India ranks as the second-largest online market in the world after China, with more than 560 million internet users. These numbers will hit over 600 million by 2021. The Indian gaming industry was valued at 62 billion Indian rupees, and by 2024, it is estimated that it will be worth more than 250 billion rupees. This shows the tremendous potential in this sector. With these statistics in mind, I bet your next question would be; what does the future hold for the gambling market in India?
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What’s Contributing to the Rapid Growth of the Gambling Industry?
The main factor responsible for the rapid growth of the Indian gambling industry is the mobile revolution. This development has had a phenomenal impact on the gambling industry with big technology players in the country, such as Nazara, Yuozu, Alibaba, and Tencent, making considerable investments to reach a broader coverage of customers.
The availability, affordability, and rapid development of smartphones is taking the Indian gambling industry by storm. The mobile gaming industry in India is expected to hit 405 million USD by 2022. India is the country with the largest youthful population in the globe. These individuals have an increasing sharp interest in entertainment and digital sports. Most of the online gamers in the country use mobile phones as opposed to traditional desktops or laptops.
Why Indians Prefer Offshore Casinos
Although gambling is illegal in the country, most Indian players head to sportsbooks and offshore casinos to play their best casino games and place bets. Most players are in this venture for the thrill of winning or losing huge sums of money. Some are into gambling to show support for their favourite sports and teams.
As you know, Indians are great fans of cricket, field hockey, and athletics. They also love playing card games. You can, therefore, expect table games such as baccarat, blackjack, poker, roulette, and slots to be quite popular among Indian players.
Frequent promotions, generous deposits bonuses, and matchless table games and slots selection are also a significant attraction to Indian players.
Sports Betting in India
In regards to sports betting, most Indian punters would only place bets on cricket games due to the popularity of the game in the country. Indians play, watch and wager on cricket leagues from all parts of the world. The Indian Premier League (IPL) is one of the largest cricket tournaments in the world, and it is held yearly.
When the IPL is on, offshore gaming operators gain lots of income from Indians. Although casinos and sportsbooks are illegal in the country, this does not affect the online gambling industry. These offshore casinos have remained the only rescue to the gamers.
The Future of Gambling in India
Indians love gambling. Increased internet connectivity and the adoption of smartphones present an exciting avenue for the rapid growth of the gambling industry in India. With scores of Indians trying out online betting, it is a convenient time for the Indian government to come in and regulate this sector.
The government will gain a lot by collecting gambling taxes when they legalize these activities. We are likely to see the legalization of sports betting in the country in the next ten years. If not, foreign online gambling operators will continue to make huge profits from the Indian population.