The sports betting or gambling industry has seen a great increase in the last few years, both globally as well as in India. Given the passion with which Indians follow sports such as cricket, it is not surprising that only within the last couple of years, the sports betting market in India has grown to about 1.1 billion dollars in 2019. Additionally, the worth of the industry is estimated to grow at a rate of 40% and will be worth approximately 2.8 billion dollars in 2022.
What is clearly evident by these statistics is the amazing curve of growth and the sheer popularity of the sports betting sector in India. In fact, cricket betting sites are more popular than any other kind of betting app or website, with more and more people becoming interested in both watching their favorite sport while also placing wagers on the outcome of a match.
Sports betting has established itself as one of the fastest-growing industries in the country and holds invaluable potential for employment opportunities as well as tax revenue if the central government were to properly regulate the market. Since the industry has shown such strides in the last few years, there may yet be a possibility of legalization and regulation in the future of the Indian sports betting industry.
What Makes India An Attractive Market for Gambling Websites?
India has traditionally been a country that has been very involved in gambling activities, whether through betting on the outcome of sports or through gambling through simple card games played at home, and now online. In fact, the online casino industry has also fared rather well in India, with huge international online casinos introducing local Indian games such as teen patti or andar bahar to attract Indian audiences.
But what makes India such an attractive market for these international brands of sports betting or online casino companies?
Perhaps the answer lies with simply the huge number of people that have already been exposed to some form of online gambling and the number that is projected to take it up rather soon. In India, it is estimated that 40% of internet users have played one or the other form of online gambling app or website. Since the total number of internet users in India is 560 million, the projected number of people who are engaged in online gaming seems to be around 220 million at the least.
With time, this number of possible online gaming users is bound to increase, which makes India a rather lucrative market for online gambling companies worldwide.
Additionally, the lack of formal regulation of the gaming industry in India makes it difficult for too many local start-ups or online gambling brands to pop up within the country. This promotes a situation of easy competition for international brands, such as Betway or Bet365, that already have all the resources to introduce their services to Indians as well as to consolidate their dominant positions quite early on in the market.
Last but not least, the well-integrated digital payment system in India has made it possible for these international brands to start accepting deposits and withdrawals in local currency through apps like PhonePe, Google Pay, or Paytm, which are already widely used and loved in the country.
All these factors have made sure that there is a real possibility of the Indian online gambling industry getting formal regulatory approval from the government, which would arguably become the cause for even more growth for the industry.