The Indian online casino industry had an estimated worth of $45 million in the year 2017, and this number will reach $150 million by 2022, growing at a CAGR of around 25% during the forecast period from 2017 to 2022. The high growth rate in this industry can be attributed to the boom in the number of internet users and the rising disposable income in India over the past few years.
However, there are many challenges faced by players, as well as opportunities which can be tapped by operators. This article will explore these trends, opportunities, and challenges present in this market through the year 2022.
The Indian government is putting together new regulations for online casinos. One of the changes that they are considering is requiring players to be 21 years old or older. The increased age requirement would make it more difficult for underage children and teenagers who might not have an identity card.
Another new regulation was to ban some legal online games because of the rising pressure for some reported effects of gambling. They are also considering making licenses only available to those companies with a minimum shareholding of 25%. They want this measure to protect consumers from companies using the platform to launder money.
Growing Number of Sports Betting Customers
The number of sports betting customers has been steadily increasing over time. The global sports betting market generated a staggering $150 billion worth of revenue in 2017. In India, that number was around $1.4 billion as of 2017, but experts project that it will more than double by 2022. Much of this growth is due to the rising popularity and accessibility of online casinos. Despite the negative campaigns regarding online casinos, yet online casinos India 2022 the industry is thriving and soaring among Indians.
As per prediction from Deloitte, revenues are expected to exceed US$5 billion by 2021-22 for total gaming revenues (online casino, lotteries, horse racing). It is said that one out of every five citizens in India plays the lottery on a regular basis. Furthermore, revenues from these industries are anticipated to grow at an annual rate of 10% or higher.
In recent years, due to a change in legislation, the number of casinos operating online has increased significantly. As a result, competition has increased, and Indian players are offered more opportunities than ever before. This makes it harder for operators to maintain their market share but also increases player choice as they can explore a greater range of options at any time.
It’s worth noting that smaller operators have struggled to stay afloat and have either been acquired by larger firms or have shut down altogether. It’s expected that this trend will continue, with some markets becoming dominated by one or two large companies who take up much of the total market share.
In addition, new players are entering the market. In India, online gambling is not quite welcome, and this means that more and more gamers are looking for their fix online. With a population of 1.3 billion people and around 4 million gamblers who spend an estimated $6 billion per year on gambling, it’s not hard to see why so many gaming companies are rushing into India. A big issue with the regulation of online casinos in India is that there are no specific laws governing how they should be taxed or regulated yet.
New Payment Methods
Some of the new payment methods include నేల, పాత, and MobiKwik. This is because the traditional modes of payment are not as common among Indians as they used to be. The reliance on cash has declined with an increase in digital transactions. Indian online casinos will have to adapt their games accordingly by implementing some or all these new payment options.
In addition, international players will now find it easier to deposit money into their casino accounts due to a wider variety of choices for depositing money online.
Growth of Skill-Based Gambling
Skill-based gambling has become a popular form of entertainment for Indians, and more companies are seeking to exploit this market. Skill-based gambling is expected to grow significantly over the next five years. With changes in legislation, it will be easier to bring skill-based games into the country.
With, only time will tell what percentage of their revenue will come from skill-based games. The most popular forms of gaming are video slots and live table games, so it remains to be seen if skill-based gambling can take hold. However, India has shown an affinity for anything new, which gives hope for the future.
The future of the Indian online casino industry is bright, and it will continue to grow exponentially for years to come. As more and more people get access to smartphones, internet, and affordable data plans, India’s population will use these technologies for entertainment purposes. This is good news for entrepreneurs looking into starting an online casino business in India!