The online gambling industry is on the rise everywhere in the world. However, one particular market that stands out from the crowd is India. The online gaming industry in India is largely driven by smartphones and increased Internet availability. Of course, it helps that Indians love to gamble, resulting in an annual growth rate that’s breaking all records.
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According to reports from 2019, the Indian online gambling market growth rate should go up by 40% by 2022. It was reported at $1.1 billion in 2019 and should grow up to nearly $3 billion soon. Real money casino sites are popping up on the market every week, giving Indian players even more chances to enjoy their favourite games.
The Pandemic Sped Things Up
It doesn’t take an expert to link the ongoing COVID-19 pandemic to the rise of online gambling in 2020 and beyond. India has been hit with strict lockdowns last year which has led to a rise in popularity in online and mobile casinos. The pandemic sped things up, with the time spent on gaming apps up by 21% during the first wave of lockdowns. That number is set to go higher, with over 300 million Indian spending a lot of time on these apps.
Even when everything returns to normal and the time spent on mobile casino games decreases, the industry’s numbers would already be high. India is one of the top-5 mobile gaming markets in the world. In the next couple of years, the mobile markets expect an ‘influx’ of over 40 million new gamers. That’s a number of casinos will welcome with open hands, and a sign of how big the iGaming market in the Asian country can get.
Gaming firms are adjusting to the new reality on the fly. They’re moving from download volume-dependent models to diversified revenue streams based on customer engagement. In-game revenue streams including expandable packs and virtual coins are another major reason why the industry is growing so fast.
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Indian gaming platforms such as the Mobile Premier League are drawing in millions in investments. In the past 5-6 years, they’ve raised over $450 million. The Mobile Premier League itself raised $90 million in 2020, with major companies in Asia investing in mobile gaming start-ups.
What Does the Future Hold?
There’s no question about it – the iGaming market future in India is brighter than ever. Mobile gaming is a big part of it. The industry is expected to rise in 2021 already and even beyond as the economy recovers. With projections putting the annual growth at $3.8 billion by 2022, it’s clear that this is a market the iGaming industry will focus on.
New smartphones and technologies will push the market further into overdrive. Of course, not all casinos will offer stellar quality, but the majority of sites will. The iGaming industry has a very bright future in India, which is a win-win for both operators and players too. Should the country decide to regulate the market legally, it will reap even bigger rewards.