The online betting industry in India is experiencing a steady increase in demand.
The growing popularity of this industry resembles Indians’ growing interest in online betting and shows how it is becoming a less taboo subject. This is mainly due to the availability of casinos and sports betting right at home, thanks to the internet.
Today, any Indian (18 years or older) can play real money casino games and bet on their favorite sports online anytime, anywhere. Before diving into the future of this industry, its new trends and developments, understand what online betting is and how it has evolved in India.
So let’s get started.
Online betting in India: what is it?
Simply put, online betting in India is placing bets on the outcome of a game or any type of sports betting event over the internet. Online betting in this country consists of betting on casino games (online poker, roulette, blackjack)sports betting and esport betting.
With the significant increase in popularity, it is safe to say that current and future generations of gamblers, gamblers and speculators will choose to bet online on a platform that is easy to navigate and use. It shows that the online betting industry in India has evolved with rapid digitalization and advancements in technology, especially smartphones.
Online betting in India: how has it evolved?
As you may know, India is a country of 1.3 billion people, 560 million of whom use the internet. It is therefore quite evident that the online betting industry has evolved so rapidly in the country. Moreover, Indians are incredibly passionate and devoted to sports, which they tend to bet on.
As 65% of adults in India are under the age of 35, it can be said that its youth market is vast. Experts speculate that this youth-based target audience is for online betting and contributes to the growing popularity of online betting.
Furthermore, the growing demand and use of smartphones among young Indians is one of the reasons why the online betting industry in India is growing so steadily. Hence, there has also been a significant increase in the development of intuitive and responsive betting apps in India. These apps (mostly offshore) allow you to enjoy smooth transitions and access some of the best online betting sites from anywhere.
This growing trend indicates how much development and advancements in technology have improved the innovation and accessibility of online betting in India. The online gambling industry in this country is expected to reach $3 billion in revenue by the end of 2024.
Online betting in India: all about its legality
Although casino gambling and sports betting are strictly prohibited in almost all parts of India, there are no laws prohibiting online betting.
The Indian government has made it clear that online betting sites cannot legally exist. Yet, offshore betting sites can freely offer their services to Indian residents (18 years or older). So, you can conclude that online betting is legal in India, provided you use an offshore site for it.
As there is no law to prosecute individuals who use offshore sites for betting, these sites have become the main source of online betting in India. Of course, you can make deposits and request withdrawals in Indian currency itself. In addition, the best online betting sites offer you to make payments via cryptocurrencies and PayPal.
Currently, there are no strictly defined rules and regulations regarding online betting in India. However, some regulations may be introduced in the future to protect the interests of this industry.
Online betting in India: what the future holds
As the Public Gambling Act, the law responsible for governing gambling activities in India, does not specify any rules or regulations associated with online gambling, there has been no fear of repercussions among the vast population of online gamblers.
This brings you back to the fact that the online betting industry in India, as mentioned earlier, is a young market, always ready to handle new technological changes and advancements. This is because the technology involved in the online betting industry is subject to constant changes to introduce better videos, graphics, themes and music.
As India is a nation that is experiencing constant growth and rise in online development companies, it has managed to achieve such technological advancements by hiring a large number of people in the technology and IT sector. It is predicted that by 2025, IT industry revenue in India will exceed $350 billion.
The immense strength of the country in its Tech sector has enabled them to attract many foreign investments. Thus, it is no surprise that with such statistics, the development of the online betting industry in India is getting much better over time.
As mentioned earlier, the advent of crypto in the online betting industry has made it more accessible, popular and versatile for Indian players.
Final Words: Moving Forward with Online Betting in 2022 in India
With the widespread use of the internet, Indians are increasingly interested in online gambling. Today, the easy access to online betting sites via smartphones has allowed the industry to witness a meteoric growth in revenue and popularity.
The age-old love for betting among Indians will certainly entice them to play the best sports betting and casino games at the best offshore venues. Many punters also use unbiased online betting guides such as BetNinjas to find the best sportsbooks and online casinos available in India.
The constant advancements in technology and the rapid development of software to introduce something better every day has undoubtedly led the online betting industry to march towards a bright future.