The market value of all legal and illicit sports betting worldwide is estimated to be above $1 trillion. It is rising in popularity in a variety of nations, and it is predicted that the industry will continue to expand. It is not surprising that these two industries are thriving in India given that the country adores both sports and gambling, and it would be intriguing to observe iGaming in India.
The value of the betting market in India was predicted to exceed $1.2 billion, or more than 90 billion rupees. Experts predict that the Indian cricket betting business would be worth 143 billion rupees, or more than $2 billion, by the end of the year.
According to these figures, India appears to be a suitable place for a betting market. As a result, several gambling companies are beginning to enter the Indian betting sector. For instance, the Indian market is served by a large number of legally operating betting sites here. We’ll go over a few more elements that affect how this sector grows across the country.
Is Online Gambling legal in India?
Online gambling is not specifically prohibited in India, but it is also not permitted. Indian nationals can use offshore websites for online gambling, making it difficult to determine if it is lawful or banned. Outdated gambling laws make online gaming freely accessible. Online gambling is not covered by national gambling laws, and the main source of online gambling is offshore websites. Cryptocurrencies like Bitcoin and PayPal have made online gambling easier. Future regulations could potentially stop or control online gambling in India. The majority of online users are computer and internet savvy, so barriers to online gambling may not be effective.
What Online Sports / Live Games are popular in India?
The competitive rise of India’s iGaming market and the gaming industry as a whole, like that of other countries, is attributable to the concurrent growth of the smartphone market.
There were 530 million smartphone users in the country in 2020–2021, and it is predicted that the overall mobile gaming market will exceed $1.1 billion in 2022.
By 2023, the Indian mobile gaming market is most likely to reach $1 billion, and the nation’s online gambling and casino sectors are also expected to follow a similar trajectory.
2.Fantasy Sports Betting
Even while there isn’t a specific rule in the country that forbids online gambling, fantasy sports betting has long been thought to be against the law.
The reason for this was that regulators thought there was some confusion regarding the link between fantasy sports and gambling. The situation has dramatically changed due to the seven-fold increase in the number of fantasy games due to their accessibility on multiple web platforms.
A study claims that the Indian fantasy sports market is growing at a 32% CAGR and would reach 2.5 billion players by 2022.
With approximately 74% of fantasy sports players participating three times per week, online platforms have developed their own ecosystem to improve the connection between Indians and their favorite sports. Football, tennis, and cricket, particularly the IPL, have all seen an increase in popularity as a result.
What types of e-payments can be used?
Payment Apps and e-Wallets Payment Apps, also known as mobile wallets, are payment services that are carried out via a mobile device and are governed by financial regulations. The idea of paying with cash, a check, a debit card, or a credit card is becoming dated. Using a mobile wallet or mobile money transfer to pay for a transaction is a new payment method that is gaining popularity.
Different Kinds of Mobile Payments
There are five various kinds of mobile payment models, and they are as follows:
- Card-based payments
- Mobile Wallets
- Contactless Payments
- NFC (Near Field Communication)
- Carrier Billing (Premium SMS or direct carrier billing)
- Direct transfers between the payer and payee bank accounts on real-time based operations.
In India, some of the more well-known e-wallet or payment apps are:
- Google Pay
- Amazon Pay
- JIO Money
- Yono SBI
- Airtel Money
- Ola money
- Axis Bank Lime
- ICICI Pockets
- Citrus and so on
The Indian iGaming market is a rapidly growing industry with a high market value. The country’s love for both sports and gambling has contributed to the industry’s popularity, and several gambling companies are entering the Indian betting sector. On the other hand, Oriental Game is an online gaming site that offers unique Asian and Western live dealer games, as well as an all-in-one sports betting solution. With over 10 years of experience, 100 business partners, and 200 products installed, Oriental Game covers all the necessary areas for online gaming entertainment. While Oriental Game does not specifically target the Indian iGaming market, it is a site that users can explore for live dealer games, sports betting solutions, and other related entertainment packages.