Let’s explore the main reasons for the popularity of this Asian market, learn about the challenges and secrets of iGaming projects success in India!
- India is a country where the legal status of the gambling industry is enshrined in the Constitution
- The official languages are Hindi, English
- Population of 2023 — over 1,4 billion people
- Popular games: gambling, lotteries, rummy, bridge, online poker, fantasy games, quizzes with awards
Huge Potential and Opportunities
The land of the sacred Ganges and mysterious Tibet is tirelessly paving the way for the wider gaming ecosystem. Its economy is predicted to grow to $5 trillion by 2025 and double further by 2030. Not the least of which will be iGaming.
The rapid development of the gambling industry in India is due to:
- Expansion of arbitrage
- Advances in IT-infrastructure
- Introduction of VR, AR and 3D-elements
- Expansion of the cryptocurrency and crypto market
- Growing use of smartphones and high-speed internet access
India in Digital: Latest Stats
India is the world’s largest mobile gaming market in terms of app downloads and the iGaming zone is on the cusp of exponential growth:
- India’s gambling market to double to $7.5 billion by 2028
- 59% of gamers are male, 41% are female, and 66% are city India’s dwellers
- It’s the largest fantasy sports platform with 130 million users
- It has over 600,000 cyber sports gamers and around 100,000 cyber sports teams
The country offers a massive audience hungry for entertainment and new gaming opportunities. In such conditions iGaming projects and cool startups should get ready, because they have a great potential for attracting players and achieving success.
New Orientations in Gambling
iGaming emerged in India over 10 years ago and was received with enthusiasm. The first wave of companies offered online versions of rummy and poker games. The next chapter of iGaming brands was to introduce innovative marketing strategies to reach a wider audience, popularizing slots, sports betting. To this day, influencers are regularly involved in marketing campaigns and technological approaches such as programmatic media buying and affiliate marketing are used.
Current Challenges in the Online Gambling Industry
Despite the impressive statistics, Indian gambling faces serious obstacles:
- Cyberattacks on online gambling systems (phishing, malware, DDoS attacks, etc.)
- Difficulties in regulating the business. Online gambling regulations vary from state to state. Some have outlawed gambling or restricted certain types of games
- Gambling addiction. Social liability issues (gambling addiction, underage gambling, money laundering, etc.) are increasing among gamers
It’s crucial to use API integration, White Label or Turnkey Solutions among proven platforms when opening an online casino. This will avoid potential issues related to fraud, regulation, responsible gaming and others.
Drivers of iGaming Growth in India
Despite the growth of the gaming industry, India’s online gamers are still less than half of the country’s total population. But this trend is set to change as more young, digitally-oriented users access online gaming on their personal devices. As a result, monetization of offerings will also improve in this space. So what is provoking the growth of Indian iGaming?
Balance Between Control & Development
Market regulation in India is quite strict. Official betting authorization is only allowed in the states of Sikkim, Nagaland and Meghalaya. Land-based casinos open their doors only in Goa, Sikkim and Daman. Along with this, there are no bans on offshore iGaming operators working with Indian users.
More than 500 million people use smartphones in India. That’s why, the local market of mobile gaming and gambling shows a high level of development: by the end of 2023, their turnover will exceed $1 billion.
Indian audiences have a tremendous love for sports, particularly cricket, kabaddi, soccer, hockey. The premier sporting event of the year here continues to be the Premier Cricket League (IPL). Due to technological awareness, the Indian audience has also become one of the top fantasy sports categories in the world. The number of registered users has broken the bar of 160 million people in it.
5G networks are growing quickly in India. Gamers are already using high-speed internet. Online casinos and meta universes, the proliferation of VR products with NFT integrations and the renewal of the concept of live dealer games are gaining momentum. The sports betting market is expanding: it’s forecast to grow at 10% (CAGR) during 2023-2028.
The Indian authorities carried out a monetary reform more than 5 years ago. As a consequence, rupees equivalent to $7 and $12 disappeared from circulation. Because of this, the population was almost deprived of petty cash and had to leave land-based casinos. They simply didn’t want to lose large amounts of cash. Since then, all the attention has centered around online casinos, as electronic payment systems and cryptocurrency seemed more convenient for players.
How will the iGaming Industry Shape Up in the Future?
In the coming future, casinos with online card games, virtual poker and cyber sports are predicted to grow. At the same time, players are more attracted to platforms with online wallet deposit options and cryptocurrency settlement. For gamers and providers, the conditions were equally pleasant: the absence of strict legislative regulation of online gambling, no control and blocking of sites for offshore casinos (not Indian), as well as the presence of an active and solvent audience.
If you are also attracted by the potential of the Indian iGaming market, become a part of it and plan your entry into this GEO with the support of GamingLicensing experts! We’ve extensive experience working with various regulators and GEOs, shaping successful business strategies for the Asian market. We can help with both operational and technical aspects of iGaming projects and licensing in different jurisdictions. Contact GamingLicensing for more information and grow the gaming industry in this region!