Online gambling has seen exponential growth in recent years, driven by technological advancement and the increasing accessibility of the internet. And alongside this global rise of betting sites, India emerges as one of the world leaders in this market.
Recent data reveals that India is expected to reach an impressive revenue of US$2.90 billion in 2024, consolidating itself as one of the main names in the sector. This article explores the details of such projection, the reasons behind the growth, and the implications for the global online gambling market.
The global landscape of online gambling
According to data from Statista, analysed by the Japanese Online Casino Guide, global online gambling revenue is projected to grow substantially in 2024. Ranking estimated revenues for 61 countries puts the United States at the top, with a projected revenue of US$23.03 billion. The United Kingdom and Australia follow, with revenues of US$13.78 billion and US$10.14 billion, respectively. India appears in ninth position, with US$2.90 billion, standing out as an emerging and promising market.
Revenue growth in the world’s main markets
The North American market leads with revenue of US$23.03 billion, representing an increase of 20.3% compared to 2023. This rapid growth is closely followed by Brazil, with a significant increase in revenue, while the average Global annual growth is 12.9%. This demonstrates that the online gambling market in the United States is growing about one and a half times faster than the global average.
In the United Kingdom, projected revenue is US$13.78 billion, with an annual growth rate of 7.4% to 2024. Although the growth rate is lower compared to other countries, the United Kingdom maintains a high number of online players, with 27.9% of the population participating. This country is still expected to face a lower annual growth rate between 2024 and 2028, projected at 3.84%.
Australia, in third place in the ranking, expects revenue of US$10.14 billion, with 21.1% of the population involved in online gambling. The annual growth rate for 2024 is 10.5%, with a projected growth of 5.12% until 2028.
Japan, in fourth place, projects revenue of US$6.19 billion, an increase of 12.7% compared to the previous year. Furthermore, the online gaming population in Japan is expected to reach 11.3 million by 2028, representing 7.9% of the total population.
India’s rise in the online gambling market
India, with a projected revenue of US$2.90 billion for 2024, stands out for its remarkable growth. Although the country ranks ninth in terms of revenue, it is important to note that only 0.7% of the population participates in online gambling. This suggests significant growth potential, given the vast consumer market that the country has.
The growth of the online gambling market in India can be attributed to several factors. Firstly, increased internet penetration and the growing use of smartphones have facilitated access to online gambling. Additionally, the country’s young and tech-savvy population is increasingly interested in digital entertainment activities, including online gambling. It is no surprise that reliable platforms like 22Bet are increasingly popular in the country, acting as an excellent option for competitive odds.
Another crucial factor is the evolution of online gambling regulation in India. While laws vary from state to state, there is a growing trend toward regulation and legalization that can provide a safer, more structured environment for gamblers. And this is also beneficial for the operators of these games. Regulation, if well implemented, can attract foreign investment, create jobs and generate additional tax revenue, benefiting the country’s economy in general.
Comparison with other markets
When comparing India to other online gambling markets, we see that although the projected revenue is lower than that of major countries, this is still positive. The potential growth rate and size of the consumer market puts India in a very advantageous position.
For example, Germany, which ranks fifth, has a projected revenue of $5.65 billion, with 10.4% of the population participating in online gambling. And Canada, with the highest percentage of online gamers (48.6% of the population), has a projected revenue of $4.19 billion. In contrast, India, with a significantly smaller percentage of players, is still projecting substantial revenue, indicating a growing market with vast potential.
This shows that although the active user base in India is relatively small, the potential for expansion is immense. There is room for improvement, and famous platforms like Bettilt, with several interesting markets and promos, have already noticed this.
Implications for the global online gambling market
India’s growth in the online gambling sector has numerous implications for the global market. Firstly, online gambling operators may see India as a key emerging market for expansion. The growing acceptance and participation in online gambling, combined with a young and digitally connected population, makes India an attractive market for investment.
Additionally, developing digital payment infrastructure and adapting games to suit local preferences can further drive growth. Operators that can personalize their offerings for the Indian audience and deliver exceptional user experiences will be well positioned to capitalize on this expanding market.
Financial technology (fintech) companies can also benefit from this growth by offering secure payment solutions. Finally, strategic partnerships between online gambling operators and local businesses can facilitate market entry and increase consumer confidence.
Challenges and opportunities
It is notable that the growth potential of the online gambling market in India is great. And this attracts the attention of renowned platforms, with competitive odds and extensive markets, as is the case with 1xBet. However, there are challenges to be overcome.
Inconsistent regulation across states can create uncertainty for operators. And issues related to cybersecurity and protecting player data are crucial to ensuring consumer trust. On the other hand, the opportunities are vast. With the implementation of transparent and uniform regulations, India could become one of the top destinations for online gambling operators. Also, promoting responsible gaming and educating about the associated risks can help mitigate negative impacts.
Overall conclusion on India’s rise in gambling
India is on its way to becoming a world leader in the online gambling sector. With projected revenue of $2.90 billion in 2024, the growth is remarkable. Much of this is due to the growing globalization of the internet, the increasing popularity of smartphones and a young, digitally connected population.
Although population participation in online gambling is currently low, the potential for growth is enormous, positioning India as a key market for the future of online gambling. For traders and investors, India offers a unique opportunity to capitalize on an emerging market with vast potential.