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I Gaming in India | In the last 10-15 years there has been tremendous growth in iGaming. It has become one of the fastest-growing industries on the globe. By the end of 2016, the iGaming economy was worth around US$41.78 billion. In the next 2-3 years (by 2024) it is expected to grow twofold to about US$100 billion. This data is according to Transparency Market Research (TRM), an organization that specializes in research trends.
One of the major reasons for this immense growth is the fast-paced advancement of technology and internet operations. Despite many clashes with governments of several nations and authorities worldwide, I Gaming industry has proven that it’s truly a bubble that won’t bust so soon and easily.
What is iGaming?
In simple words, iGaming or online gaming is nothing but betting or playing on the probable outcomes of a game or event via the internet. iGaming activities are not limited to poker betting, online casino betting, and online video gaming but the largest share of iGaming is made up of casino games and sports betting.
What’s the Buzz around I gaming?
Global sports betting and underground markets are acquiring propulsion worldwide and gaining popularity among sports fans. It is an ever-expanding industry with fruitful prospects that will continue to prosper. The betting and underground market are estimated to be worth more than $ 1 trillion at a global level.
As far as Indians have a craze for sports and equally admire all the games, they simultaneously rigorously participate in sports betting and gambling too. It is no surprise that gambling is seeking the attention of the people not only in India but across the globe.
Moreover, the local sports betting market in India has been recorded to be more worth than 90 billion rupees and currently, 143 billion rupees is the value of the Indian cricket betting industry that might even surpass the present value and flourish even further and fulminate the future of i-gaming in India. India thereby appears to be an ideal location for the growth of the betting market with a promising future. As a result, the Indian betting market is being flooded with several new gambling organizations besides the already existing legal betting sites that are already operational in the country.
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Online Indian Betting Market
Have you ever wondered that India comprises a huge population that is estimated to be around 1.4 billion people and they are eager to learn about the developments taking place throughout the nation? Moreover, more people are inclined toward the growing aspects of the internet and one of which includes using mobile phones.
However, it is predicted that more than 749 million people are addicted to the usage of the internet and mobile phones. The affordability of smartphones has surged its demand, which in turn has accelerated the number of bettors in the country. There is an anticipation that the number of online bettors will rise with the growing use of smartphones and so will the gambling organizations prosper in no time.
Statistics of sports betting & iGaming in India
When it comes to betting and gambling, women usually back off. However, in India, 11.6% of women are accountable for betting whereas the percentage of men bettors remain higher as they account for 88.4% of online betting. According to a study from October 2021, 370 million people were projected to wager online during major events while 140 million people were recorded to place bets regularly on different sports platforms. The younger generation is keener and more interested in placing bets online, which is evident from the investigation survey that recorded 44.6% of online bettors in the country constituted youth from the age of 18-24 and 32.5% of the online gamblers lie in the age group of 25-34.
These betting organizations and gambling trends are most popular in Telangana, Maharashtra, and Karnataka. They account for 18.7%, 13.2%, and 9.6% of the Indian betting market respectively. In addition, more than 30 online betting organizations function in the state and accumulate huge bets during important events. Cricket is the most beloved game of the Indians and also seeks a large number of betters during ICC Men’s World Cup, Indian Premier League, and so on.
Challenges Faced by iGaming
Regulation
Despite the boom in online gambling and the opportunities it has, it is still not legal in many countries around the world. The iGaming industry has done a good job in operating countries like the UK, Germany, Australia, etc. however, laws and regulations can change anytime and this poses the biggest threat to the iGaming industry.
Cryptocurrency
iGaming provide innovative payment options. However, so far there is no iGaming platform that accepts Bitcoin, Dogecoin, or any other cryptocurrency. One of the reasons for the same is that regulators stand in between to ensure transparency and with cryptocurrency, it is a tough task.
eSports and Video Games
The budding betting industry is gaining popularity around the world. Betting on eSports like PUBG and many other games leads the way to new possibilities. But the concern here is how to integrate sports betting with eSports and how to get users for it. In addition, companies will need to integrate casino functionality into hardcore games.
Competition
The iGaming industry is growing, and many individuals and companies are entering it to take advantage of the situation. This will lead to fierce competition in the market. In the coming years, there will be more casino games, other gaming apps, and iGaming websites, and who knows the state of gaming will suffer.
Also Read | Online Gaming Laws: A guide to avoiding negligence
Blockchain in the future of iGaming
According to a report published by BCG-Sequoia, India accounts for more than 1% of the global gaming market. The development of Play-to-earn models that are integrated with NFTs is attracting serious attention from people all over the world because they offer complete ownership while allowing players to earn money from the time they spend playing the game.
Let’s understand it better with an example: Axie-Infinity, an NFT game, is very popular in the Asia-Pacific region, where 40 to 50 percent of users are from the Philippines. The Play-To-Earn strategy allows online game players to improve, multiply and produce more while generating additional passive income. In India, there is a huge population that has phone devices and also loves to play games, so the rise of blockchain-based gaming can quickly outpace India’s economic growth.
The future of sports betting and I gaming in India
With the rapid growth of the betting and gambling industry along with a consistent rise in the activities relating to the same, the future of i-gaming in India will boom, and in no time the Indian government might consider modulating the industry. Despite the massive growth and participation in online betting, it is still considered as a malicious activity in many states of India including Telangana and Andhra Pradesh. They have strictly banned online gambling activities within their territories for ensuring safety and fraud. Karnataka has also banned online betting in the state but that doesn’t stop the bettor from betting and gambling even when these activities are prohibited by the government.
However, people indulge in betting and gambling illegally being aware of the possible dangers and threats it possess. Nothing can prevent the young and age-old betting groups from gambling, but the government should take necessary steps to safeguard the bettors across the country. Online betting is booming and tends to procure more gamblers with its unusual and greedy prospects.
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