Over $1 trillion is thought to be the market value of all legal and illegal sports betting worldwide. It is currently gaining popularity in a number of countries, and it is anticipated that the industry will keep growing. As a nation that enjoys both sports and gambling, it is not surprising that these two industries are flourishing and it will be interesting to see iGaming in India.
It was estimated that the Indian betting market would be worth over $1.2 billion, or more than 90 billion rupees. By the end of next year, the value of the Indian cricket betting market could reach 143 billion rupees, or more than $2 billion, according to experts.
These numbers suggest that India is a promising location for a betting market. Consequently, a number of gambling businesses are starting to enter the Indian betting market. For instance, there are numerous licensed betting sites here that serve the Indian market. We will discuss some additional factors that play a role in how this industry develops in the nation.
Although it is illegal to gamble in casinos and on sports in all of India, there are no laws that specifically forbid online gambling.
The Indian government has made it illegal for online betting sites to operate there.
However, offshore websites are able to provide their services to Indian citizens. This is done in a way that makes it impossible to categorize online gambling in India as either legal or illegal.
Offshore websites are one of the primary sources of online gambling because there is no effort to prosecute those who use them. The Indian rupee must be used in order to wager on these foreign websites, as well as to deposit and withdraw money.
The use of cryptocurrencies like Bitcoin and PayPal has made it simpler to engage in online gambling.
There aren’t any clear-cut laws in India regarding iGaming, but future regulations may be able to prevent or at least regulate the online gambling market.
The vast majority of online users have no trouble getting past any obstacles that may be put in their path, and this is largely because they are internet and tech-savvy.
India’s regulatory framework in the iGaming casino industry has some undoubtedly difficult gaps, which has prompted the government to make changes in the near future. Given that the $60 billion wagered illegally in the nation each year, there is a critical need to outlaw unlicensed domestic operators from operating in the market.
This highlights the emergence of independent websites that provide a thorough and unbiased review of some of the best, reputable, and licensed online casinos, with a selection of welcome bonuses, new games on offer, and an amazing gaming experience.
Like in other nations, the competitive growth of India’s iGaming industry and the gaming sector as a whole is due to the concomitant expansion of the smartphone market.
In 2020–2021, there were 530 million smartphone users in the nation, and the total mobile gaming market is anticipated to reach more than $1.1 billion in 2022.
India’s mobile gaming market is most likely to surpass $1 billion by 2023, with a similar trend affecting the country’s online gambling and casino industries.
Despite the fact that there isn’t a specific law in the nation prohibiting online gambling, fantasy sports betting was for a long time regarded as illegal.
This was because regulators believed there was some ambiguity regarding the connection between fantasy sports and gambling. The availability of a wide range of fantasy games on numerous online platforms has significantly changed the situation, increasing their number by seven times.
According to a research, the Indian fantasy sports market is expanding at a 32% CAGR and is expected to reach 2.5 billion by 2022.
Online platforms have created their own ecosystem to strengthen the bond between Indians and their favorite sports, with nearly 74% of fantasy sports players playing three times per week. As a result, football, tennis, and cricket, specifically the IPL, have all seen an uptick in popularity.
The year 2020 has not presented challenges for the online gambling industry, thanks to iGaming and the widespread use of the internet in India. In fact, the opposite is true.
The implementation of quarantine throughout the world in 2020 caused India, along with the world, to turn their attention to the internet and their smartphones, which only grew the number of people using online gambling.
In the near future, enormous growth is anticipated, largely as a result of the boom of online gambling websites and the accessibility they provide to users.
There has never been a better time for online gambling to grow than in the year 2022, thanks to more betting options that offer more diverse games for easier access to both new and experienced players. But there will be other additions in 2022 as well.
It is anticipated that there will be a better and simpler way for online users to engage in iGaming as a result of increased payment methods (like the aforementioned cryptocurrencies) and the use of VR (Virtual Reality) Casinos.
It is highly likely that as India advances and develops its IT and tech sector, the iGaming sector will do the same because there is both a demand for it among the people and the opportunity and necessary skill set to take advantage of it.
Who knows where online gaming will go with the right amount of development. Time alone will tell.