The continued growth of online betting in India is set to bolster the global gambling market over the next five years, according to reports.
Several recent studies into world betting markets have found that India continues to be seen as an untapped source of revenue for the industry and gambling firm heavyweights.
A recent Grand View Research report suggests the global online sports betting market will reach 102.97 billion USD by 2025. That’s a growth rate of 11.5%.
Related Post: Know All About Bet365
India and the Asia Pacific region will play a key role in that projected growth rate.
One area that will account for the country’s upturn in online gambling is the huge popularity of cricket and cricket betting in India, especially for the Indian Premier League. That last year’s edition of the league was watched by an eye-watering number of 462 million viewers.
The love of cricket and a host of other factors are now all pointing towards India accounting for a more significant proportion of the world’s gambling figures.
The Grand View report states: “The growing use of internet services and relaxation of regulations pertaining to online betting and gambling is expected to drive the growth of the market in the Asia Pacific over the forecast period.”
So, why is India ready for a gambling surge?
Bookmakers welcoming Indian customers and their cricket obsession
A host of bookmakers are now keen to welcome Indian customers to their online betting sites. LeoVegas, Betway, bet365, 22Bet, Dafabet and Parimatch are just a few of the names that have specific welcome bonuses in Indian rupees.
There are plenty of others too. All know that cricket is key when it comes to India bettors.
It’s the sport that stops a nation. Millions of people watch the Indian domestic T20 league, the IPL, every year, not to mention the Virat Kohli-led India national team.
With betting in person still illegal in India, the population is quickly turning to online betting sites to place wagers on their favourite sport.
Other games driving traffic
It’s not just cricket that is driving Indians to bet online. People also gamble on a host of other sports and attractions. Some of the most popular markets to bet on include:
- Online card games
Growth of internet users in India
One of the biggest factors in the growth of gambling in India is that more people are using the internet, especially with mobile phones.
Internet users in India have risen by 18 percent over the last 10 years alone. It is estimated that those using the internet will be at 730 million come to the end of 2020. Rural areas are also likely to get even better internet coverage in the coming years.
With online gambling sites tailored to mobile betting thanks to state-of-the-art apps, it’s no wonder this will push an online betting rise even more.
Key Companies in the market
A number of major companies will be looking to drive the market forward over the next five years.
All will be looking at new collaborations, product launches, and mergers and acquisitions to give them an advantage as the market grows further.
Here are the key companies in the market:
- William Hill PLC
- Bet365 Group Ltd.
- Paddy Power Betfair PLC
- Betsson AB
- Ladbrokes Coral Group PLC
- The Stars Group Inc.
- 888 Holdings PLC
- Sky Betting and Gaming
- Kindred Group PLC
- GVC Holdings PLC
Bitcoin popularity also highlighted
Another development that has been attributed to the projected Asia Pacific market growth is the popularity of Bitcoin in the region.
The report by Grand View Research said: “In addition, growing popularity of bitcoins has resulted in the increased use of digital currencies for betting in the region. High economic growth of the Asia Pacific region, coupled with increased spending on leisure activities, is expected to boost market growth over the forecast period.”