Online Gambling industry Worth $127.9 Billion By 2026
The online Gambling Scenario has changed not only in India but across the globe. In 2019, The net worth of the online gambling industry was estimated at the US $53.7 billion in 2019. As per Internet sources, it is expected to boom by $127.9 billion by 2026 with a CAGR (Compound annual growth rate) of 11.5%.
Though Gambling in India is strictly prohibited under the PGA,1867 act throughout all the states. But with time, The Indian jurisdiction added some new amendments to the law. As a result, the states were allowed to run the gambling activities within their state boundaries.
So, you’ll only find two states, i.e., Goa and Sikkim, with liberal gambling laws. The only states in India with land-based legit casinos. It’s the combination of the internet and technology that brought a massive revolution and changed the status of gambling in India.
igaming platform is much safer and beneficial for earning a considerable amount of money. As per Hindustan times reports, India’s online gambling industry is worth US $5 Billion. It is rapidly growing and flourishing each passing year.
Various Segments of iGaming Industry
The online gambling market has been divided into 6 segments as per GGR( gross gambling revenue). GGR= Amount wagered – Winning amount
- Sports betting
- Casino games
Note: The %age may vary from country to country depending on the regional segmentation.
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Highlights of the Survey
At present, Europe is leading at the top position with the highest revenue, followed by Asia Pacific, including China, India, and Japan.
Mobile Casinos, desktops, and other devices have contributed a lot to driving the growth of the online gambling industry.
The opportunity to earn real money playing casino games has increased the number of casino players on igaming platform.
The impact of Various Factors on the Online Gambling Industry
The credit for growth in the gambling market goes to different factors, including:
- Mobile Casino Apps
- Internet Penetration
- Ease to access online gambling
- Responsible gambling
- Secure Payment options
- Celebrity Endorsements
Impact of Covid-19 on Online Gambling
The online gambling industry is one of the profitable industries that expanded rapidly amid the Covid-19 outbreak. The brick-and-mortar casino players have also shifted to online casino sites.
Plenty of new casino sites made an entry into the online gambling world. Thus making it easier for International players to play and win their favorite casino games.
Mobile Casino apps are readily available on iOS/Android/Windows devices. So the online punters can start live betting on their favorite sports or play casino games.
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As the coin has two sides, so is online gambling. To know more you can read the pros and cons of online gambling.
A web survey revealed that people are getting more addicted to online gambling and risk a considerable amount of money to online gambling sites.
That’s why we keep guiding our Indian players to only choose the thoroughly vetted casinos in Indian rupees.
Research Report on Online Casinos in India
It was in 1991 when internet services started in India. Soon after, in 1995, the Online casinos’ concept was launched and got immense popularity worldwide.
And by 2010, some of the foreign-based casino sites opened the doors for Indian players. Since then, the igaming Industry is flourishing each passing year.
Moreover, it’s better to play on international Trusted casino sites comparative to local casino sites. They are safe, licensed, and legal.
The past decade has shown tremendous growth in casino sites accepting Indian players as well as Indian currency. Now you can easily make deposits via UPI, Pay ™, G-Pay. Isn’t that the actual proof of the new gambling era in India?
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