The “Games and Interactive Media” segment in India in FY2025 is valued at $2.4B out of the $9.3B total digital media and entertainment market. By FY2030, the forecast is $7.8B at a CAGR of 26%, nearly 1.5x faster than the overall digital entertainment market. The main shift is linked to the ban on real-money gaming, after which spending and attention have visibly shifted toward digital-first games and esports. A distinct feature of the Indian industry is its export orientation: about 80% of revenue already comes from overseas markets.
Market and forecast through FY2030 in the figures from the BITKRAFT and Redseer report
The data are presented in the 2025 BITKRAFT and Redseer report, where “Games and Interactive Media” is considered part of the broader digital media and entertainment ecosystem. Within this ecosystem, consumption and monetization formats coexist that do not map to a single product type, from mobile games to interactive media practices around them.
The FY25–FY2030 comparison shows not only volume growth but also a difference in pace. With a $7.8B forecast by FY2030, the segment is growing at a 26% CAGR, outpacing the overall digital entertainment market by about 1.5x, which underscores a reallocation of users’ time and spending toward interactive content.
500 million players and an age under 30 as the foundation of scale
India’s consumer base has crossed the threshold of 500 million players, comparable in scale to the combined population of several large countries. Within this audience, women account for about 26%, and this figure, according to industry estimates, continues to grow amid the expansion of genres and game use cases.
The median age of an Indian gamer is under 30, and this demographic profile is often described as one of the youngest among mass gaming markets. For publishers and studios, this means a long engagement horizon and high receptiveness to new formats, but at the same time tougher competition for attention.
Digital gaming after the ban on real-money gaming
Within “Games and Interactive Media,” digital gaming is singled out separately—i.e., digital games monetized via in-game mechanics and advertising, without wagering for cash winnings. Real-money gaming—i.e., games for real money—falls outside the legal framework in India’s regulatory framework following the ban, and this changes the structure of demand and investment priorities.
Digital gaming, according to the forecast, could grow to $4.3B by FY2030 at an 18% CAGR. At the ecosystem level, an entrepreneurial effect is also visible: over the past five years, more than 500 gaming startups have emerged, and the focus of many teams is shifting toward digital-first titles and esports titles, where it is easier to scale an audience and build media products.
Growth of the iGaming segment despite the ban
The ban on real-money games has significantly affected the industry’s legal revenues. A number of major players reduced staff or changed business models. At the same time, the “grey” area of online casinos in India remains in demand, despite the fact that the government actively blocks illegal sites: over 240 platforms have been shut down, and thousands of URLs have become inaccessible.
In today’s reality, the average player from India typically accesses via a VPN or plays via “mirror” sites. They choose online casinos because of the low barrier to entry, bonus incentives, and the variety of gambling entertainment. New offerings are becoming increasingly popular among Indian players—especially Wheel of Fortune–style games with live hosts and crash games with their short rounds, such as Jet X, Aviator, Aviatrix, Lucky Jet. A small study found that many internationally licensed online casinos allow players in India to play JetX online if they use a VPN. Access to other crash games is also available.
Indian players continue to actively gamble. As a result, the domestic iGaming market has gone underground, but remains crowded.
Money in games and the maturation of monetization
The monetization profile in India is changing rapidly, and the industry is moving away from a model where advertising played the main role toward a more “publisher-like” logic centered on in-game payments. Average revenue per paying user (ARPPU) rose from $3.5 in 2020 to $27 in 2024, reflecting both rising purchasing power and an expanded range of paid offerings.
Key monetization metrics and mechanics in the report’s estimates look like this:
- ARPPU $3.5 in 2020 and $27 in 2024
- popular mechanics: rewarded ads, battle pass, seasonal subscriptions
- the IAP forecast—i.e., in-app purchases—calls for a tripling from 2024 to 2030 and becoming the main revenue driver by FY2030, especially in the mid-core and core segments
The genre and product balance is also noted separately: hybrid-casual games broaden the audience, while battle royale converts engagement into purchases more effectively than other formats.
Smartphones set the rules, and genres split the market
Mobile gaming accounts for about 80% of the entire market, which is attributed to mobile-first consumption habits and device accessibility amid cheap mobile internet. For the industry, this structure means rapid reach, but also dependence on platform rules and mobile marketing costs.
The genre economics are uneven. By 2030, battle royale is forecast to deliver nearly half of all monetization, and titles such as BGMI and Free Fire serve as the genre benchmark in the Indian market. At the same time, simulators retain the highest download volumes due to simplicity and familiar scenarios, supporting the top of the acquisition funnel.
Esports and exports, infrastructure, and a regulatory shift
Esports in India is seen as a separate growth engine. The market could increase from $40M in 2025 to $132M by FY2030 at a 26% CAGR, with drivers cited as a mobile-first audience and growing sponsorship from FMCG, automakers, and fintech, as well as the activity of organizers and leagues, including NODWIN Gaming, Upthrust, and Skyesports.
The revenue structure in esports is described by the following shares:
- sponsorship 59%
- advertising and media rights 18%
- participation fees 13%
- merchandise 10%
The export model remains key for the entire industry: about 80% of the revenue of Indian gaming companies comes from international markets, and in public rhetoric this is linked to the Make in India for the World impetus. Ludo King is often cited as an example, becoming the first Indian game to surpass 1 billion downloads, as a benchmark for studios working for global demand.
Growth is fueled by digital infrastructure: the country has about 835 million internet users, the median age of the population is 29, and daily smartphone activity exceeds 4.5+ hours. Nearly half of players, by estimates, come to games for socializing and community, and Tier 2 and Tier 3 cities account for 63% of consumption thanks to affordable smartphones and inexpensive mobile internet.
A regulatory milestone was the Promotion & Regulation of Online Gaming Act, adopted in 2025. It enshrined the ban on real-money gaming while recognizing esports and digital games as skill-based entertainment, and also provided for the work of the National Online Gaming Commission, responsible for regulation and consumer protection, which, in the view of part of the market, improves regulatory predictability for investors.