India’s online casino sector has seen explosive growth over the past decade, propelled by surging internet penetration, widespread smartphone adoption, and a burgeoning young, tech-savvy population hungry for entertainment and real-money gaming opportunities. With the market reaching approximately $2.9 billion in 2024 and forecasts suggesting it could nearly double by 2033, international brands have rushed to capture a slice of this dynamic industry. Yet, despite its promise, the sector operates within a complex web of regulatory uncertainty, fragmented enforcement, and evolving consumer trends, painting a picture that is as challenging as it is lucrative.

Online Casino Brands in India: A Dynamic, Unregulated Ecosystem

India’s online casino ecosystem remains largely informal, as no official registry tracks the multitude of platforms operating in the country. Estimates from industry trackers suggest dozens of international brands are active at any given time, with new entrants appearing every year. These brands range from pure casino platforms to hybrid sites blending sports betting and casino offerings.

International Heavyweights: The Major Players in India

Several globally recognized names have staked their claim in the Indian market:

• Betway (Super Group, Europe): Operated until late 2023 before withdrawing due to changes in the GST regime.
• ComeOn Casino (Cherry AB, Sweden): Leveraged celebrity endorsements to build its Indian presence.
• PokerStars (Flutter Entertainment, UK/Ireland): Aggressively promoted its poker platform using local celebrities.
• 888 Holdings (UK/Gibraltar): Provided access to its 888casino, 888poker, and 888sport brands under offshore licenses.
• Entain PLC (UK/Isle of Man): Marketed PartyCasino, partypoker, and Sportingbet to Indian players.
• Bet365 Group Ltd. (UK): A dominant sportsbook and casino operator with a robust Indian customer base.
• Bitstarz Casino (Dama N.V., Curacao): Became a favorite among crypto gamers in India.
• Megapari (Orakum N.V., Curacao): Offered extensive casino and sportsbook options, including live dealer games.

Timeline: How Online Casinos Entered India

• 2016–2018: Early entrants like Bet365, Betway, and 888casino recognized the opportunity presented by India’s booming digital infrastructure and lack of prohibitive regulation.
• 2019–2021: The market matured with newcomers such as ComeOn, PokerStars, and Bitstarz, who tailored offerings with local payment options and marketing strategies.
• 2022–2025: Brands like Krundi Casino (2024) and BigBoost Casino (2022) launched, focusing on mobile-first platforms and innovative payments.

Indian-Owned Operations: A Minority Presence

The few domestic players include:

• Delta Corp Ltd.: India’s only publicly listed casino operator, managing both physical casinos and online platforms such as Adda52.com and Adda52rummy.com.
• Nazara Technologies: Focuses on skill-based games and fantasy sports rather than traditional casino operations.

European and American Ownership Patterns

The majority of online casino operations are owned by European entities, primarily licensed in jurisdictions such as Malta, Gibraltar, and Curacao. American companies remain less active due to stringent domestic gambling laws, although global giants like Flutter Entertainment maintain a presence through brands like PokerStars.

India’s Love Affair with Sports Betting

Sports betting dominates real-money online gaming in India, with a 2024 market valuation of $6.91 billion. Key drivers include:

• Cultural Passion: Particularly for cricket, football, and kabaddi.
• Digital Access: The mobile revolution has made betting seamless and private.
• Marketing Aggression: International brands have localized their advertising with Indian celebrities and influencers.
• Convenient Payments: UPI, e-wallets, and cryptocurrencies enable easy transactions despite banking restrictions.

Legal and Regulatory Ambiguity: A Complex Maze

India’s regulatory framework remains unclear because "betting and gambling" are state subjects under the Constitution:

• Goa, Sikkim: Permit regulated forms of online and offline gambling.
• Nagaland: Legalized online skill gaming.
• Other States: Gambling often remains prohibited or unregulated, creating a legal grey area.

At the federal level:

• IT Act 2000: Governs intermediaries but sidesteps gambling specifics.
• IT Rules 2021: Introduced SROs but left loopholes open.
• GST Council 2023: Imposed a steep 28% tax on online gambling turnover, prompting operator exits like Betway’s.

Challenges of a Fragmented Regulatory Landscape

Several forces continue to hinder the formation of a unified framework:

• Federalism: States guard their jurisdiction fiercely.
• Social Sensitivity: Gambling remains morally contentious across communities.
• Technological Gaps: Offshore platforms use sophisticated methods to bypass Indian banking laws.
• Political Hesitancy: Policymakers fear backlash from voters and social groups.

Recent Movements Toward Regulation

• Self-Regulatory Efforts: SROs have emerged but lack statutory teeth.
• Proposed Central Law: Panels are considering a national licensing system but face state resistance.
• State-Level Initiatives: Tamil Nadu and others have introduced stricter regulations on real-money gaming.

Persistent Risks in the Sector

The risks surrounding India’s online casino industry remain significant:

• High Taxation: The GST burden could drive users to unregulated sites.
• Consumer Vulnerabilities: Poor grievance redressal and responsible gaming mechanisms expose players to harm.
• Financial Crimes: Allegations of money laundering through offshore betting sites continue to attract regulatory attention.
• Misleading Advertising: Authorities are cracking down on celebrity endorsements of illegal sites.

The Path Forward: Toward a Regulated, Transparent Industry

Experts increasingly argue for a UK- or Malta-style central licensing framework that would:

• Provide Clarity: Clear regulations for operators and consumers alike.
• Enhance Revenues: Proper taxation could generate substantial government income.
• Strengthen Consumer Protections: Implement safeguards against fraud, addiction, and privacy breaches.
• Mitigate Illicit Activity: Curtail illegal offshore operations through stringent enforcement.

However, forging consensus between India’s central and state governments remains a formidable hurdle.

Conclusion: A Market at the Crossroads

India’s online casino industry continues to thrive in an environment marked by both staggering opportunities and serious challenges. Without a comprehensive national regulatory framework, offshore operators will likely maintain dominance, even as government scrutiny intensifies.

As quoted by the Economic Times via the WinZO Games and IEIC report, “The online gaming industry in India is on an unprecedented growth path, backed by a projected market size of $9.1 billion by 2029.”

Meanwhile, a senior government official told News18, “Since these activities are expanding rapidly, a decision will be made once the Indian Cyber Crime Coordination Centre submits its regulatory report.”

In the years ahead, the future of India’s online gaming landscape will hinge on achieving the right balance between innovation, consumer protection, and regulatory clarity.