The Market Size of Online Gambling in India
The global economy has definitely taken a hit as a result of the worldwide pandemic that has ravaged all parts of the globe. Many companies and industries have been forced to adapt and pivot their business models in an effort to accommodate a changing market that is relying more on online interactions than physical ones. This is especially true for countries that have a higher risk of being unable to control the spread of the virus. India is a classic example of such a country. The country of India is densely populated and most of its inhabitants fall under the poverty line, thus leaving them more vulnerable to the harshest aspects of the disease.
This is precisely why people in countries like India are going online. More and more people are placing themselves in isolation in an effort to keep themselves safe from the virus. As such, businesses and companies that have fortified their online presence are now at the forefront of rebuilding their economy. One such industry that is experiencing a current surge and upward trend in terms of its performance is online gambling or gaming.
What is Online Gambling?
In a nutshell, online gambling is essentially the use of the internet as a mechanism to conduct gambling. Just as it is in traditional gambling venues like casinos, the online gambling industry is also composed of various games and platforms for prospective gamblers to participate in. Typically, these online gambling platforms are internationalized. This means that players in different companies are pooled into a single platform and are given the chance to gamble with one another. Also, studies have shown that more young people are getting into online gambling as an alternative to traditional gambling.
The sheer convenience that online gambling platforms provide has been enough to lure people away from more traditional gambling platforms to this emerging trend. With this rise in demand, more and more online gaming companies are popping up in an effort to expand these gambling networks and cater to that surge in prospective gamblers. Some of the top online casinos in India has enabled are doing much better business now than they have ever been.
The State of the Online Gaming Industry in India
A Large Population
India is the second most populated country in the world, behind only China. The sheer number of people per capita has served as enough incentive for investors to pour a lot of their resources into building the online gaming industry within the country.
India has also proven itself to be a hub for technological innovation. One determining factor in the success of the online gambling industry is the willingness of a market to embrace technology. With the advent of digital information and app usage, India has had a track record of embracing technological advancement at every corner.
More Lenient Regulation
With the online gambling industry in Europe growing stricter, it has been more difficult for online gambling operators to establish a substantial foothold in the industry. As of now, India has a relatively lenient system of regulation with regards to its online gambling policies.
Thriving Sports and Athletics Industry
Lastly, India is a country that prides itself in its local sports industry. It is a nation that has a solid fan base for sports like football, cricket, tennis, and field hockey. These sports and other aspects of athletics can serve as a relatively untapped market in terms of online betting.
Even as India gradually eases its way into society after COVID-19, there is very little evidence that suggests that the performance of online gambling companies will die down. In fact, data suggest that the opposite might actually be true. The online gaming industry has been on a rapid incline in India for a long time now. While the pandemic may have somewhat contributed to the spike in the use of online gaming as a platform for gambling, there shouldn’t be any reason to believe why this upward trajectory that the industry is currently on will not continue to shoot up. The online gambling space is undoubtedly growing more and more competitive by the minute, but this is still an industry that can serve as a potential gold mine for many aggressive investors.