The global gambling market continues to grow as more countries start to embrace many forms of it. The internet also plays a big part in keeping this market strong. Because of this and technology, people can gamble on the go.
Some of the countries where gambling continues to be big are the United States, the United Kingdom, Australia, Ireland, and South Korea. However, it is becoming more likely that India will be one of these countries that gamble the most.
It is no secret that Indians love to gamble as much as they love sports like cricket. Nowadays, it’s so easy for the locals to play Teen Patti, Andar Bahar, Baccarat, Slots, and other casino games online. Since gambling on offshore casino sites isn’t technically illegal in the country, more and more casino operators outside India are starting to penetrate the local gambling market.
Gambling companies have a few good reasons why they are now looking at India as the next big thing when it comes to gambling. They know that India has a huge history of gambling. The population of the country also plays a factor.
There are over 1.3 billion people in the country and over 430 million of this population are internet users. Among these internet users are 17.2 million people who have gambled online. These numbers will eventually grow and experts predict that by 2024, there will be over 700 million internet users in the country. This means that over 32 million Indians will take part in online gambling activities.
The fact that online gambling services aren’t exactly illegal in India is also what gambling companies are holding on to. Europe is still one of the biggest gambling countries but some countries in this continent are starting to implement strict gambling regulations like the UK and Sweden.
Because of strict regulations, gambling companies are continuously evolving and that surely is costing them money. In addition, even if there are only two countries that are starting to implement strict regulations, more European countries may follow suit.
With that, gambling companies are already scouting different markets to target and India is one of the best candidates so far. Today, these gambling companies are free to offer their services to Indian nationals as long as they offer Indian Rupees as a payment method. So far, only two states in India have banned any sorts of online gambling and there’s no evidence that more states will follow.
What the Future Holds for the Indian Gambling Sector
Generally, gambling is still widely illegal in the country except in the states of Goa, Sikkim, and Daman and for offshore online casinos and bookies. With that, we can expect that it’s mainly the online gambling market that will be the focus of gambling companies.
We may see more offshore online casinos available to the locals in the coming months and years. This gives the possibility that there will eventually be offshore online casinos that will specifically only cater to Indians.
Aside from this, mobile gaming is also becoming more prominent in the country. It is estimated that there are already over 390 million Indian smartphone and mobile users. Over 200 million are already playing mobile games including real money or online casino games. Experts are sure that these numbers will grow as smartphones become more affordable yet powerful.
The internet infrastructure in India is also getting better. 4G connection is now widely available and there is a good chance that 5G will also be available in the second half of this year. Reliance boss Mukesh Ambani recently stated that Jio would pioneer the 5G revolution in the country.
The availability of 5G in India just improves the potential of the mobile gaming and gambling sector in the country. This will only mean that the online gambling experience of the locals will be taken to the next level. With that, more Indians will show interest in mobile gambling. This is why we can also expect that gambling apps will also be available to download soon.
Many are saying that India is missing out on revenues that regulated gambling could give. This may be true as it is estimated that the annual value of the local gambling market is over 60 billion US dollars. Half of this value is said to be from the illegal market.
Now, will India ever consider regulating gambling and allowing the local operations of online casinos and bookies? It’s still hard to tell at the moment. There is still a lot to talk about regarding this matter and even if the government finally agrees to allow this, it will be quite a process.