Will the Growing Online Casino Industry in India Open the Doors for Cryptocurrency?
India is seen as one of the fastest growing markets for the online casino industry in 2020, and operators are scrambling to make their content accessible to people in the nation. The rise has been thanks to the greater availability of smartphones and more widespread internet connection to the 1.3 billion people who live here.
Online casinos are renowned for accepting a diverse range of payments, and the rise of sites in India could lead to the emergence of new ways of performing transactions in the country. This could pave the way for an acceptance of bitcoin and other cryptocurrencies.
How is the Online Casino Industry Targeting India?
As the online casino and gambling industry has ballooned in India, developers and operators have shifted their focus and begun to think up ways to make their products appeal to people in the country. Real-money gambling in India is growing at a rate of 20 percent per year, and some projections value the market at $1 billion by the end of 2021. It should come as no surprise, then, that sites are seeking to attract players in the country.
There are 430 million internet users in India, and it is estimated that 17.7 million of these play online gambling games. By 2024, there will be 700 million internet users, and the number of players will almost double as well. Casino games have for several years been available, but the options on offer now are much more diverse and all-encompassing than they were in the early days. There are also more bonuses geared towards Indian players, including deposit matches and free spins promotions.
Could This Pave the Way for Bitcoin and Other Cryptocurrencies?
Most of the online casinos that Indian players will be accessing are based in different countries. Online casinos are used to people playing from all over the world, though, and have many systems in place to deal with this. The common theme to have emerged in the industry is to offer a diverse range of payment methods so that there is an option for everyone’s preferred method of transaction. For instance, some players feel that PayPal can offer more security, and others feel that they can track their spending more easily with options like Paysafecard.
Another payment option which has been making some waves in the sector is bitcoin. There are now a lot of online casinos that accept the e-currency because it is the cheapest way to perform international transfers. If some operators targeting India also begin to accept bitcoin payments, it could help boost the chances of the cryptocurrency taking off in the country. It was recently announced that India’s Supreme Court had lifted a two-year ban on cryptocurrency transactions, and this could be another factor towards helping it explode in the years ahead.
These are exciting times for India, and the growing online casino industry is likely to open the doors for a number of other advancements. With the ban on cryptocurrency lifted, online casinos could help the technology become a popular way for Indians to make payments in the country.
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