Increasing Popularity of Online Casinos among Indian Bettors
Indian online gaming and sports betting market has been growing at a rapid pace in the recent quarters. With COVID-19 lockdowns, the popularity of online gambling has received further boost and many of these platforms offer reliable reviews about online sports betting and casino services. The gamers have a lot of options to choose from and they can try their luck with bonus offered with every deposit. And, majority of these platforms accept payment in Indian currency.
Instead of betting on cricket through illegal channels, online sports betting platforms offer a reliable and transparent option. Additionally, the options for multi-player games, mobile betting and sports betting apps, have made it easy and fun activity which can be enjoyed 24x7 from the comfort of your home. You can always find out more about online casinos in India on reliable platform provided by PlayCasino.
Majority of online casino operators running their platforms in India are registered in Europe (Malta, Sweden or United Kingdom) or in Sikkim (India) and their operations are audited and checked by reliable gambling agencies. These networks operate under rules set by the authorities in their markets of operation and this is one of the major factors for their increasing popularity.
Indian gamers have been always interested in betting on cricket, stock markets, horse racing, cryptocurrency and forex. However, the new options available in the market currently, have led to higher acceptance among millennials and younger audience.
Taxes on Online Gaming Wins in India
Online gaming and online sports betting has been getting popular in Indian in the recent years. As per the Indian income tax code, online gaming falls under section 115BB of the Income Tax Act. Announcing the earnings from online gaming, is the responsibility of the individual to report in his tax returns. Under the income tax filing, the income from online betting, gambling, card games or sports betting, would come under the hear “Income from other Sources”. The flat rate of tax on such earnings is 30 percent in India.
There is also a provision for tax deduction at source for such earnings. Even if the TDS has been deducted on earnings from online gaming, the individual should declare these earnings in his tax returns.
The online gaming industry is growing at a rapid pace in India and many online casino / sports betting platforms have setup their websites specifically for Indian gamers. This has resulted in higher number of people joining the platforms that offer secure and transparent means to play bets and try their luck in sports betting.
Online Gambling Statistics for India
While it is difficult to have exact data about the number of users and revenue generated by online casino industry in India as many of the platforms are registered in Europe and the data can’t be collected. However, there are some reliable estimates about the size of online casino and sports betting market in India and the growth witnessed by this industry. As per media reports, overall gambling industry revenue in India was INR 62 billion for year 2019. The data also suggests that the most popular games among online gaming users in India are Roulette, Baccarat, Blackjack, Indian Rummy, Slots and Live Casino games.
However, COVID-19 pandemic has led to a lot of changes for many sectors. While offline casinos all over the world have suffered due to lockdowns, the activity has shifted to online casinos. The revenue numbers before and after COVID-19 lockdowns, will be quite different and gaming industry experts believe that we would need at least 3-4 quarters of data to ascertain the trends in the online gambling and sports betting industry.
Estimates of gaming industry experts suggest that overall gambling revenue in India could increase to INR 250 billion within four years. The online gambling platforms will gain a major part of this fast growing segment in India.