India’s cricket obsession is spawning one of the world’s most explosive sports betting markets. Fueled by digital adoption, offshore betting apps, and unregulated crypto payments, the industry—estimated at $6.91 billion in 2024—is projected to balloon to $16.83 billion by 2033. With over 120 million cricket fans and limited domestic regulation, India has become a lucrative battleground for both global betting giants and shadowy illegal operators. In this piece, we explore the tectonic shifts shaping India’s sports betting landscape, with a sharp focus on cricket, compliance challenges, and what lies ahead.

Cricket Fever Drives a Booming Online Betting Industry

At the heart of India’s sports wagering surge lies one word: cricket. An astonishing 91% of all sports fans in India follow cricket, making it the undisputed kingmaker in fantasy leagues and online betting.

Platforms like Parimatch, Stake.com, and Dafabet have capitalized on this obsession through hyperlocal offers—200% welcome bonuses up to ₹1 lakh—and slick mobile apps featuring seamless payment integrations like UPI and Paytm. Their cricket-first approach targets live matches, especially the IPL, with real-time odds and micro-betting features that mirror the tempo of the game.

Illicit Platforms Flourish Despite Growing Scrutiny

Yet, this gold rush has a dark side. Illegal operators dominate the digital space, bypassing Indian laws via offshore domains and mirror sites. Between January and March 2025 alone, India recorded 1.6 billion visits to unregulated betting platforms, with 266 million hits directed at cloned Parimatch sites.

These platforms often employ crypto wallets, benami accounts, and shell UPI IDs to process wagers, eluding financial scrutiny and enabling large-scale money laundering. One case, involving the notorious Mahadev Book, saw an alleged ₹5,000 crore siphoned abroad—triggering investigations that now link certain betting apps with potential data theft and espionage.

Legal Framework: Fragmented and Toothless

India’s sports betting ecosystem operates in a legal grey zone. While Goa, Sikkim, and Nagaland have formal licensing systems for games of chance, most Indian states enforce the outdated Public Gambling Act of 1867, which lacks provisions for online betting.

Despite the power granted by Section 69A of the IT Act, enforcement remains patchy. Of the 144 flagged illegal sites, only 56 were effectively blocked by 2024, reflecting limited state capacity and coordination. This legislative vacuum allows unregulated operators to flourish, exploiting differences between state and central jurisdiction.

Bonuses, Influencers, and Marketing Blitz

Digital marketing has emerged as a weapon of choice. Betting firms now court celebrities, cricket influencers, and streamers, offering ₹3–5 lakh per sponsored post. Platforms like 4RaBet go a step further with eye-popping offers—up to 700% deposit bonuses—to attract users from smaller towns.

These aggressive strategies are designed to build scale quickly while avoiding mainstream scrutiny. Social media influencers, Telegram channels, and Discord groups often serve as discreet conduits to offshore platforms, helping circumvent app store bans and payment blocks.

Taxation and Its Unintended Consequences

India’s 2023 move to impose a 28% GST on deposits—rather than net revenue—was meant to deter betting. Instead, it pushed users toward tax-free illegal platforms where returns are higher and traceability is lower. This "tax arbitrage" has only widened the gap between regulated and rogue operators, undermining policy objectives.

Global Giants Enter the Arena

Despite these headwinds, foreign betting conglomerates are quietly investing in India’s future. Flutter Entertainment, owner of Betfair and Paddy Power, launched a Global Capability Centre in Hyderabad with plans to hire 700 professionals by 2026, focusing on data science and live odds optimization for cricket.

Similarly, Bet365 and Entain Group (Ladbrokes, Coral) are testing the waters through licensing partnerships and backend technology integrations, allowing them to operate without directly confronting India’s regulatory patchwork.

These firms are banking on eventual reform and are building capabilities ahead of the curve, positioning themselves as responsible, compliant stakeholders in a sector begging for regulation.

India’s Fantasy Sports Giants and Esports Pivot

While traditional betting faces legal hurdles, fantasy platforms like Dream11 and My11Circle enjoy a more permissive environment by classifying their offerings as "games of skill." Dream11, which once held a 50-million-strong user base, pioneered India’s freemium fantasy ecosystem. However, My11Circle’s recent five-year IPL partnership signals intensifying competition.

As esports betting and fantasy leagues for cricket and kabaddi gain traction, these domestic players are expected to act as bridges between casual engagement and full-scale sports betting.

Tech Disruption and Data Security Risks

The evolution of betting apps now goes beyond UX improvements. Advanced platforms request camera, location, and storage access, raising alarms about surveillance and misuse of user data. Combined with crypto wallets and proxy servers, this technology stack allows players to remain anonymous—often evading both fiscal and judicial oversight.

At the same time, blockchain-enabled platforms offer new opportunities. Stake.com and other crypto-native operators are experimenting with instant withdrawals, gas-fee reductions, and provably fair gaming mechanisms, which could eventually influence Indian fintech-betting integrations.

What the Future Holds: Regulation or Retrenchment?

Policy reform is on the horizon. Proposals for centralized legislation, payment gateway bans for illegal operators, and influencer advertising guidelines are gaining political traction. These steps could curb offshore dominance and protect users from fraud and addiction.

However, implementation will be complex. Betting remains a politically sensitive issue, and enforcing a unified framework across 28 states is no small feat. Any serious reform must balance revenue generation with social responsibility, possibly through a national gambling commission or a uniform digital gambling code.

Conclusion: India’s Cricket Betting Paradox

India’s cricket betting market embodies a paradox—skyrocketing demand in an underregulated environment. With revenue forecasts nearing $17 billion by 2033, the need for intelligent, harmonized regulation is more urgent than ever.

For now, the market splits into two lanes: mainstream players investing in compliance and tech, and illegal operators thriving on opacity and incentives. The next few years will determine whether India embraces the potential of a regulated digital sports wagering sector—or continues to wrestle with the unintended consequences of delay.

Strategic Takeaways:

For Investors: Watch for regulatory developments and M&A activity, especially involving Indian fintech-betting collaborations.

For Operators: Compliance, localization, and ethical marketing will define long-term sustainability.

For Policymakers: A harmonized, tech-forward regulatory architecture could unlock both revenue and control.