Many European gambling sites have begun to target India for growth. This is because of several factors, such as the size of the Indian market and population, the boost in internet connectivity and quality, and the popularity of sports in India. This article will discuss 7 factors, which are leading to the boom in online betting in India.
The popularity of sports in India
India is one of the largest sports markets in the world. Besides cricket, Indians love football, tennis, badminton, field hockey, wrestling boxing, and pro kabaddi. Indian sports stars have massive followings. For example, India captain Virat Kohli has over 37 million Facebook followers, while MS Dhoni has just under 21 million. This is why India is a popular target for international betting sites.
Internet is becoming more widespread all over India. With the number of users growing exponentially, as well as an increase in the overall network quality, more Indians than ever before can enjoy Fibre or 4G internet. Social media usage is still down at 23%, meaning there is gigantic growth potential. The market is steadily growing.
A population boom
India has more than a billion people, with 826 at market age, between 18 and 64 years old. With an ecommerce penetration of 28%, which is only growing, it is easy to see why online operators are looking for a chance to enter the booming market.
An untapped market
While many other markets such as the UK are completely saturated, India is not an established market yet. While countries like the UK have hundreds of legal betting sites, Indian players are just getting to know online gaming now. Competition is steep in Europe, which is why these companies are looking to new countries, such as Latin America, the US, China and India.
Increased regulation in Europe
While the European betting scene is ultra-competitive, things are being made more complicated by increased regulation. Countries like the Netherlands, Sweden, Italy and Germany have decided to give a limited number of licences to online betting sites. Companies that are left out now have to search other sources of revenue, which is why they are looking at India.
No regulation of online betting in India
This point ties in with the previous. While online betting is not prohibited by Indian law, the law does not offer licences to betting sites or regulate the market. This leaves online betting in a legal grey area, and betting companies are all to glad to exploit the legal loopholes.
Availability of e-wallets, Bitcoin and other payment options
Until recently, it was quite hard to make international transfers in a fast and easy way. In the case of betting sites, this was even further complicated by the fact that most Indian banks refuse gambling-related transactions. With e-wallets like Neteller or Skrill, or cryptocurrencies, Indian players can easily deposit and withdraw at their favourite betting sites. Several betting sites even accept Indian payment method UPI, making it even easier to access your winnings.
If you want to know more about online casinos in India, visit Online Gambling Guru Guide to Top Betting Sites.