The cricket betting landscape in India has undergone a seismic shift in recent years, with the Indian Premier League (IPL) emerging as the central force behind its exponential growth. According to Verified Market Reports, the market is estimated to exceed $150 billion in total value, underscoring cricket’s dominance in the country's gambling ecosystem. While illegal betting continues to cloud clarity around actual numbers, the surge in online platforms, smartphone penetration, and IPL viewership have reshaped how fans engage with the sport. With the fantasy sports sector expecting a 30% spike during IPL 2025, cricket betting’s financial relevance continues to climb at a rapid clip.

Cricket Betting in India: A Market Surpassing Rs. 12 Lakh Crore

Cricket is more than a sport in India—it's a national obsession. That passion translates into a massive betting market, with industry estimates placing its value north of $150 billion. From corner conversations to digital dashboards, the scale of betting—both formal and informal—is enormous. However, due to legal restrictions and underground operations, a large portion of this activity still exists in the shadows.

Despite its clandestine nature, this market exerts substantial influence over associated industries, including advertising, fintech, and real-time sports analytics.

The Shadow of Illegal Sports Betting

A major concern shadowing India’s betting scene is the sheer scale of illegal gambling. Recent data indicates over 1.6 billion visits to illicit betting platforms within a three-month span. This traffic spike reflects the ease of digital access, but also points to a significant regulatory gap.

The absence of uniform legal frameworks across states, coupled with inconsistent enforcement, has enabled underground operators to flourish. While quantifying the exact size of the illegal market is challenging, its magnitude clearly underscores the need for standardized, regulated alternatives.

Online Sports Betting Sees Explosive Growth

Technology has been a key enabler in driving the legitimacy and accessibility of betting in India. The online sports betting market was valued at USD 6.91 billion in 2024 and is expected to grow at a compound annual growth rate (CAGR) of 7.1%, potentially reaching USD 16.83 billion by 2033.

Factors contributing to this expansion include:

Increased smartphone and internet penetration

Rising comfort with digital payments

A youthful, tech-literate population

Gamification and data-driven engagement

These dynamics have made mobile-based betting platforms and fantasy sports apps mainstream avenues for sports engagement in urban and semi-urban India.

IPL: The Crown Jewel of India’s Betting Calendar

The Indian Premier League stands unrivaled as India’s most lucrative sports event from a betting standpoint. The league’s annual format, short match duration, and high-impact player performances make it a bettor’s paradise.

Key highlights include:

Massive engagement: IPL draws over 400 million viewers annually

Billions in betting turnover: Though unregulated, estimates suggest IPL generates a lion’s share of seasonal betting revenues

Fantasy sports impact: Platforms anticipate a revenue surge of 25–30% during IPL 2025, projecting between $500–$525 million in earnings

The league’s financial ecosystem—broadcast rights, merchandising, fantasy sports—amplifies the ripple effect of betting activity across verticals.

How IPL Betting Compares to Other Tournaments

While the IPL commands unmatched popularity, it is useful to benchmark its impact against other major cricket tournaments:

As evident, IPL’s frequency and built-in fanfare provide it with a consistent advantage in the betting world. Other events generate activity, but none match IPL’s consistent financial gravity.

Regulation: A Necessary Path Forward

The current regulatory landscape in India offers a fragmented approach, with gambling laws largely decided at the state level. This patchwork system has led to:

Lack of uniformity in taxation and compliance

A thriving grey market with limited consumer protection

Missed revenue opportunities for state governments

Industry experts and legal analysts argue that centralized regulation of betting—especially online platforms—could create safer environments for consumers while enhancing transparency and tax collection. A regulated framework could also curtail illicit operations and funnel revenue into legitimate economic channels.

Conclusion: A Market Ripe for Transformation

India's cricket betting ecosystem is on the cusp of transformation. With over Rs. 12 lakh crore in potential value, the sector presents both opportunities and challenges. The IPL serves as a revenue juggernaut, driving betting volumes and economic activity at scale. Meanwhile, the rise of mobile-first platforms and fantasy sports continues to reshape fan engagement.

To unlock the sector’s full potential, regulators must take proactive steps to bring order to an otherwise chaotic system. The future of India’s cricket betting economy hinges not only on fan fervor—but on smart, forward-looking policy.