Sports Betting and Online Casino Witness Strong Growth in India
Indians have been interested in card games and betting since times immemorial but online betting is the latest trend among Indian bettors. Card games are popular across India and people play different games during social gatherings. Online betting offers a safe environment and easy access on mobile apps or websites operated by these networks.
With faster internet access and affordable 4G data plans, Indian bettors have easy access to online casino and sports betting. As internet coverage and speed has improved across India, online casino platforms can offer highly interactive experience. Many networks already offer live dealer games for Indian players.
Casinos have been banned by Indian government across the country (expect for Goa, Daman, Sikkim and Nagaland) but online casinos can operate in India. Only Tamil Nadu has passed a law in November 2020, placing a ban on online casino. Indian bettors have been flocking to online casino platforms over the last few quarters. Online casinos in India witnessed strong growth during the COVID-19 pandemic as people were locked at home and they had limited options to enjoy gambling.
Sports Betting Goes Online
Indians are passionate about cricket and this specific sport rules the country of 1.4 billion people. Indian Cricket Control Body is the richest cricket control body across the world. The sponsorship and broadcasting rights are sold for millions. Indians bet a lot of cricket matches but majority of betting happens through underground betting networks, operated by illegal bookies. Online sports betting offers a much safe option for Indian sports fans.
Bettors can try their luck with different sports. Online sports betting platforms operating in India offer an extensive range of sports events to place bets on. These platforms are audited by European or US-based gaming authorities. They have to follow strict rules and remain transparent. Indian users have easy options for depositing and withdrawing money.
With online sports betting, Indian sports fans have numerous options to place bets to sports events other than cricket.
Fantasy Sports Registers Growth
Fantasy sports is another segment that has been picking up pace in India. Dream11 has been gaining user base in India due to its strong and effective marketing campaign. Dream11 bagged the IPL title sponsorship rights recently and this has given it a massive marketing push. Dream11 platform allows people to play fantasy football, cricket, hockey, basketball and kabbadi.
The rise of online casino and sports betting among Indian users has raised interest of more companies in the West in the Indian market. While the laws in India regarding online betting are ambiguous, the platforms running the operations in India are either registered in Europe or North America.
Future Growth Prospects in Online Gambling, Fantasy Sports Sectors
The future for online casinos, sports betting and fantasy sports looks promising in India. Many online casino operators are planning to enter the Indian market with an aim to target the large user base. As per estimates from industry experts, the sector is expected to grow at a fast pace in India. International consultancy firm Deloitte has published a report in January claiming that online gaming is expected to register strong growth in India and new casinos platforms will enter the market.
The Deloitte report suggests that online betting is expected to grow at a CAGR of 40% to $2.8 billion by 2022. For year 2019, the revenue for Indian market has been estimated at $1.1 billion.
During COVID-19 pandemic, the online segment registered strong growth. Many people who joined the platforms during pandemic, will remain attached to online gaming as the interesting offerings make it highly addictive. This could be just a start and the future definitely looks promising.