The online gaming industry experiences growth all across the world. Many factors have led to the stable growth of the industry. The most important one is the development of new technologies. They tend to change every aspect of our lives, and they do affect the online casino industry.
The Indian gambling market is experiencing fast and stable growth in the last decade. The market worth of gambling has climbed to a staggering 62 billion Indian Rupees. However, growth doesn’t stop here. It is expected that the industry will reach 250 billion Indian Rupees in the near future.
What are the factors that determine the rapid growth of the iGaming industry in India? We review the most important factors that impacted the market.
Easy access to modern technologies
Online gaming requires the use of modern technologies. The fast pace of development in India has allowed access to modern smartphone devices. It is expected that the trend will continue, allowing the industry to grown even more. Modern casino games are compatible with both iOS and Android. Sites like Indiabetting.xyz are available on any device.
The youth in India prefers using smartphones over computers. Nowadays, phones are becoming more affordable and are available for any budget. Mobile gaming is favored among young people and enjoys huge popularity.
The massive population in India can accept new markets. One of the advantages is that a large part of the population consists of young people. The youth is very important for markets that include new technologies. The new generation has the power to impact the casino industry in India.
Support by the government
The government in India supports the youth’s interest in new technologies. The internet is becoming widely available for citizens. The authorities introduced a program that would make the internet available for everyone. The goal is to have more than 10,000 free WiFi areas throughout the country. This simple step is meant to boost interest in online entertainment and education for youngsters.
The casino industry is regulated by law in India. The Public Gambling Act of 1867 is the legal framework that covers the industry. Different categories such as poker, sports bettings, and casinos are considered as different entities. According to Section 12, the games of skill aren’t covered by the law. Casino and sports betting are referred to as games of luck. Poker is considered as a game of skills.
Since the act was created a long time ago, it didn’t anticipate the advancement in technologies. There are no laws that regulate the online casino industry. There is no legal act that states if it is legal or illegal.
The Federal Information Technology Act from 2011 regulates different offenses connected with the use of the internet. It isn’t referring to gambling only but allows the government to block foreign sites.
However, it didn’t manage to block all of the foreign sites. The international casino market is easily available in India via smartphones. The development of technologies makes it easy for citizens to enjoy off-shore gaming sites. Players can enjoy the huge variety of entertaining games, without having to face penalties.
The future of the iGaming industry in India promises a lot. The development of new technologies and the young population are some of the most important factors that contribute to growth.
Sikkim State brings changes in the whole market. The state is handing proper licenses so that the companies can work within the casino industry. When it comes to the future of online casinos, it is expected that the market will have stable growth.