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What is iGaming? Future of i Gaming in India – Prospects of gambling

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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 industry 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? 

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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 sports betting, 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?

The 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 $1trillion at a global level.

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As far 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 not only in India but people 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. 

READ | Top 40 Best Betting Sites in India | Who do you Bet On?

Online Indian Betting Market 

Online Indian Betting Market - KreedOn
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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 and I gaming in India

Statistics of sports betting- KreedOn
Image Source- India CSR Network

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 still 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

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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 being the most beloved game of the Indians also seeks a large number of betters during ICC Men’s World Cup, Indian Premier League, and so on. 

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. 

READ | Top 10 Best Football Prediction Site in the World

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