5 reasons why online gambling in India is on the rise

March 17, 2022 India Emerging Markets

With no regulation surrounding online gambling in India, the precise value of the industry is unknown. Estimates vary wildly, with some analysts saying around $5 billion while others go as high as $90 million. Regardless of the exact figure, everyone agrees that it’s continually growing.

COVID-19
Nearly every country in the world was crippled by the COVID-19 pandemic, but it hit India in devastating fashion. In 2020, people in many parts of the country were locked down for more than two months (end of March to the end of May).

Being confined at home, people spent more time on the internet, and online gambling sites were one of the beneficiaries. Evidence of this can be seen in the online live casino specialist Evolution Gaming’s share price. Shares were trading at 298 SEK on the 1st of January, yet by April of 2021, they were 1,672 SEK. Admittedly, online gambling was on the rise in India before COVID-19, but enforced lockdowns contributed to accelerating its growth.

Accessible on mobile
According to Statista, in 2020, 54% of India’s 1.3 billion population owned a smartphone. That figure of 700 million people is likely much higher now that it’s 2022.

Several years ago, the online gambling operators began noticing the growing trend in mobile gaming, and so the industry adopted a ‘mobile-first’ approach. Essentially, all games were developed with the mobile user at the forefront. Added to that, all platform software went mobile-friendly, and mobile payment systems have evolved rapidly.

Put the advances in mobile casinos together with India’s massive mobile user base; plus, its love for gambling, and you have the perfect recipe for the industry to flourish.

Instant deposits and cashouts
One of the biggest obstacles that prevented large numbers of players from gambling online in India was the payment methods. Go back ten years, and the only real options were credit cards, international bank transfers, and a couple of e-wallets like Skrill and Neteller. These mostly involved costly foreign exchange transfers as the casinos at the time didn’t accept rupees.

Fast forward to today, and not only do the casino operators process deposits and withdrawals in rupees, but there’s also an abundance of localized payment methods to choose from, such as Paytm, PhonePe, and UPI deposits and withdrawals. These provide Indian players with instant deposits, and in most cases, fast withdrawals. With it being quick and easy (and also secure) to get money and winnings out, more players have flocked into the online gambling space.