India is a growing market for online Casinos and that is primarily because the online casino industry is relatively new in the country that has picked up a sudden momentum in the post-pandemic era. Europe is the epicenter of online betting and online casinos but now the platforms have turned their head towards the unexplored markets and India is one of the teams.
Every year we see multiple platforms getting launched in India with lucrative offers to attract more gamblers to place their money on the slots. Lucky Wonderland keeps you updated with all the reliable and legal platforms in India. Considering the consistent rise in the percentage of users of online casinos, the future of the industry looks bright. However, In this article, we have done a detailed study on India’s accepting online casinos and what are the challenges shortly.
Online Casinos – Acceptance and Future
There is always an ambiguity in India when it comes to the Casino Industry. The country has a different approach and the government has been strict in keeping control over Gambling addictions. However, Online Casinos have come out as a boon for the Gamblers because it allows them to play from any corner of the country on their phone or laptop. There is no interference from the authorities and a professional gambler can play multiple slots at a single time.
This created a sudden rise in the demand for Online Casinos and in the last 5 years, the demand has touched new heights. According to the latest projections, the annual growth rate of the Online Casinos industry is expected to grow at 5.45% between 2024-28. This will also result in a projected market volume of US$1.15bn by 2028.
One of the primary reasons why Online Casinos are gaining momentum is because of mobile gambling. India has always been a profit-making market for mobile manufacturers and every year mobile users are increasing with a rapid number. The trend of smartphone penetration is expected to continue and because of the same reason, the usage of online casinos is expected to grow every year. These platforms have also provided their casinos in regional languages which helps the user to enjoy the gaming experience on a very basic level. Games like Teen Patti and Andar Bahar are becoming household names among gamblers and the trend is expected to grow without any trouble.
Opportunities for Online Casinos
Growing Market
India is a growing market and the country also has the largest young population. These young Indians have higher disposable income which can be used by the online casino industry.
Mobile Gaming Boom
The rise of mobile gaming perfectly complements online casinos, making them accessible to a wider audience.
Evolving Regulations
While regulations are unclear, there’s a possibility of a more defined framework in the future, bringing legitimacy and potentially attracting international investment. Some states in India have made online gambling legal and the user can access the platform on their mobile. More changes are expected to occur soon.
Challenges for Online Casinos
Legal Ambiguity
The Public Gambling Act of 1867 doesn’t explicitly address online gambling, creating a grey area for online casinos. The Central Government of India has not even worked proactively to amend the law and in recent times, few mobile gaming apps were banned to function.
Social Concerns
The online casino industry is new in India and as they start to spread their wings in the country, there is a high possibility that the Indian Gamblers will soon get addicted to it. This is a major social concern and a major challenge which can be faced eventually by the Casino industry.
Payment Gateways
Restrictions on online transactions for gambling can hinder payment options for online casinos.
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