People are often in search of an additional source of income. While some look for another job, others decide to diversify their investments and then there are those that don’t do either and turn towards betting instead. This can be a great way to earn some extra money if they know what they are doing. With the help of technology, online betting can now be done through apps and while on the go.
While many countries have realized the economic potential that legalizing online gambling has, some are still unable to come up with measures that would regulate and tax this field effectively. For example, Indians love to gamble but the country is currently missing out on major revenues from this activity.
However, European operators are interested in India seeing as how there are many factors that make this country a prime online betting market. Take a look.
The Size of the Population
One of the vital factors that makes India a desirable location for online betting is the size of its population. With 1.3 billion people of which over 826 million are between the ages of 18 and 64, the potential audience is massive. However, research suggests that only 23 million of them are financially capable to gamble online. While this doesn’t sound promising, the number is set to increase seeing as how the middle class is expected to continue its upward trend.
The Growth in the Use of the Internet
Despite only 45% of its population of over a billion people being active online, the usage of mobile phones and the internet, in general, is on the rise. In fact, it is gaining over 60 million users every year. What is more, seeing as how the global average of social media usage is at 45%, it’s surprising to see that India is at only 23%. However, when compared to other global markets, it is growing much faster. This constant growth in internet usage is what is encouraging mobile-centric gaming companies to invest in this market and offer various games and betting opportunities. Plus, it is expected for rural areas to get better internet coverage, which means that the number of users will continue to rise.
India Is an Untapped Market
Taking into consideration that gambling is technically illegal in India, it should come as no surprise that this market is pretty new. However, even though it is not legal, there are still online casinos that cater to Indian players. Luckily, sites such as www.asiabet.org, for example, provide players with all the important info when it comes to the best websites for betting all across Asia. In addition to India, gaming companies are looking for other untapped markets they can spread to in order to increase their revenue. While countries like Croatia and Portugal are hotspots in Europe, they are also looking at Chile, Peru and other countries in Latin America.
India Has a Huge Sports Market
The market being untapped is only one part of why operators are looking into India. Another big element is the fact that India’s sports market is one of the biggest on the planet. Cricket, of course, has the largest following but other sports cannot be overlooked either. For instance, football, badminton, tennis and field hockey all have plenty of fans, just like some local sports such as kabaddi. It’s easy to see how allowing players from India to place online bets on these various sporting events can lead to big revenue for gaming and betting companies.
The Regulations in European Markets Are Increasing
Finally, a big reason why operators are turning their attention to India and other untapped markets is that the gambling industry in Europe is becoming more and more regulated. While betting in Sweden and the UK, as well as some parts of Germany, is legal, regulators are imposing certain restrictions which limit the way they operate. For example, in Sweden, bonuses and VIP rewards have been stopped and, in the UK, credit cards are no longer available as a payment method. Therefore, gaming companies are focusing on other, more relaxed and less regulated markets in which they can reach customers.
All in all, even though it has a population of over 1.3 billion people, India is still seen as an emerging market mostly due to the fact that gambling has many restrictions, with some exceptions. However, it appears the writing is on the wall and it is only a matter of time before the government will take the necessary steps towards legalizing gambling and, crucially, to make a tidy profit from it.