The Online Gambling Industry in India Is Growing Rapidly
The online gambling industry in India is growing at a rapid pace in the last several years.
The Public Gaming Act of 1867 is the only federal gambling law in India. The law makes it illegal to run a brick-and-mortar (land-based) gambling establishment with some exceptions.
Despite this law, Indian states can enact laws legalizing real money gambling.
For instance, it’s legal to bet on cricket and various other sports in Sikkim. Several huge gambling brands are working on becoming licensed bookmakers in the state of Sikkim.
We expect India to undergo more gambling legalization and regulation in the next ten years.
While the government has been slow-moving on legalizing online gambling, they’re missing out on millions in tax revenue. In 2018, the Law Commission of India (LCI) recommended legalizing sports betting online, as regulation would make it safer for Indians to place wagers.
Last year, the Federation of Indian Chambers of Commerce and Industry (FICCI) estimated that the online sports betting handle exceeds ₹3 lakh crore. The FICCI also estimates that the government is missing out on up to ₹19,000 crore in annual tax revenue by not regulating online gambling.
How Big Will the Indian Gambling Market Become?
Online gambling statistics from India are hard to come by, but some experts have made estimates.
In 2019, it was estimated that the regulated gambling industry was worth ₹6200 crore. By 2024, that number is expected to grow to ₹25,000 crore. The potential value of gambling in India is massive.
There are over 400 million internet users in India and that number is expected to grow to 700 million by 2024. Surveys have estimated that nearly 40% of internet users in India like to gamble.
That’s a huge player base for you to market your online gambling website to.
It’s also estimated that 80% of Indians gamble at least once annually. Horse racing, which is legal in India remains extremely popular, but online betting on cricket, hockey and football is growing.
Why Growth in the Gambling Industry Will Continue for Years
Here are some of the reasons experts expect the Indian gambling industry to continue growing.
- Federal Legalization/Regulation: While this may be far out, if the government legalizes all online gambling, India would quickly become one of the biggest gambling markets.
While some Indians are concerned about the impacts of gambling, the benefits of legalizing and regulating the industry (safety, transparency, revenues, etc.) far outweigh any negatives.
- Young Population: There are nearly 1.4 billion people living in India and it’s estimated that nearly half of the population is under the age of 25 years old.
The younger generation grew up gaming and are more open to gambling than older generations, so the experts expect adoption of online gambling will grow faster among Indians aged 18-25.
- Smartphone Penetration: By 2022, it’s estimated that 859 million Indians will have access to a smartphone. Gambling growth has been fueled by low-cost smartphones.
Estimates place mobile gambling transactions at 70% of all gambling transactions worldwide. That number is likely even bigger in India, as most Indians prefer gambling on smartphones.
- Growing IT Sector: While not directly related to online gambling, in 2019, there were 275 online game development companies in the country. That’s up from just 25 in 2010.
A strong and growing IT sector will trickle to the online gambling industry. Once more developers see the profits they can earn from gambling, we expect strong growth in casino game development.
- Digital Payments: Lastly, digital payments will ensure online gambling continues to grow. By 2022, it’s estimated that 300 million Indians will be using digital payments.
Gambling with cryptocurrencies like Bitcoin (BTC) is popular, but there are also localized digital payment companies that are becoming popular among gamblers in India.
Start a Gambling Website in India Today
As you can see from the data above, the online gambling industry is growing rapidly in India.
When you partner with us, you can launch your own bookie that includes a sportsbook, racebook (horse racing), casino and poker room. You’ll have an all-in-one offshore gambling platform.
By partnering with us and keeping your business offshore, you won’t have legal problems.
Bookies operating gambling dens in India are frequently arrested, but online betting isn’t illegal for Indians as long as you keep the business offshore, which is exactly what we provide.
With so much money entering the online gambling industry in India, now is the perfect time to start a gambling website using licensed casino games and the best bookie software.