While the gambling market in India has a vast potential, its growth is often hampered by the country’s laws and overall outlook towards it. The topic is a taboo and the term ‘gambling’ itself has a negative association. While the country’s laws about gambling are often for the brick and mortar gambling houses, it becomes a bit more ambiguous when it comes to the online gambling market.
Since the gambling laws in India were made decades ago, these laws are often left open for interpretation when it comes to online gambling. In recent years, India has become one of the fastest-growing markets for online gambling. As per one Deloitte India report, the online gambling industry had a 40% annual growth rate during the pandemic and is expected to reach $2.8 billion by 2022. Even though the industry is operating in the grey areas of the law, it is estimated that it continues to pull in revenue of around $1.5 billion yearly. However, due to the lack of effective online regulation, the Indian economy is unable to reap the full benefit of the industry.
With the COVID-19 pandemic, online casinos became increasingly popular. Casumo India, is among the leading online casino websites that are offering users a chance to play games like slots, blackjack, roulette, etc. with Indian currency.
According to reports, by 2020 there were around 448 million active mobile internet users. This number is estimated to reach half a billion by the year 2022. As cheaper internet plans and smartphones become widely available to the masses, mobile gaming has risen in popularity. The ease of online transactions through UPI payments, net-banking, etc. have made it easier for people to play online real money games.
This growth has also resulted in more people indulging in mobile gambling. Betting on horse racing, sports like cricket and hockey are common among Indians. Even though these activities can be done via computers or laptops, mobiles are the preferred devices for many users who like to consume gambling entertainment.
Within the RMG industry, cricket betting is by far the most popular in the betting market. The love affair between Indians and the sport of cricket is a long standing one. Being one of the most popular sports in the country, it is often considered to be a part of India’s national identity. Due to this, cricket betting is a booming market. The Indian Premier League (IPL) is among the biggest sports leagues in the country and is also a time when a large portion of cricket betting takes place. In order to bet, legally and safely many Indians bet through online operators from companies located overseas, state news reports.
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In recent times, the perspective towards gambling is slowly shifting to a more positive light. Considering the benefits that legalization will have on the country’s economy, it is now slowly being considered by the lawmakers. While land-based casinos are prohibited due to the Public Gambling Act 1967, many are now seeing the potential it has. Currently, Sikkim is the only state, other than Goa, that is offering a gambling license. With international companies like Ladbrokes and William Hill planning to establish a foothold in the market, gambling industry’s fortunes may change very soon in India.
Donna Amo is a writer at Gutshot Magazine. She is a graduate from Sophia College of Women, Mumbai with a degree in English Literature. When this October born foodie is not writing content or poetry, she spends her time laughing at memes or watching series. Based out of Mizoram, she is drawn to all things nature and has a soft spot for puppies.
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