Understanding the Emerging Potential for the Online Gambling Industry in India

Summary: The industry of online betting India has to offer is steadily growing at a CAGR of almost 12% every year. Here’s an understanding explanation of why the Indian online betting market holds so much potential.

In 2020, the value of the global online gambling market was $66.7 billion. In fact, it is expected to grow at a compounded annual growth rate (CAGR) of 11.96% from 2021 to 2026. Online betting is slowly being legalized all over the world – with remarkable progress in the United States. One country with a very vibrant gambling market is India, where gambling is not strictly legal in some areas. Despite the restrictions, the Indian online gambling market is easily worth $30 million at least. That’s why it is a good idea to discuss the scope of online betting India has to offer in the next couple of years.

What is the Legal Situation in India Like?

First of all, it is very important to understand the convoluted legal situation in India that exists with respect to online betting and gambling. The Information Technology Act of 2000 mandates all legal and illegal activities that can be conducted online in the country. This law actually makes no reference to gambling at all – so it is not illegal in the country. However, it must be kept in mind that online wagering is explicitly against the law in three areas – Maharashtra, Andhra Pradesh, and Telangana. These restrictions notwithstanding, online gambling is one of the biggest burgeoning industries in the country right now.

The Illegal Gambling Market in India

Preliminary research has shown that the total size of the Indian gambling market is easily expected to reach $60 million a year. Around half of this amount is lost to the state in the form of illegal bets made with bookies and unregistered websites. The government has been pushing to legalize online gambling in the country, but has come up against a lot of roadblocks and opposition from puritan individuals. Here’s a look at the existing online gambling industry in India and why it has so much promise and scope. It has the potential to be the largest online gambling industry in the world.

Legal Casinos in Some States

Right now, India has its fair share of land based casinos that contribute heavily to its legal gambling revenue. For example, the state of Goa has ten casinos and Sikkim has two casinos. The union territory of Daman & Diu also has one of India’s finest five star resort hotels and casinos. Sikkim also happens to be the only state that has an online lottery platform that can be freely used by all citizens of India. Other states are also pushing for reforms in this area. However, the process of enacting laws can be very slow.

Offshore Casinos and Online Sportsbooks

Under Indian law, it is illegal for Indian businesses to set up online casinos and sportsbooks in the country. That is why a majority of Indian gamblers resort to legal offshore casinos and sportsbooks that are based in countries like Malta, Curacao, etc. Some of the good football books are actually based in the UK, which makes them reliable and safe as they’re under the aegis of the United Kingdom Gambling Commission (UKGC). Here are some of the most popular platforms used by Indian gamblers –

  1. IndiBet: Sports wagering is extremely popular in India, especially with fans of cricket. Cricket is the national pastime of India, and wagering on cricket is one of the most fun activities that fans can engage in. Sites like IndiBet will allow you to make wagers based on the IPL score table, ICC World T20 Cup, EPL football matches, online casino and more.
  2. Spin Casino: Spin Casino is one of the biggest online casinos in the world. It is also one of the safest, holding double operational licenses – one from the Malta Gaming Authority (MGA) and another from the UKGC. It has a ton of amazing games and a huge bonus – making it the perfect choice for Indian gamblers looking for safe providers.
  3. Royal Panda: Royal Panda Casino is fully licensed under the MGA, and is one of the most popular offshore casinos in India. They have an amazing portfolio of games that they license from software providers like Microgaming, NetEnt, etc. They also have a great welcome bonus that’s very attractive to Indian gamblers who want to have fun and make money.
  4. Betway: Betway is one of the most popular sportsbooks in the country – with thousands of registered users. Betway can be used to make bets on all kinds of sports, ranging from cricket to football to Olympic sports. It is a very popular sportsbook, and is the most popular after Indibet.

In recent times, fantasy sports have also gained a lot of popularity in the country. Fantasy cricket providers such as Dream11 and Mobile Premier League (MPL) have gained a lot of traction after teaming up with the Indian Premier league (IPL) and the Board of Cricket Control in India (BCCI).

Updates on the Push for Legalization

Many commentators and industry experts have said that legalizing online gambling would give the states a much-needed injection of funds and revenue. Legalizing online gambling would allow the state to tax the earnings, and this would have a drastic effect on the state’s earnings. It is unclear which states are open to legalizing online gambling – although it is expected that Goa and Sikkim are going to be in the forefront of this movement. In fact, Sikkim tried to establish online gambling licenses in 2010 – but this effort failed. However, the situation is optimistic now.

Summing Up the Facts

This has been a comprehensive look at all of the ways in which the Indian gambling market has an immense amount of potential. If India decides to legalize online gambling at the state level, then Indian operators can participate in the mix. The outlook is optimistic and changes might be enacted by the end of 2030.