It is fair to say that the global online gambling market has started showing signs of maturity but there’s still a lot of room for growth left. It has been estimated that the online gambling market will be worth 87.75 billion dollars by 2024 with an annual growth rate of 8.77%.
With the market in developed countries becoming saturated, global online casinos are vying to capture developing markets around the world. One of the most popular such markets is India and a number of international casinos are in a race to capture most of it.
In this post, we’re going to take a look at some of the factors that explain why international casinos are focusing currently on the Indian online gambling market.
A growing market
Even though laws in India are a bit vague when it comes to online gambling, the country’s online gambling market can exceed 1 billion dollars by 2021. With a consistent growth rate of 20% per year over the last few years, it is one of the fastest growing gambling markets in the world.
There are a number of reasons for the growth such as having a young population, improved access to cheap fast internet and record sales of smartphones year after year.
Keeping all these pointers in mind, it is not hard to see why international casino sites are focusing more on the Indian market over the last few years. In the end, the players are the real winners as they now have a chance to experience some of the best global online casinos. There are also a number of comparison sites for online casinos in India that make it easier for players to find the best online casino for themselves.
Technology catching up to culture
The concept of gambling has been a part of India’s culture for a long time. For example, gambling and playing card games such as Teen Patti is a huge part of tradition during festivals like Diwali.
However, most states in India do not permit legal casinos to operate which means there was no way to experience legal gambling for the majority of Indians. With online casino sites, Indians are able to reclaim their love for gambling with the help of technology. The market data clearly shows that there is a huge demand for online casinos but it is very likely that the demand was always there and it just recently found an outlet.
Lack of competition for international casino sites
Due to the way laws are structured, domestic online casino sites are not allowed to operate in the country but international casino sites can market their sites legally as long as they accept the Indian Rupee as a currency.
This effectively means there is almost no domestic competition for the international sites. If a domestic company wants to set up an online casino site in India, they will have to go through a complex process of incorporating a company in a foreign state and pay a ton of money for gambling licenses that are required to operate.
The future of online gambling in India
If you’re looking for a simple answer, the future of online gambling is definitely bright. However, if India manages to change its legal framework, domestic casino sites can also prop up to compete with the international casino sites which would eventually be good for the market and the players both.