There is no denying the fact that the sports betting industry has been growing multi-folds in the global market. It’s becoming more popular with every passing year and it is still expected to grow in the coming years. The entire sports betting market was able to reach a whopping value of over 203 billion USD in 2020 and it’s not yet done growing. India is known for its love to bet on sports and this is mainly driven by cricket.
Whenever the biggest cricket leagues and tournaments like the Indian Premier League (IPL) are going on, people would flock to the top cricket betting websites in India to place their bets. According to the latest estimates, the Indian Betting industry had reached the evaluation of 90 billion rupees last year and by the end of 2022, the pundits are predicting that the industry will reach the value of 143 billion rupees. With that, it is likely that that the betting industry will eventually be regulated in India.
While many of the locals believe that sports betting is illegal in India, its actually in the grey area at the moment. Indian laws dictate that betting on games of chances is what’s illegal and what isn’t is betting on games of skills and there are no particular ground rules that can clarify that whether sports betting is a game of skill or chance. However, the constitution of India also states that betting and gambling are subject under Schedule 7 List item 34.
According to the constitution, the legislation and regulation of sports betting and other forms of gambling has been left to the prerogative of the states. And so, each state in the country has the power to decide whether such activities will be legal or not. There are already states in India that have gambling and batting regulations in place. Nagaland, Goa, and Sikkim are already regulating both online and offline gambling activities within their territories and these are places where people are operating online and offline gambling businesses.
There are a lot of people in India who love to gamble. Apart from gambling, India is also huge in sports and arguably cricket is the most loved sport in the country. Other known sports in the country include football, badminton, and hockey. The love for these sports is so big that it’s hard to just not wager on them. Another factor included as to why sports betting is huge in the country is convenience and availability. Nowadays, people have the option of placing bets anytime and anywhere they are thanks to smartphones and improved mobile internet connections.
Based on a report about the gambling statistics in India, 40 percent of the country’s internet users have opted to place online bets and there are over 560 million internet users in the country. This means that over 220 million Indian people are gambling and this number is expected to grow from here which makes India has the best market for the future for sports betting companies.
With all that prediction, more gambling companies will likely want to immerse themselves in the Indian market. India’s population, a growing number of internet users, and the love for sports in the country are second to none and these are perfect ingredients to a successful sports betting market. There are reports that many UK gambling companies are already eyeing India to be the next big thing.
The numbers are saying it all and it is only a matter of time before the government will finally consider making gambling and betting legal in the country have a look at what’s happening. While the online betting market in India is huge, the underground betting market is still operating under the radar and the government will like to avoid it after the regulation of the industry. However, when it comes to when this will happen is still hard to predict at the moment.