India has seen a sudden surge in the online sports betting industry in recent times. The year 2023 marked exponential growth in the industry with around 1.70 billion dollars in turnover. There are various reasons behind this upward hike and we will be scrutinizing them in this article. Therefore, let’s take a deep dive into the world of online real-money betting and find out how and why is it on the upside of the hill at the moment. We will also try and predict the future of betting in India with our limited knowledge.
Growth in real-money gaming
The year 2023 witnessed the real-money industry skyrocket at a speed that is unfamiliar otherwise. The Covid 19 and the lockdowns must have played a huge hand in this rise. People sitting at home must have discovered the world of online betting while looking for something to kill time. People have understood that it isn’t just gambling but a game of skill. In addition, you can earn money sitting at home.
Increasing smartphone usage
Smartphones are a household item in people’s everyday mundane life. The idea of a phone just for making a call has been erased and overwritten with various unavoidable purposes. A phone becomes smart when it is handled by smart people. A powerful device like that paired with a strong internet connection would open a gate to the world of wonderful and lucrative activities including online betting. The games are becoming more and more accessible now to punters in India with a smartphone and an internet connection. The advent of features like in-play betting and cash-out betting functions is driving more and more betting enthusiasts to try and explore the possibilities.
We can see the market spreading its arms to welcome more and more online betting organizations. The market has been embracing more gaming companies with licenses and registration since the law has been loosened when it comes to online gambling. In 2018, the Supreme Court of India decided to eradicate the PASPA Act and has allowed states to legalize sports betting separately. This has led to a rapid boost in the popularity of online betting and tax revenue.
Sponsorships and collaborations
With online sports betting becoming increasingly popular, the chances of media converging with it are higher than ever even though it is already happening. Various brands, influencers, and media conglomerates have been doing collaborations with sports betting companies recently. This will see the horizon in the coming years.
Additional tax imposition
The Indian government has decided to take the step of imposing additional tax on online gambling revenue. This has been decided at the same time when the West is seeing a sporadic boom in the betting industry. The tax which was 18% will now be 28%. A substantial amount of 10% has been tweaked by the government on the funds that online betting companies collect from customers. Therefore, in the future, there is a chance for the tax hike to impact the cash flows in the betting industry. This will also result in limiting the ability to invest in innovation, research, and expansion.
New cricket betting options
Betting on cricket is a popular activity in India. People religiously bet on their favorite players and teams. However, the option for live betting on an ongoing match wasn’t a luxury that was available to Indian punters. Therefore, the introduction of live-betting and cash-out options has paved a new path for online betting enthusiasts. The dynamic and engaging way of experiencing the thrill of the match is now embraced in India.
Best online betting site in India
Since we are on the subject of online betting in India and its future, we would like to introduce you to a betting site that can be your companion along the growth journey. Exchmarket is your growth buddy as we are sure that it is one of the betting sites that will grow in an exuberant amount with the growth of the betting industry in India. You can download the app or use the official website to satiate your betting craving. When it comes to best online betting then Sky exchange comes first in punters mind because of the its services, users’ data safety, trust, timely withdrawals, and 24*7 real time customer support. which makes sky exchange India’s leading online betting site.
From what we have researched and analyzed, the future of online betting in India seems bright. The upward hike will continue going up and more and more people will take online betting seriously. The activity of online betting will not remain a pastime anymore. More and more states in India will embrace betting companies to openly function. The landscape of online betting in this country is changing and evolving for the better.
The main factors that are contributing to shaping the future of online betting in India are accessibility, strong internet connection, popularity of online betting, collaborations, and legalization. Hence, the future of betting in India is bright given how rewarding both lucratively and pastime betting is.