Nearly everything has gone online in the world today. Every product and service can now be found online, with various merchants and online service providers around to make it easy and convenient for people, no matter where you are in the world. This has proved to be even more relevant over the last year, when virtually every sector and industry had to adopt digital measures and online alternatives to conduct business due to the COVID-19 pandemic. While this has brought its own set of challenges, there have also been benefits to this new online ecosystem.
One of them has been the opening up of new markets for various sectors all over the world. In this light, it has been interesting to note how India has quickly become a very big and attractive option for online casinos. Traditionally, Europe has been the largest market for online gambling, but this has begun to change over the past decade or so, and India is now a growing market for this sector. One of the biggest reasons for this is that India is a largely untapped market as far as gambling is concerned. Gambling has been immensely popular in the country for centuries, and it is also very passionate about sports, but the fact that gambling largely remains illegal has slowed its growth in India. Gambling has actually been a communal, family activity, with various local card games being played among family and friends during festivals, with the elders teaching the younger generation the rules and ways to play these games. Thus, the various online gambling operators entering India are looking to take advantage of this sentiment, by offering the same experience online. Therefore, the key to cracking the Indian market seems to be the ability to offer local games and experiences.
Another factor which is driving this popularity is the rise of cryptocurrencies. India, like the rest of the world, has caught the crypto bug, with a huge surge in interest and investment over the last 12-18 months. This has also led to various operators beginning to offer bitcoin live casino in India, where players can place bets using bitcoin and other cryptocurrencies, and also withdraw their winnings in the form of crypto. This has been an excellent way to generate more interest in the online gambling space in India.
Gambling regulations are another factor for this push towards India and other countries. European regulations, especially in the likes of the UK, mean that operators need to have specific licenses for different products, as well as for specific locations. This can make it quite costly and cumbersome to operate an online gambling company, especially for new entrants into the space. However, regulations are getting more relaxed in India, which makes it easier for these companies to set up shop here. Thus, it seems just a matter of time before we begin to see more and more European gambling providers come into the Indian market, both because of the regulatory environment as well as the huge untapped potential of India for gambling.
The affinity that India has with sports as well as with some casino-style games makes it a great opportunity for online gambling. One of the biggest and most lucrative potential opportunities could be with the Indian Premier League, the franchise cricket tournament which is the biggest and most valuable in the world, if rules allow gambling companies to be partners with teams in the league. Even otherwise, there is a lot of scope for this sector, and with increasing internet coverage and mobile penetration in India, the conditions are ripe for online gambling to explode in the country.