The online casino gaming industry has been growing increasingly throughout the world, and India is not an exception. The Indian market value of the gaming industry is quite remarkable as it reached around 90 billion in the financial year 2020. Moreover, the iGaming industry is expected to grow over 143 billion rupees over the years.
Gambling in India is a conventional game, as we can find the reference even in our great epic Mahabharata. One of the first introductions of gambling dates back to 7300 BC in Ramayana. The Indian gaming market is no longer restricted to the deities, but it is now an everyday ordeal.
Surprisingly, the Indian gambling market is estimated to earn around $60 billion per year. Unfortunately, half of the revenue is generated from illegal gambling houses and unregistered venues, despite the fact that it is still not very popularised compared to other online games. However, there is a single trend of the rapid growth of the Indian Casino industry.
Do you know why do Indian casinos tend to grow more online than street corners?
Rise of Modern Technology
As per the recent report of Google, there will be 500 million internet users from mobile by the end of 2023. In contrast, the number was quite low in 2017 as per the market study of the Indian market. Only 35% of Indians had access to the internet on their smartphones. However, it can be said that trends have changed drastically.
Modern technology has given access to various new areas to explore through the internet. Online casinos are no exception, as people are more comfortable to monitor everything under the sky from smartphones. India is one of the most coveted investment territories for gambling operators for its massive population.
Casinos rapidly grasped the hold of the market, and over the years, online casino India has opened up numerous possibilities for users.
Lack of gambling establishment
Imagine a situation where you are trying to sell an online casino to an inhabitant of Bellagio or Las Vegas; it would be like selling snow to Eskimos. However, the context is totally different in a country like India; the approach is different, as gambling or casino industry is highly prohibited here.
Suppose there is no universal law for gambling in India; rather, it is upon the local government to allow gaming in different venues. Unfortunately, maximum local authorities do not stand a clear decision to make it a transparent and easy understanding. This is the reason gambling in brick and mortar locations is extensively carried off in a few states like Sikkim, Goa, Daman. However, it is beyond one’s logical imagination to play gambling in a state like Bhubaneswar or Tamil Nadu; despite the fact, it is already a multi-billion dollar industry.
On the other hand, online casino India has managed to initiate gambling for every individual through the internet, making it more accessible for a wider audience. Moreover, online gambling offers more lucrative deals with a variety of options – casino games, sports bets, lottery tickets, on a single website, instead of taking the travel to visit some shady dent in a sordid part of the city.
Market Size
India has one the largest market base in terms of its growing population and the inclination of the people to avail online gaming. Therefore, it has an interesting and lucrative market for various companies, and online gambling is no exception. Indian gambling industry is rising at the rate of 20% every year, which is even better than a first world country.
Online casino India realized the potential of the market and decided to join the league. As being a booming industry, it offers highly customized deals to attract punters from New Delhi, Mumbai. They even introduced localized payment methods for widening their market scope. Therefore, anyone around the world can grab the piece of cake, be it an online casino, specialized affiliated website, with a detailed gaming guide.
Legislative framework
Indian has got a restricted authority, and the legislation is being adjusted as per the changing nature of society. Maximum gambling laws are outdated. However, there are chances to amend those principles on some premises. Most of the gambling legislation is regulated and governed within their territories.
Most of the gambling legislation has been enacted prior to the advent of online gambling; hence, gambling legislation primarily indicates gaming activities at physical premises. They typically focus on morals and ethics rather than implementing rigorous license checking and creating a safe gambling environment. There exists a lacuna that leaves space for an ambiguous interpretation of gambling in legal terms.
Such approaches attract reliable and reputable companies and scam-free casinos. There are surely some reputed companies licensed by prestigious authorities like MGA or UKGC. Many companies are operated in India without any regulatory framework. It can merely take the advantages of lack of legal terms and significant market to find their hands on many unsuspecting customers.
Final Say
The online gambling market has genuinely set an example of experiencing incredible growth. However, this phase is not going to last forever. It will be followed by a strengthening period within a couple of years. In this environment, authorities, customers, and online casinos will be introduced to modified laws, trends, and possibilities.
The expansion of online casino India has been possible for the easier availability on the internet, that have pushed India to grow in the online market. Valued around INR 62 billion, online gaming is expected to witness around 400 percent to touch the value of INR 250 billion by 2030. On the other hand, casinos in Goa alone have provided more than 100 crores in tax revenue, which shows the growing propensity of gambling and its benefits from a lawful and regulated gambling market.
It is a positive change for the users who can take advantage of games in a regulated environment and regulated companies that are operated illicitly.
