Sports betting is considered to be the fastest-growing sector in the gambling industry. There has been a drastic growth in the industry in India. Because of the growth in the internet infrastructure, placing bets on sports is now easier. The Indian sports betting industry saw a huge jump of 2 billion rupees in the year 2020 and is expected to cross the mark of 4.5 billion in 2024. Let’s dig in and have a look at the reasons behind the growth of this sector:
What led to a drastic growth in the sports betting industry?
The activity of predicting sporting events and placing bets on their results is known as sports betting. It is one of the most popular bets in the gambling industry. Indian society has traditionally tolerated gambling, and sports betting has become increasingly common in recent years.
Fans from various states have expressed an interest in participating in this industry. A variety of sports betting websites are available. Finding the top betting sites that are the finest in the industry is difficult, though. The gambling industry is considered to be a large business despite legal concerns. The question of whether the gambling industry is legal in India has been the subject of arguments and debates.
Despite any legal issues, there is a sizable Indian sport betting market. Even though the legality of online sports betting in India has been hotly contested, Indians are becoming more and more interested in it. The popularity of online sports betting in India is growing for the following reasons.
- Increase in the usage of mobiles
The era in which each household had a single phone is long gone. Nowadays, every single member of the household has a phone. Since the majority of Indians own smartphones, they can download apps from the Google Play store. Because Indians use their mobile phones far more frequently than they do desktop or laptop PCs or laptops, online sports betting has become more feasible
According to studies, Indians currently spend a third of their daily time on their cellphones as of the year 2020. Numerous sports betting businesses provide easy-to-use mobile apps or websites, which draw a sizable consumer base. It seems sensible to assume that Indians spend more time on mobile devices than on desktop and laptop computers, which is clearly one of the main factors contributing to the growing popularity of online sports betting.
- Gambling to be legalized soon
For the uninitiated, it is not unlawful to wager on sports online in India. However, there are still some uncharted territories where sports betting is legal. There are no specific regulations that forbid Indians from utilizing internet bookmakers that have their headquarters in countries where gambling on sports is entirely permitted.
Additionally, there is a strong probability that India would eventually legalize online sports betting. It is achievable due to the sharp rise in Indian fans who are constantly interested in placing online sports wagers.
- It is convenient
People used to have to leave their homes to go to the bookmakers to place a wager. However, since people can now gamble from the comfort of their couches, they no longer even need to leave their houses. The majority of individuals now find gambling to be relatively reasonable due to the ease of access and reduced need for travel. After all, the majority of sites will let you participate in the activity for as little as 1Rs/-. Therefore, the majority of the obstacles are gone; new players even receive incentives that let them wager 0Rs/- on their preferred matches.
- The craze of sports among the fans
Indian love to be a part of sports and have a huge craze for their favourite games. History shows that cricket has long been a favoured sport in India. Fans have always been involved in the game, tuning in to watch and, when they could, betting on their preferred teams. Some of these bets were handled by bookmakers, while others were made between friends or were part of prize pools.
In India, football and cricket are popular sports, and the country’s enthusiasm for these games has surely boosted the country’s online sports betting industry. Without cricket and football, it is questionable if the sports betting industry would continue to exist, but it is likely that it would not be as well-known as it is now.
India is thought to have more than 140 million regular gamblers, but that figure jumps to 370 million during significant tournaments like the Indian T20 League. In India, it is claimed that 80% of all bets on sports are placed on cricket matches.
- A great way of entertainment
Even while a large portion of gamblers in India does it just to supplement their income, a sizable portion also does it for entertainment. People can now bet on their favourite sports from the convenience of their homes with just a few clicks on their phone or laptop thanks to the development of technology that has made mobile devices and high-speed internet access to the majority of Indians.
It has become quite simple for folks who wish to gamble for pleasure because to the privacy and ease the internet provides. You would also concur that placing a wager on a game will result in a greater sense of adrenaline and excitement than simply watching it. Consequently, if done correctly, sports betting may provide a lot of fun.
Even with the murky waters of the nation’s gambling legislation, the online sports betting industry in India has grown significantly in recent years. You might be perplexed as to why sports betting is so popular in India despite ethical and legal concerns. Well, it’s an easy explanation. Indian gambling regulations make no mention of internet gambling and solely prohibit the operating of betting shops that are based in India. As a result, a lot of Indians place online bets on their preferred sports via offshore bookies, which is not against the law.