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How big is the sports betting industry in India?

Sports Betting

The sports betting industry has come a long way over the last few decades, steadily moving online, making it an impressive entertainment outlet. Various online betting platforms have become hugely popular, boasting dedicated users across the globe. With an increasing number of online players enjoying the streamlined experience of betting markets from their desktop or mobile phones, the industry is most likely to continue to grow.

Horse racing is one of India’s most popular sports within the industry of sports betting, the major reason being that it is legal to bet on. However, betting on other sports such as Cricket is outlawed in all parts of the country except Sikkim and Goa. Although this ban came as the result of the Public Gambling Act 1867, it was during a time when the Internet was not even thought about, as a result, no such rule seems to apply to online sports betting, and you can bet online legally as long as the online casino/gambling website’s main office is located outside of India.

India’s constitution has given states the right to set their own laws around gambling. Always check your local legal procedures that the online casino/gambling site follows before you sign up. You can even read about the legality of online casinos from CasinoX8’s website.

India constitutes a large middle-class population with a disposable income, a passion for sports, and a desire to gamble. As per the media report 40% of all internet users in India like to gamble. India’s gambling market is worth more than $100 billion, growing at a rate of 7% every year, and most of it is sports betting.

The shift from offline to online sports betting platforms

There are several reasons why a lot of seasoned offline gamblers are moving towards online sports betting. These include:

  • Online sports betting is more convenient as there is no need to stand in queues; one can easily bet from the comfort of their home.
  • Online betting is much safer and respects privacy.
  • Various online casinos and gambling sites offer a plethora of bonuses, referrals, free bets, etc.
  • Payouts are much quicker, more frequent and often higher.
  • Online betting is automated, and that’s why it’s relatively error-free.
  • They are available 24/7.
  • There are myriad of sports to bet on.

Given the growing popularity of online sports betting in India, it is not surprising that well-known brands such as Royal Panda, LeoVegas are expanding their marketing and products offered to Indian consumers, thus enhancing the experience by offering highly advanced online gambling services. Various big brands are also accepting payments in INR to appeal to Indian consumers. You can check about those casinos on the CasinoX8 website.

With a population of 1.3 billion people and a US $2.4 trillion GDP, India is an “emerging market” for sports betting. There is also a chance that the government will change its stance on sports betting in India, thus giving more opportunities and rewards to developers and players across the world, making it a huge industry in itself.

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Ravisha Poddar
the authorRavisha Poddar
Writer

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