Since the first online casinos appeared over 25 years ago, online gambling - which includes sports betting, casino games, video slots, poker and bingo - has grown into a multi-billion dollar business worldwide. In fact, the global market is valued over $50 billion US Dollars and is expected to grow at least another 10% in the next five years.
Right now, around half a billion dollars is generated in the Indian betting markets. For a country with a population of over 1.3 billion people, that can be called a small number.
In comparison, the UK, which has a population of just under 67 million produces a gross online gambling yield of $6.5 billion US dollars.
From these figures, it is clear that the earning potential for online gambling in the country is enormous, and most online operators have noticed this. They have also noticed the absence of online gambling regulations in most of India, with Sikkim and Nagaland the only states who have specific regulations aimed at online gaming.
As a result, more operators are now accepting wagers from Indian customers than ever before with many more new betting sites accepting Indian rupees. Operators already active in our country include ComeOn!, Unibet and LeoVegas.
A focus on cricket
In addition to online casinos , many websites also operate sportsbooks, apparently with great potential. India’s passion for cricket is no secret. The sport has a following that could be described as almost religious, and more people are betting on it than ever before.
If sports betting and even fantasy sports were to take off in India, it could become one of the world’s biggest markets. That earning potential could also prompt government bodies to update regulations to ensure the state gets tax revenues.For e.g. while there are no taxes to paid on winnings in the UK, remote gaming operators pay 15 % in taxes to the government.
A youthful market
Surveys have shown that the majority of online players in India are below the age of 25. And many of those like to play via mobile applications. Future generations will be more likely to follow in their footsteps, boosting the gambling numbers further. As sports betting becomes more popular, it follows that other forms of wagering could become more common too. Several sports betting websites also offer casino games, video slots and many other gambling options so players who open an account would have access to a full range of services.
Accelerated growth predicted
Online gambling revenue in India has more than doubled in the last five years, and that trend is set to continue. Yet, it is hard to predict just how big it will become. With more people than ever having access to mobile devices and with more operators entering the market, experts believe that growth will continue to accelerate for the foreseeable future before it starts to flatten. Within ten years, India could be one of the biggest betting nations on the planet.
Disclaimer: Opinions expressed in this article are the author's personal opinions and do not reflect the views of Connected to India. The management of the company does not assume any responsibility or liability for the article.