In the last 10 to 15 years, iGaming has grown enormously. It is now among the global industries with the fastest growth rates. The iGaming industry has a market value of around US$41.78 billion by the end of 2016. By 2024, it is anticipated to double in size, reaching nearly US$100 billion. Transparency Market Research (TRM), a company that specializes in research trends, provided this information.
The rapid development of technology and internet operations is one of the main causes of this enormous expansion. The gaming business has demonstrated that it is indeed a bubble that won’t burst so quickly or easily, despite several conflicts with governments of various countries and agencies globally.
What is iGaming?
Online gaming, often known as iGaming, is simply placing bets or playing games based on the likely results of an event or game online. Sports betting, poker betting, online casino betting, and online video gaming are only a few examples of iGaming activities, however, the majority of iGaming is made up of casino games and sports betting.
Indian online gaming market
As much as Indians love sports and respect all types of competition, they also actively partake in gambling and sports betting. It is not surprising that gaming is attracting people’s attention not just in India but all throughout the world.
It was projected that the market for online gambling would be valued USD 57.54 million in 2021 and that it would increase at a CAGR of 11.7 percent from 2022 to 2030. The industry is being pushed by rising smartphone usage for online gaming both at home and in public, as well as rising internet penetration rates.
Additionally, elements including societal and legal acceptability, ease of access to online gambling, endorsements, and sponsorships are encouraging business growth. The market is anticipated to expand further as a result of the accessible and reasonably priced mobile apps.
Statistics on igaming and sports betting in India
Women typically take a step back when it comes to betting and gambling. However, just 11.6% of Indian women bet, while 88.4% of all internet betting is done by men, who make up the majority of the country’s bettors. A study from October 2021 predicted that 370 million people would bet online during major events and that 140 million would bet regularly on various sports platforms. The younger generation is more eager and interested in making bets online, as evidenced by a poll that found 44.6% of online bettors in the nation were between the ages of 18 and 24.
The future of sports betting and iGaming in India
The future of i-gaming in India will bloom with the betting and gambling sector’s quick expansion and a steady increase in activities related to it, and in no time the Indian government may consider moderating the business.
Despite the enormous rise and popularity of online betting, several Indian states, like Telangana and Andhra Pradesh, still view it as a destructive activity. For the sake of preventing fraud and safety, they have outright outlawed internet gambling within their borders. Karnataka has also outlawed internet gambling, yet even though these activities are forbidden by the government, people nonetheless gamble and wager online.
Despite knowing the potential risks and hazards involved, many nevertheless gamble and wager illegally. Although both young and senior betting groups can gamble, the government should take the appropriate precautions to protect gamblers all throughout the nation. With its novel and greedy opportunities, online gambling is flourishing and tends to attract more players.
As much as Indians love sports and respect all types of competition, they also actively partake in gambling and sports betting. It is not surprising that gaming is attracting people’s attention not just in India but all throughout the world. Have you ever wondered why India has such a sizable population—roughly 1.4 billion people—who are ready to learn about the changes occurring around the country? Additionally, more individuals are drawn to the expanding uses for the internet, one of which is using mobile phones.
Is Online Gambling Even Legal in India?
Since internet gambling is the focus of iGaming, it must be understood that these activities are neither legal nor prohibited in the nation. Online gambling is essentially illegal in India, but there are no particular laws that say this.
The Public Gaming Act of 1867 controls all forms of gambling in the nation. Since the internet was still in its infancy when this law was established, it makes no mention of online gaming.
Why iGaming is Growing?
There are a number of reasons why internet gaming and gambling are so popular. One is India’s expanding internet population. In 2020, India had over 749 million internet users. Approximately 50% of the nation’s population is therefore already online.
These internet users now use mobile devices in the majority. 744 million of these people use mobile devices to access the internet, according to Statista. The fact is, that cellphones are becoming more widely available because they are getting cheaper while remaining powerful. According to a Deloitte report, India would have almost 1 billion smartphone users by 2026. The iGaming industry may benefit from this as well as India’s upgraded internet infrastructure.
India’s iGaming market has expanded significantly over the past ten years, particularly after the pandemic’s inception. Since individuals had to find ways to pass the time during lockdowns, the gaming and gambling business experienced enormous expansion.
Many believe that India’s iGaming business has the potential to grow to be one of the most important in the industry given its current state. The number of online gamers in the country was predicted to reach about 360 million in 2020 and increased to 390 million last year.
According to KPMG, the Indian iGaming sector is projected to be worth 3.9 billion USD by 2025. As a result, more individuals will wager on sports and play real money games.