Betting on sports is a popular pastime. Countless people all over the world enjoy sports betting, so much that they collectively spend billions of dollars on it each year. Not only is it a lot of fun, but there’s also the chance to win money. The main reason behind this popularity is simply that sports themselves are extremely popular. Another reason is that sports betting is very straightforward. You can start betting with just a limited amount of background knowledge and still have a chance of winning money, especially when betting on sports that you truly understand. Now, winning money consistently is a different matter. That does require a lot more knowledge and a lot more effort.
PRESENT SCENE OF BETTING IN INDIA
India is a significant contributor to the global gambling market. It’s still considered as a young industry compared to how other markets are doing in countries like the US, Canada, Europe, and China. It is estimated that the online gambling revenue in India is around 30 billion US dollars each year.
Cricket is without doubt the most popular sport in India. Fans call it a religion and cricketing superstars are worshiped as demi-god in the country. Not surprising cricket is the most popular sport for bettors in India. Bookmakers offering online betting odds in India mostly focus on cricket. But over the last two decades India has moved from being a one-sport nation and other games have scaled up in terms of popularity. As Indians travel far and wide around the world and half a dozen sports channels broadcasting everything from major football leagues to golf and tennis gambling on these sports has also increased in India. Now a days, Indians are increasingly betting in games such as basketball, cycling and ice hockey which haven’t traditionally been popular in India.
In the graph below, we can see how fast the online betting is increasing globally.
IS ONLINE BETTING LEGAL IN INDIA?
Due to the lack of regulation for online gambling, there is no law that says that sports betting on the internet is legal. However, there is also no law that says that it is illegal.
Basically, this means that online betting operators can offer their services to Indian players on the internet legally, without risking any penalties or such from the Indian government.
VARIOUS ONLINE APPLICATIONS FOR BETTING
Dream11 is the first ever application to start the private fantasy gaming application in India. It supports all the three kinds of gaming methods for fantasy sports users to earn money namely Freemium, Premium and Private. It is India’s biggest fantasy sports platform with more than 8 crore users playing fantasy Cricket, Football, Kabaddi, Basketball, Hockey and Volleyball.
HOW DOES THE COMPANY MAKE MONEY? – Dream11 users pay an entry fee to participate in paid contests and the company makes its money by charging a platform fee from the total pool collected. It took the company three years to hit its first million gamers mark but after that crossed 3 million users in less than two months in 2016. Everyday Dream11 launches 15-17 high-valued contest and 20-30 low-valued contest with a total winning amount ranging from INR.3 Crore to as minimum as INR.5,000.
The revenue of Dream11 saw an increase from INR 224.64 crore in FY2018 to INR 775 crore in FY2019. The revenue streams of Dream11 includes contest entry fees, advertisements and merchandise. It has seen rise in interest after IPL 2019 and has now signed with T20 Mumbai.
FUTURE EXPECTATIONS- According to KPMG, the online gaming industry in India is expected to generate a revenue of INR 11,900 Cr by financial year 2023 and the app that combined fantasy gaming with cricket to catalyze this growth was Dream11.
Revenue: 298.1 crores GBP (2019)
Owner: Hillside (sports) ENC
Bet365 has taken the online betting industry to a new level. It offers the best gambling experience in all areas. They have the biggest selection of sports and online casino games. They offer the best mobile gambling experience, the best gambling bonus and just the most incredible gambling experience overall. Bet365 is a gambling site you can trust. They always pay what they owe and they put great importance on their reputation. That is what makes Bet365 a truly great bookmaker.
Revenue: 327.8 crores EUR (2019)
Owner: LeoVegas AB
LeoVegas offers one of the greatest casino and betting experiences on the Indian market, and indeed the world. They have recently begun to offer sports betting to Indian players, and they are doing a very good job at it. LeoVegas provides a great selection of cricket betting odds that Indian players can take advantage of. Aside from the obvious leagues like Indian Premier League and T20 World Cup, you can also bet on cricket from South Africa, Australia, Pakistan, Sri Lanka and many other countries.
Revenue: 75.1 crores GBP (2017)
Owner: Kindred Group
They have one of the well-furnished sportsbooks on the market which includes functions such as live gambling, live streaming, and cash-out. When you enter the Unibet website, it’s easy to see why this betting site has become so popular with players all over the world. It has a clean and easy to navigate interface, yet it boasts an incredible array of different games and sports to bet on.
Revenue: €173.5 million (2017)
Owner: Rosehall Global
Betway is considered to be the best betting site for IPL. They accept deposits in Indian Rupees through a number of good deposit methods like Net Banking or UPI and many others. In terms of sports gambling, they provide a great sportsbook for Indian players. You will find cricket, horse racing, football, tennis, and all the popular sports that Indians love to bet on. But one of the best features of Betway is their phenomenal live betting platform, which gives you an awesome view of the match that is unfolding before you.
FUTURE OF BETTING IN INDIA
As a set of recommendations from an official commission indicated in 2018 the Indian government seems to be seriously looking at legalizing betting in India. While it may not happen overnight, but it does seem to mean that online sports betting and gambling, will become legal within India. If betting were to be legalized across all Indian states then players would not be forced to risk their earnings elsewhere. They would bet within the country, which means their money would help to boost the economy. Their winnings could also be taxed, ensuring more profit from the state.
Read More:Economic Impacts of the Lockdown