It is estimated that the total value of the worldwide sports betting market, including the black market, exceeds $1 trillion. It is currently receiving more attention in a number of nations, and it is anticipated that the industry will continue to expand. Given how much sports and gambling are adored in India, it should come as no surprise that the two together constitute a robust and well-liked local sector.
The local betting market in India was valued at more than $1.2 billion, or more than 90 billion rupees. Experts predict that by the end of the following year, the value of the Indian cricket betting market might reach 143 billion rupees, or about $2 billion, based on the present trajectory.
These figures suggest that India is a promising location for a betting market. For this reason, a large number of gaming enterprises are beginning to enter the Indian betting market. We’ll get right to the other elements that are influencing this industry’s expansion in the nation.
Possibility of the Largest Betting Market in India
over half of the over 1.4 billion people who live in India use the internet. Approximately 749 million individuals in the nation are anticipated to be online, with 744 million of them utilizing mobile devices.
In addition to the large consumer base that gambling businesses can access by offering their services in India, individuals are beginning to use their mobile devices for additional purposes. Nowadays, smartphones are getting more affordable while maintaining icc cricket their power, which is why more individuals are purchasing their own gadgets. As a result, it is anticipated that the number of mobile players would increase.
Mobile internet is also benefiting the nation as more individuals use their smartphones to access the internet. While mobile data was once pricey in this area, it is now becoming more and more accessible. By the end of the next year, 5G connections are anticipated to be available, enabling users to accomplish more with their mobile devices.
India’s Sports Betting Numbers
In October 2021, My Betting published a report estimating that 370 million people in the nation would wager online at key events, with 140 million of them placing bets on a regular basis. In India, only 11.6% of online bettors are female, with 88.4% of bettors being men.
Additionally, their investigation revealed that the younger generation is the one making online wagers. According to the same research, 44.6 percent of the nation’s online bettors are between the ages of 18 and 24. The age range of 25 to 34 accounts for 32.5% of online wagerers.
Geographically, the states of Telangana, Karnataka, and Maharashtra are where it is most prevalent. Telangana accounts for 18.7% of India’s online betting sector. 9.6% of the state is in Maharashtra, and 13.2% is in Karnataka.
There are more than thirty online bookmakers in the state, and it is not surprising that most sports wagers placed here are on cricket. Every time a significant cricket tournament, such as the current ICC Men’s World Cup and the Indian Premier League (IPL), is underway, bets usually rise.
The popularity of online betting is simply higher in cities like Bangalore, Chennai, Delhi, Mumbai, and Delhi. In the more conservative states of the north and east, there is a decrease in online betting activity.
10CRIC, Bet365, Betway, and 1xBet are a few of the most well-known betting websites in the nation. Since they would make transactions convenient for Indian players, it is evident that many of these sites target them. The majority of these websites support the most practical Indian payment methods, including UPI, PhonePe, and NetBanking, as well as transactions in Indian Rupees.