Is India Quietly Becoming the World’s Biggest Betting Market?
Undoubtedly, India is quietly becoming the world’s most enormous betting market. Or how else would you rank a country that spent at least $1 billion in betting in 2021?
And despite the Indian government restricting gambling, actual money injection into India’s betting industry is rising at an annual rate of 20%. The increased access to the internet in the most remote parts of India has contributed to this rise.
India’s youthful population is also a potential factor fueling India’s attainment of the world’s most considerable betting market status. The population is more tech-vast and unemployed, making them more vulnerable to the games of chances.
Besides, the COVID 19 pandemic has increased the number of gamblers in India. But what else is propelling India into becoming the world’s biggest betting market? Read on to explore.
India’s Tremendous Population
On 25th January 2022, India’s population was 1,401,198,600, according to the United Nation’s World meter. Yet, statistics show that India has a regular betting population of 140 million.
Likewise, 370 million Indians bet occasionally. Again, at least half of India’s population are people below 25years.
This young population is more into gambling than the older population. For example, in 2021, 44.6% of online bettors in India were youths between 18years and 24 years.
India’s large population has also attracted many betting companies. So, if you intend to venture into betting in India, betting experts at bettingsitesindia.net recommend that you choose the best betting sites.
And with more recruits into India’s betting market, soon India will replace the UK and lead the world’s betting market.
Online gambling companies are constantly innovating new games. India’s game variety is also expanding. For instance, Indians bet in online casinos, sports, and card games like the Indian Flush, Andar Bahar, and the Indian Rummy.
Likewise, Indians bet on games that allow them to earn real cash. This betting variety attracts more users, especially in India, considering the enormous population.
India is advancing in its technological developments. The recent 5G trials in 2021 show the country’s willingness to move with technology.
Besides, India is experiencing a deeper internet penetration. For instance, India had an internet usage of above 749 million users in 2020.
Experts also project that India will have at least 1.5 billion users by 2040. The growing internet usage opens up the Indian betting market to more participants and betting companies.
Not to mention, India has high accessibility and availability of many internet-enabled technological devices. So, as most people access the internet on their PCs, tablets, and smartphones from any part of the country, they can conveniently bet more.
Good Per Capita Income
According to the world bank, India’s Gross Domestic Product per capita income equals 14% of the world’s average per capita income. In 2020, India’s GDP per capita income was 1797.76 US dollars.
Betting thrives in countries with a good-enough per capita income. When people make more money, they’ll invest more money into betting.
So, currently, India’s per capita income is supportive enough to the betting industry. Yet, as the country’s GDP per capita income increases in the coming years, the betting volumes will also rise, propelling India into becoming the world’s biggest betting market.
India’s Gradual Legalization of Betting
While sports betting is illegal in India, some states are slowly legalising betting. Some forms of betting like horse racing and lotteries remain legal in India.
Other Indian states like Madhya Pradesh, Manipur, Meghalaya, Nagaland, Punjab, Mizoram, Goa, Arunachal Pradesh, Maharashtra, Sikkim, West Bengal, and Assam have legalised lotteries.
Sikkim, Daman, Goa, and Nagaland have also legalised online gambling. Besides, the real money offers that betting companies are dishing out to attract punters keep the betting Industry’s hope alive in India.
A 2020 report revealed that India’s gambling traffic accounts for 15% of the world’s gambling traffic. And, with the internet penetration rate, the high population, and the gradual legalisation of betting in India, India is quietly becoming the world’s biggest betting market.