The gambling market is a continuously growing market with few countries as the market leaders. India has the second-largest population worldwide and is becoming more prominent after such a long time of being stifled. There are laws prohibiting gambling in India, leading to the loss of over $140 million annually.
However, over the last decade, about eighty percent of Indians have embraced gambling online. With the absence of specific laws against online gambling, Indian bettors are safe placing bets at offshore casinos. Also, gambling at offshore casinos allows the bettor to interact with people from other regions since the casino industry is a global one.
Casino operators worldwide are beginning to see the value in the Indian market and have started targeting India. This means they are adjusting their services to allow Indian users. One of the notable ways this is done is ensuring that there are payment options Indians can use, and there is an option for the Indian currency, INR.
The Indian Market
The Indian market has been untapped for a long time by offshore casinos and the Indian government also. Gambling as a form of entertainment has always been present in India; it has just been restricted to specific sports like horse racing and lotteries.
Some states like Goa, Daman, and Sikkim have legalized casinos and earned revenue from casinos in their states since legalization. However, many Indian states still consider gambling as an illegal activity. Indian casinos are not allowed to have online casino sites or promote them; therefore, the job is left for offshore casinos.
In 2010, Sikkim planned to start giving out online gambling licenses, but this failed. However, Sikkim legalized online lottery for players in India as there are no strict rules against online betting. Due to the rules prohibiting betting in most states of the country, there are no authorized online software providers in India, which translates to there being no India betting websites.
Popular Sports in India
When it comes to sporting activities, India is not short on this, and gambling was associated with these sports. Games like Andar Bahar and Teen Patti have been played for many years before new games emerged. India is known for its love for cricket, and this love has been passed down from different generations.
With the love and support for cricket from Indians, cricket has become a very lucrative sport in the state. They have a cricket league, the Indian Premier League(IPL), which is the largest cricket league worldwide. Teams from the different states in India participate in this league; some of which are the:
- Mumbai Indians
- Rajasthan Royals
- Chennai Super Kings
- Royal Challengers
- Kolkata Knight Riders
- Delhi Capitals
- Sunrisers Hyderabad
- Kings XI Punjab
However, despite the deep love for cricket, there are no Indian casino sites for sports lovers to place their bets. Bettors have to sort for offshore casinos to place bets on their favorite teams. With cricket being the most loved game in India, one would think there are no other games loved by Indians.
However, Indians enjoy other sports like baseball, football, basketball, ice hockey, and other games. The downside to this is the absence of Indian casinos to bet at. With the increase in the number of internet users in India, we expect the government to be spurred to effect some changes.
Regulation of the Online casinos in India
The Indian government has lost loads of potential revenue due to the unregulated casino market. Maple Capital Advisors valued India’s gambling industry at $930 million, and the value is expected to increase. This government is losing this much and will lose more to other countries if the market is left unregulated.
Indian casinos are prohibited from creating or promoting Indian casino websites. However, non-Indian companies are not affected by this law, leading to revenue loss for the local casino companies. Regulated online betting in India would not only add to the sources of revenue in the country, but it also provides jobs in casino-related sectors and provides a safe gambling environment for Indian bettors.
The Future of the Indian Gambling Market
With more offshore casinos setting their gaze on India, we expect rapid growth in the Indian casino market. India is a viable market because of its large population, with over 560 million internet users, second only to China. Also, there has been notable growth in India’s middle-class population, which shows the availability of funds to engage in gambling.
Few online casinos have started tailoring their services to fit Indian customers with Indian casino rules, and more casinos are joining the wave. With offshore online casino providers available in India, Indians can place bets at will towards their favorite sports. Operators should create online betting sites with Indian rupees as a currency option, as this makes financial transactions easier for Indian bettors.
Online casinos bonuses like the no deposit bonus and welcome bonus give Indian players something to look forward to and hasten their sign up process. Casino games should also be tailored to India such as Indian casino slots. While making these changes and tailoring services to suit the Indian market, casino providers also need to ensure that there is Indian casino news and other content to make sure players get up to date information on available services.
Conclusion
The Indian casino online market is growing, and it is in the best interest of the government and other players, both local and international, to grow with it. The government has lost huge revenues in leaving this market to overseas companies. Casino operators looking to enter the Indian market are ensuring their services suit the market in terms of rules, payments, bonuses, and games. The market has grown in the last ten years, and in 2021, more casinos will be catering to the large Indian market.
