Sports betting has quickly become the most popular form of betting, with the number of bets on sporting events increasing rapidly over the past few decades.
The global sports betting market is worth over $76 billion and is expected to grow at a CAGR of 10.29% between now and 2030.
One of the biggest reasons for this growth is the accessibility of online betting and the fact that sports betting can now be done in more and more countries.
An estimated 140 million people regularly bet on their favorite sport in India. This number is growing yearly as the number of websites available to Indians increases.
Indian bettors can take advantage of benefits such as ShubBet welcome bonuses when they sign up for online betting.
Being able to place bets and unlock bonuses online has made sports betting easier and more fun, and as a result, more people are signing up to bet than ever before. Still, this is not the only reason why more Indians bet on sports than before, as multiple factors are at play.
Is Sports Betting Legal in India?
The legality of sports betting depends on your state. The only states in India that allow legal gambling are Goa, Sikkim, and Daman.
An anti-gambling law was passed in 1867 and hasn’t been updated. So the law prohibits in-person betting. There are no laws against online sports betting, which creates a gray market.
Indians can legally register and bet on sports betting sites without any repercussions. When registering, they need to check whether their chosen site accepts Indian players and payment methods.
Due to the growing interest of Indian sports fans in sports betting, there are more and more online sportsbooks that allow Indians to sign up.
Regarding the laws and regulations regarding the sports betting industry in India, it’s safe to say that it’s pretty murky. Currently, there are no sports betting providers operating in the country in India.
Proponents of legalizing sports betting in India claim it will undoubtedly boost the country’s economy. Instead of diverting large sums of money from punters to foreign operators, they recommend updating the law in light of the current situation and market sentiment.
Reasons for the Growing Popularity of Sports Betting in India
India is a country that loves sports, so it’s no surprise that sports betting is also popular. A recent report said there are nearly 140 million sports fans in the country, but the true number is likely to be much higher. Cricket is the biggest sport, but other sports, such as football and badminton, are also popular.
Residents of India are also likely to be connected to the internet, which makes it easier to go online for sports betting.
India had a staggering 749 million internet users across the country in 2020, making sports betting extremely accessible. High-speed internet means that the average person in India can create a sports betting account and bet on live sporting events without any problem.
Another factor that makes sports betting popular among Indians is the high percentage of mobile users.
Mobile betting is far more convenient than betting on a desktop, meaning sports fans can place their bets while watching the game.
There are well over 700 million smartphone users in India, and the number of mobile users is growing yearly.
Finally, India has a very young population compared to many other countries. By 2022, the average age in India will be 28.4 years. Young people are more willing to take risks, including betting on sports for fun.
This has led to more and more Indians signing up for betting sites like ShubBet and betting on their favorite sports. Although the average age has increased over the years, it is still younger than in many other countries.