A study of India's growing betting market | MarkMeets | Celebrity News, Music, Movies, TV, London Film Premieres

It could be claimed that online betting has become somewhat of a global phenomenon. Following the emergence of iGaming in recent years, people from across the world have been attracted to the concept, downloading the latest betting apps and signing up for the best online gambling sites. Traditional betting nations like the United Kingdom have seen a dramatic change in consumer preferences, with many ditching traditional bookmakers in favour of the latest online platforms. Elsewhere, places like Canada, the United States and regions across Europe have all introduced regulated iGaming markets to better manage the surge in popularity of online betting.

Another nation that has experienced significant growth in its betting market is India. With well over a billion people, the growth potential of Indian iGaming is unrivalled, and combining this with the country’s unique betting history, its shifting cultural attitudes and several technological factors, many experts are predicting this growth to keep on rising.

India’s betting history

Like many cultures, India can trace its betting history back to ancient origins, with the pastime firmly imbedded in the nation’s long and complex history. Referenced in both the Ramayana and the Mahabharata, two of Hinduism’s most important texts, games of chance and other gambling activities have long been a feature of Indian society, with games like Pachisi popular with both the nobility and the lower classes.

The Public Gambling Act 1867 introduced by the British during the colonial period essentially prohibited all forms of gambling aside from horse racing and lotteries. Following independence in 1947, many of these gambling laws were retained with the pastime still very much illegal across much of India. In more modern times, individual states have begun to set their own specific laws surrounding gambling activities, leading to certain regions like Goa and Sikkim opening up regulated gambling industries. Following the rise of the internet in the 2000s, online gambling has gained popularity across the country, however the regulatory landscape surrounding iGaming practices remains somewhat fragmented.

The current regulatory landscape

The fragmented nature of India’s gambling regulations paints a complex picture when trying to assess the overall status of betting activities in the nation. While still governed centrally by the original 1867 Act, as each state, of which there are 28, has the authority to set its own rules and regulations, gambling is managed and controlled by varying degrees of extremity dependent on the region you are in. Some states like Andhra Pradesh and Assam have enacted hardline laws prohibiting all forms of gambling including games of skill, while others such as West Bengal and Kerala permit some skill-based gambling like horse racing and poker. Goa and Sikkim remain the only two states to have allowed the development of several legalized brick-and-mortar casinos. The regulatory framework surrounding online gambling activities remains unclear with the Indian government still to outline and define legislation surrounding its practice.

India’s recent betting market expansion

Despite the confusion surrounding the legal standing of online gambling, the market has rapidly expanded in India due to the availability of international betting sites in the country for players to use. Finding where to bet online has become easier in the nation, with a whole host of licensed platforms from all over the world now offering Indians their services. With an estimated 12 million online gamblers in India, it is clear that iGaming has established itself and with this figure projected to increase year on year, the popularity of online environments is only growing.

A range of influencing factors

So, what are the factors that are driving such a surge in popularity of online betting across India?

Rapid technological advancement

Like the rest of the world, the rate of technological advancement experienced over the last 20 years has had profound effects on India, with many aspects of its culture and society transforming due to the influence of modern technology. The number of smartphone users has skyrocketed from 34 million in 2010 to over 1 billion in 2023, bringing unprecedented levels of connectivity both within the country and with the rest of the world. Such levels of smartphone ownership have also provided many Indians with the ability to place bets conveniently through mobile betting apps. Emerging economies like India have also been at the forefront of the digital payment revolution, widely adopting modern payment methods like e-wallets and cryptocurrencies, that have become so commonplace on iGaming platforms.

Shifting cultural attitudes

In what is seen by many as a conservative country holding traditional values on gambling, there has been a noticeable shift in cultural attitudes in recent years that is influencing the rise in popularity of online betting. Younger generations are increasingly more open to the idea of betting as a form of entertainment generally, and with their upbringing coinciding with the emergence of the internet, online platforms are seen as the preferred destination. The increased connectivity to the rest of the world and the overall effects of globalisation are also having an impact with Indians increasingly aware of the exciting gambling markets available in other major regions.

Marketing partnerships with major Indian sports

The explosion of the Indian Premier League (IPL) has provided the perfect partner for online betting platforms in India, with the exciting and competitive cricket league proving hugely popular with punters. With a reported 350 million viewers this year, it is easy to see why multiple betting companies have developed lucrative marketing partnerships with the IPL, tapping into this staggering audience base. As the IPL continues to break records for viewership figures, it seems guaranteed that betting companies will stand to benefit.

There is a long road ahead for the Indian betting market, however, with several key challenges blocking the road. There have been concerns raised regarding the issue of problem gambling in the nation, largely due to the lack of legislation that enforces responsible online practices. This lack of a clear legal framework adds uncertainty for operators and confusion for players. As the betting market continues to grow in the nation, the demand for updated regulations will only increase. Many will be waiting to see how this transpires for India’s burgeoning scene.