The online gambling industry is growing at a rapid pace in recent times. The USA and UK are taken to be the market leaders. When it comes to India, the industry isn’t as mature as China or Canada.
At present, India is missing out on about $1.5 billion in lost revenue because of its incapability to regulate gambling online in an effective manner. However, over the last decade, the popularity of online gambling is growing at a rapid pace. About 80% of the Indians are gambling online at least once in a year betting it on table games, slots, or betting in sports. The Indian gambling industry is estimated to be US$60 billion/per in worth, about half of it is illegal. Nevertheless, the legislative loophole which has been circumnavigated, this has enabled the people of India to wager through various offshore betting sites and casinos.
There are many social and economic factors that show that India is progressing in the right direction and it can close the gap between them and the competitors.
India has a rich heritage when it comes to sports, especially with regards to cricket. Previously, fans idolize players like,
- Saurav Ganguly
- Sachin Tendulkar
- Rahul Dravid
However, the present team has moved the game to the top and thus, India is the best team when it comes to test matches. Apart from Test Cricket, the IPL has also become quite lucrative. This has turned out to be another betting venue.
The betting arena has branched out to other sports like hockey and tennis. India is also one of the largest countries that have its younger generations interested in sports. Just a few years ago, a study had shown that more than 50% of the casual gamers and more than 66% of the veteran gamers belonged to the age group below 24.
Riding the Boom
One of the main factors that play a primary role in the growth of the country in the gambling industry is the increase in the number of people using the internet. In the last few decades, there have been an augmented number of households that have registered for an internet connection. In 2018, there were approximately 566 million users of the internet and by the end of the year this figure increased to 627 million. It is expected that by the end of 2020, the number is going to increase to 730 million. With the increase in the number of internet users, the number of people gambling online is also expected to see an increase.
Availability of Online Gaming Titles
The gaming industry will not be able to do if there aren’t any online casino games for them to play. This is another factor that has led to the growth of the industry. Even though gambling in the country is restricted, the bar is a little lowered for horse racing and lotteries. Nevertheless, the government has regulated certain organizations to license the titles. There are many online casinos that allow players to fulfill their gambling desires.
Albeit, it is yet in a nascent stage, India has started developing relationships with different betting brands. With new opportunities and small steps, the gambling industry is sure to grow.