There are many good reasons why gambling companies are now eyeing India’s potential to have a huge betting market. This is despite how gambling is still widely illegal in most of the states in India. The country simply has qualities that fit a thriving gambling market including how much the locals love sports, particularly, cricket.
The online sports betting sector is what’s benefiting greatly from Indian punters right now as this isn’t considered illegal in the country. India’s gambling activities are seen through the Public Gambling Act of 1867 and it’s so old that this mentions nothing about online sports betting. This is why many locals can access Cricket betting sites by TheTopBookies every time huge tournaments are on like the Indian Premier League and the T20 World Cup.
India’s gambling market is growing at a rate of 20 percent each year. The latest estimates reveal that the Indian betting market’s value is already at 90 crores last year. By the end of 2022, the industry is expected to be worth over 10,000 crores.
The sports betting market alone in the country was able to reach a value of over 203 billion USD last year and with the current estimates, this year is already looking better for the industry. Especially now that many cricket tournaments are pushing through compared to last year.
What’s Triggering the Market Growth?
Based on data about the gambling statistics in the country, around 40 percent of the locals with the internet have already placed bets online. There are over 560 million internet subscribers in India and this equates to over 220 million people who have already gambled at some point in their lives.
While the country’s love for sports is quite the root of its interest in sports betting, another key driver of the growing interest in betting in the country is the availability of the internet in the country and the rising use of mobile devices like smartphones. Sports betting has simply become more accessible because of these tools.
Indian Sports Betting Facts and Statistics
When it comes to how many Indians are placing sports bets regularly, it is estimated to be around 140 million. Cricket takes the top spot when it comes to the sport that the punters wager on. Horse racing, football, and field hockey are also popular. Around 370 million people are only betting during major events like the IPL finals.
Online betting companies are generally allowed to offer their services in the country as long as they allow the players to transact with them through the local currency. Indian punters are likely to use payment solutions like UPI, Paytm, and PhonePe. The states where online betting is most popular are Telangana with 18.7 percent of the market share, Karnataka with 13.2 percent, and Maharashtra with 9.6 percent.
Based on a study, 88.4 percent of the online bettors in India are men and 11.6 percent are women. When it comes to age groups, Indian bettors appear to be between the ages of 18 and 24. Around 32.5 percent of them are between the ages of 25 to 34. The data does show that the younger generation appears to be into online betting. However, it is mainly because the older generation tends to place their bets offline.
There are now plenty of online casinos and bookies that offer betting odds in India like 10CRIC and 22Bet. The leading online betting sites right now in the country include companies like Bet365, Betway, and 1xBet.
What The Future Will Look Like
It’s hard to say what exactly the future of sports betting in India will look like. However, with how things are doing at the moment, it’s looking bright. Of course, it will be better if India decides to regulate sports betting in the country. This way, people would rather bet legally which then could help boost India’s economy.
It is also likely that more gambling companies will be offering their services to the Indians in the coming year. This is especially with how quickly the Indian gambling market is growing. UK gambling companies seem to show interest in India the most and this is because of how the UK is starting to implement stricter regulations when it comes to online gambling.
However, if regulations will not be in place, offshore casinos and bookies will be the ones that would benefit from the growth of the betting sector in the country. Lack of regulations would also promote underground betting which could bring harm to punters who are considered as high risks.