iGaming refers to various forms of online betting that involve predicting the outcome of games or events. It confines a wide range of activities, including sports betting, online casinos, poker, and eSports. The iGaming industry in India has witnessed huge growth in recent years. Some major factors responsible for this tremendous growth are increased internet penetration, smartphone usage, convenient payment options and a growing interest in online gambling. Here are some key aspects that highlight the growth of the online casino industry in India:
- Market Size and Revenue: The online casino market in India has witnessed significant growth, with a revenue of approximately $930 million in 2020. The market is expected to continue expanding, and it is projected to reach a value of $3.8 billion by 2025.
- Mobile Gaming Dominance: Mobile gaming has played a crucial role in the growth of the iGaming industry in India. With the availability of affordable smartphones and widespread access to mobile internet, a large portion of the Indian population engages in online gambling through mobile devices. This trend has fueled the growth of mobile casino platforms and applications.
- Legal Landscape: The legal status of online gambling in India is complex and varies from state to state. While some states have legalized and regulated online gambling, others have restrictions or direct bans. However, there are no specific laws that explicitly prohibit online casino gaming at the national level, which has allowed offshore online casinos to cater to Indian players.
- Popular Casino Games: Indian players have shown a fondness for various casino games, including slots, poker, blackjack, roulette, and Andar Bahar, a traditional Indian card game. Online casino apps and platforms catering to the Indian market often offer a wide range of games targeted at local audiences, ensuring a diverse and engaging gaming experience.
- Payment Solutions: The growth of the online casino industry in India has been supported by the availability of convenient and secure payment solutions. Most online casinos and iGaming platforms provide multiple options for depositing and withdrawing funds, including popular methods like credit/debit cards, bank transfers, and e-wallets. The integration of localized payment solutions like PayTM, Gpay and PhonePe has further facilitated seamless transactions for Indian players. Moreover, players look for Instant withdrawal casino India.
- Regulatory Developments: The Indian government has shown some interest in regulating the online gambling industry to address concerns related to player protection and revenue generation. Some states have taken steps to introduce regulations, licensing frameworks, or taxation structures for online gambling operations. These regulatory developments indicate a potential path toward a more structured and regulated online casino industry in India.
- Future Growth Prospects: The online casino industry in India is expected to continue its growth trajectory. Factors such as increasing internet penetration, the rise of mobile gaming, and the introduction of favourable regulations in certain states contribute to its exponential growth. Moreover, the growing popularity of online gambling among younger audiences and the ongoing digital transformation in the country further boosts the industry’s growth prospect.
Future and Potential Explained in Numbers
The global sports betting market accounted for USD 83.65 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 10.3% from 2023 to 2030. The same growth is expected in India. As per Statista.com, the revenue in the Online Sports Betting market in India is projected to reach US$1.70bn in 2023. It is expected to show an annual growth rate (CAGR 2023-2027) of 9.77%, resulting in a projected market volume of US$2.47bn by 2027.
The iGaming industry in India is experiencing remarkable growth due to recent technological advancements. Technologies such as augmented reality, virtual reality, blockchain, artificial intelligence, machine learning algorithms, and mobile gaming are playing a vital role in expanding its progress.
While the online casino industry in India continues to thrive, it is important for players to exercise caution and engage with licensed and reputable operators. Responsible gambling practices and compliance with local laws and regulations are essential for ensuring a safe and enjoyable online casino experience.