Online gambling revenue is increasing on a global scale, with reports suggesting that in less than a decade the market value could potentially be well over $90 billion. One country that is experiencing a significant boom in this industry is India. Industry estimates suggest that online gambling could generate just shy of $4 billion in India alone by the year 2024. But why has the Indian gambling industry prospered recently, and can online gambling companies maintain this success in the years to come?
Appealing to Indians
Whether it’s a bet on politics or cricket, India has become significantly more interested in gambling in recent years. This has not been lost on some of the biggest online gambling companies. Being the second most populated country in the world, and having experienced advancements in mobile technology and internet access means there is a vast customer base for online sites to target.
Players can now be just a click away from gambling sites via mobile apps, a huge improvement from previous formats that were only accessible on desktop/laptop. This more convenient way to play is has contributed to the increased popularity, and subsequent success, of gambling in India.
New Politics Market Attracts Interest
The new betting market is now attracting punters in India, with more gamblers choosing to bet on politics than ever before. This is due, in part, to the appealing odds available on politics, and the wide selection of bets available. Although this market has only recently become popular, the recent US presidential election between Donald Trump and Joe Biden saw over £200 million staked on the outcome. This made it the most wagered event in betting history, with one UK-based backer placing a bet of £500,000 on Biden to win.
Another attractive feature of this market, for bettors and bookmakers alike, is that information is available to both parties via public opinion polls and the growth of social media. The simplicity and availability of this information also add to the appeal. All things considered, it is likely that more political markets will spring up following the increase in the popularity of this sector. There is definite potential for India to be included in this.
IPL Proves Popular
Cricket is the most popular sport in India, and the creation of the Indian Premier League – more commonly referred to as the IPL – has seen a new generation of Indians become interested in betting. A little over a decade since its inception, the IPL has quickly become the most-watched cricket league in the world, with the recent 2020 season opener between the Mumbai Indians and the Chennai Super Kings seeing a remarkable 20 million people tune in.
With India set to host the 2023 Cricket World Cup, online gambling companies will undoubtedly see the recent IPL viewing figures as a huge plus – expect them to seize the opportunity by marketing more specifically to Indians in the build-up to the 2023 tournament.
The Future Of Indian Gambling
The popularity of new markets such as political betting and the 2023 Cricket World Cup should provide the biggest online gambling companies with a larger audience to attract in the upcoming years. This, in addition to advancements in smartphones and internet access, makes the recent industry successes look unlikely to be a flash in the pan.