICC Men's World Cup, is taking place, the number of bets tend to rise.

India's Sports Betting Future

With the increase in this activity, it is just a matter of time until the Indian government considers regulating the industry. Today, online betting is still considered a grey area in the country. Only a few states have made it clear that online gambling activities are banned within their territories, like Telangana and Andhra Pradesh.

Karnataka has also announced that such activities will be prohibited, although statistics show that a prohibition will not prevent locals from betting. After all, both Telangana and Karnataka have a sizable online gambling industry. This means that many people are still betting illegally, which is dangerous. We can only hope that the national government would put something in place to ensure that Indian gamblers are safeguarded.

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