The online betting industry in India is witnessing a constant upsurge in demand.
The increasing popularity of this industry resembles the growing interest of Indians in online betting and shows how it’s becoming a less taboo subject. That’s primarily because of the availability of casinos and sportsbooks right at home comfort, thanks to the internet.
Today, any Indian (18+ or above) can play real money casino games and bet on their favorite sports online anytime, anywhere. Before diving into this industry’s future, its new trends, and developments, understand what online betting is and how it evolved in India.
So, let’s start.
Online Betting In India: What Is It?
In simple terms, online betting in India is the act of placing bets on an outcome of a game or any type of sportsbook event on the internet. Online betting in this country involves betting on casino games (online poker, roulette, blackjack), sports betting, and betting on esports.
With the significant rise in popularity, it’s best to say that the existing and future generations of gamers, gamblers, and speculators will choose to bet online on a platform that will be easy to navigate and use. It shows that the online betting industry in India has evolved with rapid digitization and technological advancement, especially smartphones.
Online Betting in India: How Did It Evolve?
As you may know, India is a country of 1.3 billion people, out of which 560 million use the internet. So, it’s quite apparent that the online betting industry has evolved so rapidly in the country. What’s more, Indians are incredibly passionate and dedicated to sports, which they tend to bet on.
As 65% of adults in India fall under the age group of 35, you can say that its youth market is vast. Experts assume that this youth-based target audience is meant for online betting and contributes to the growing popularity of online betting.
Also, the growing demand and use of smartphones among the Indian youth is one of the reasons why the online betting industry in India is witnessing such steady growth. Consequently, there has also been a significant surge in developing intuitive and responsive betting apps in India. These apps (mainly offshore) let you enjoy smooth transitions and access to some of the best online betting sites from anywhere.
This growing trend indicates how technological development and advancement have enhanced the innovation and accessibility of online betting in India. The online gambling industry in this country is expected to hit a revenue of $3 billion by the end of 2024.
Online Betting In India: All About Its Legality
Although casino gambling and betting on sports are strictly prohibited in almost all parts of India, no law prohibits online betting.
The Indian government has made it clear that online betting sites cannot exist legally. Still, offshore betting sites can freely offer their services to Indian residents (18+ or above). Thus, you can conclude that online betting is legal in India, provided you’re using an offshore site for it.
As there is no law to prosecute individuals who use offshore sites for betting, these sites have become the primary source of online betting in India. Of course, you can make deposits and request withdrawals in Indian currency itself. Moreover, the best online betting sites offer you to make payments via cryptocurrencies and PayPal.
Currently, there are no strictly defined rules and regulations related to online betting in India. However, there can be some regulations introduced in the future to safeguard the interest of this industry.
Online Betting In India: What the Future Beholds
As the Public Gambling Act, the law responsible for governing gambling activities in India, doesn’t specify any rules and regulations associated with online gambling, there has been no fear of repercussions among the vast population of players online.
This takes you back to the fact that the online betting industry in India, as mentioned before, is a youth market, always prepared to handle new technological changes and advancements. That’s because the technology involved in the online betting industry is subject to constant change to introduce better videos, graphics, themes, and music.
As India is a nation that has constant growth and rise of online development businesses, it has managed to achieve such technological advancements by hiring a vast number of people in the Tech and IT sector. It’s predicted that by 2025, the revenue of the IT industry in India will surpass $350 billion.
The immense strength of the country in its Tech sector has made them attract a lot of investments from abroad. Thus, it’s no surprise that with such statistics, the development of the online betting industry in India will become far better over time.
As mentioned earlier, the advent of crypto into the online betting industry has made it more approachable, 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 have become increasingly interested in online gambling. Now, easy access to online betting sites via smartphones has made the industry witness a booming growth in revenue and popularity.
The centuries-long love for betting among the Indians will definitely urge them to play the best sportsbook and casino games from the best offshore sites. Many punters also use unbiased online betting guides such as BetNinjas to find the best sportsbooks and online casinos available in India.
The constant technological advancement and rapid software development to introduce something better every day has undoubtedly led the online betting industry to walk towards a bright future.