India is considered to
be one of the largest emerging economies in the
world. There are a number of factors that contribute to this such as the
liberal economic policies adopted in 1991 that enabled the growth of the
private sector and the fact that two-thirds of the population is young and in
their prime working years.
fastest-growing major economy in the world, there has been considerable
interest by corporations in the country.
One of the major
segments that’s getting attention is the online gambling market. In this
article, we’re going to take a look at how the internet is disrupting gambling
and casinos in India today.
gambling - The legal landscape and the status quo
India has a long
history of gambling but when it comes to the legal landscape, it is still
subject to laws and legislature that are outdated and almost antiquated today.
Gambling is classified
as a state subject which means individual states can create laws that regulate
gambling in the region. Currently, only a few states allow physical casinos to
operate legally such as Goa and Sikkim.
When it comes to online gambling, the laws get a bit more complicated. For example, domestic casino companies are not allowed to promote or create online casino sites but if a foreign company creates an online casino site that accepts Indian players, it is legal for Indians to play on these sites. This has created a situation where the only options for Indians who want to experience gambling are to either travel to a legal state to play at physical casinos or play on any of the major online casino sites available today. Naturally, the majority of people prefer the latter option over the former. India’s massive online audience India is home to more than 560 million internet users and is the second largest online market in the world after China. With affordable smartphones and cheap internet costs, the Indian online market is only expected to grow over time.
With such a large online market that consists mostly of young people, it is not a surprise that online casino sites are gearing up to capture the lucrative market by providing high-quality and trustworthy online gambling and gaming services. Bonuses, promotions, rewards - How online casinos are attracting Indian players
Almost every online casino in India offers some kind of welcome bonus to attract new players to their platform today. Along with bonuses, most sites also offer regular promotions and rewards to get more players to signup. Due to the vast number of options available to new players, it is common to compare bonuses offered by casino sites in India to find the best deals. Future for physical and online casinos in India It is pretty unlikely that more states would legalize physical casinos in India anytime soon but the online market is estimated to flourish. The current online gambling market in India is considered to be worth $30 billion per year and it is estimated to grow steadily over the next five years.
Additionally, physical casinos have been taking a financial hit due to the national lockdown that was imposed in response to the coronavirus pandemic. For the time being, it does look like the future of legal gambling in India is online.