Gambling is not a new phenomenon in India. It's been seen everywhere, from Diwali card parties to kitty parties and other innocent card games. Sports betting has grown in popularity in India in recent years, with an annual increase in the number of bettors. We would say that the love of sports is a result of the ever-increasing popularity of sports betting.
However, there are various alternative explanations for this. The total market growth of online gambling was evaluated at US$44.317 billion in 2019 and is predicted to increase at a CAGR of 7.13 percent over the forecast period, reaching US$66.994 billion within the next five years.
Sports betting is one of the most popular trends in the gambling industry, which is one of the fastest-growing industries in the global economy. Gambling has been a part of Indian society for a long time, and sports betting has been increasingly popular in the country in recent years. Indian citizens may access a variety of sports betting sites online, but it can be tough to determine which are the best to play at, so here at JustGamblers, we have done this all for you. Our team of experts have worked hard and found out the best Indian online casinos for sports betting listed there.
Sports betting becomes more and more popular, with cricket and football being the two most prominent sports for wagering
The widespread use of smartphones, combined with the rapid spread of better internet connectivity throughout many regions and countries, is facilitating access to a variety of online gambling platforms. With companies providing clients a freemium model, the number of people dedicated to different sorts of online gambling is increasing at a rapid pace, encouraging global online gambling industry growth.
Registrations for gambling websites, betting applications, and fantasy sports apps all reached new highs during the pandemic.
According to a poll, 40 percent of all internet users in India prefer gambling. Even if the current legal system renders it unlawful, nothing seems to be able to stop Indians, right? India's underground gaming sector is valued at more than $150 billion and is increasing at a rate of 7% per year! Sports betting accounts for the vast majority of it.
Despite legal problems, the Indian sports betting sector is a major industry
Regardless of the fact that there has been much debate about whether or not online sports betting is allowed in India, the sector continues to grow in popularity among Indian citizens.
There seem to be no particular regulations prohibiting individuals from making bets online as long as the betting provider is based outside of the country. Betting operators are not permitted to operate and offer their services within the country. Operators based outside the country can only provide services to Indians if they accept Indian Rupee transactions.
Since India is a cricket-centric society, and because of the popularity of cricket in India, especially when it comes to the Indian Premier League which is at its peak, many people have been once again discussing the possibility of legalising sports betting in the country. Gambling is mostly prohibited in India's main cities. However, when it comes to internet betting, the legality of the practice is in the grey area.
In an exclusive live chat with Sportskeeda, Dr. Shashi Tharoor discussed the importance of reforming cricket betting in India.
He outlined the benefits of legalising sports betting, as well as the fact that the government would be able to generate a significant amount of cash in this way.
Dr. Shashi Tharoor, a member of the Lok Sabha, has suggested that legalising sports betting in India will benefit both the government and the sports sector in a variety of ways, including reducing match-fixing in cricket.
He also expressed surprise that the government had not legalised betting in India. He also believes that the general public should be educated on how illegal sports betting has resulted in the heinous use of inside information, increased unaccounted money, and instances of spot-fixing.
While Anurag Thakur, Minister of State for Finance, made similar statements in a press conference last year, told PTI that legalising betting and bringing it into the formal economy will help curb "unholy and corrupt" practises such as match-fixing while also providing tax money.
Countries such as Australia and England have legalised betting, according to Thakur, who has previously worked in cricket administration.
If we look at the topic of match-fixing, betting trends can offer us clues as to whether or not something immoral is going on. He believes that betting can be a powerful instrument for breaking the cycle of fixing. Betting is systemic, and the same approach might be very beneficial in monitoring persons who engage in match-fixing.Thakur mentioned to PTI
So far, what we came to know is that betting sites must be based outside of India in order to be legal. However, based on the increasing number of Indian people who bet on sports online, it is probable that India could soon legalise online sports betting.
Every year, millions of Indians tune in to watch cricket matches, and it's no wonder that they'll go to any length to support their favourite side. The popularity of these two games has undoubtedly encouraged a major increase in Indian sports betting over the years. As a result, sports betting continues to grow in popularity.
Due to the COVID-19 pandemic crisis in India from 2020, most Indian citizens who used to spend little time on smartphones started using them three times more than normal usage.
The availability of technology is one of the key factors for the betting industry's expansion in India. The widespread use of cell phones has aided the expansion of this industry. Many betting apps and websites are now available that can be accessed even with a smartphone with inferior capabilities.
Indians are using technology in their daily lives at an increasing rate. Smartphones and mobile phones are two of the most popular ways for customers to engage in their sports betting enthusiasm.
As a result, a wide spectrum of people will be able to use these applications, contributing to the industry's growth
Due to Covid-19 pandemic crisis in India since 2020, most of the Indian citizens Some sports betting sites feature apps or websites that are easy to use on a smartphone, which appeals to a large number of individuals. It's reasonable to assume that Indians spend more time on their phones than they do on their PCs and laptops. This is undoubtedly one of the primary reasons for the rapid growth of online sports betting in India.
India is a Cricket crazy nation and if it is not Cricket then definitely it's Football, the other most followed sports in the country.
Cricket and football are two of India's most popular sports. Indians' enthusiasm for these two sports has surely strengthened the country's online sports betting industry. Football and cricket aficionados account for the majority of internet bettors. This is why most Indian-friendly online betting services concentrate on cricket and football.
It's unclear whether the sports betting market would exist without cricket and football. However, without the two sports, it would not be nearly as popular as it is now.
India is undoubtedly one of the most important centres for online sports betting. The market continues to thrive and shows no signs of slowing down. It is for this reason that numerous sports betting sites accept Indian customers.