The online casino industry is expanding, spreading from places where there are mature markets such as in the United Kingdom to newer markets like India. Although the legal framework in India has caused the casino industry in the country to slow down, the casino industry in India is still growing at a fast rate. So, what is causing this effect?
Laws Creating a Conducive Environment
Casinos in India are regulated by either the Public Gambling Act of 1867 or by the different pieces of legislation passed by different Indian states. These legislations affect operators who want to open physician casinos within the Indian territory as well as online operators who have a base in India. Many of these laws were passed before anyone thought about virtual and online casinos. Because of these, there are no laws enacted regarding online casinos and that restrict anyone in India from accessing an online casino. It is, therefore, assumed that these laws do not apply to online casinos, except in the few states that have gone back, revised their laws, and put in the requisite provisions.
In the states that do not have any laws specifically targeting online casinos in India, this means that casinos that are registered with and licensed by reputable commissions and bodies such as the United Kingdom Gaming Commission and the Malta Gaming Authority can accept Indian players. Players who want to know which bodies have registered the casinos they wish to play at in India can use sites like Yourcasinos.in to find this information. Because there are lots of casinos that can operate legally in India, this has created a large and competitive casino market in India, further fueling the rise of online casinos in India.
There is certainly demand for online casinos in India, with industry experts saying that the Indian government is losing about US$1.5 billion in tax revenue every year. The rise in the demand for online casinos in India can be attributed to digital growth in the country.
The number of people who have access to smartphones capable of gaming as well as high-speed wireless subscriptions has been growing over the years. The number of mobile gamers in India is thought to have surpassed 600 million in 2019, with the number of smartphones in the country projected to exceed one billion by 2024.
Willing Payment Providers
Another reason why online casinos have such high demand in India is that players have convenient options for depositing and withdrawing funds. Payment providers such as Paytm offer secure payment solutions for Indian gamers. Industry experts expect even more payment providers to enter the market as it expands.
Also, there are a lot of international casinos and casino brands that now accept Indian rupees. This has removed a huge barrier for players who previously could not play at these casinos as many required the use of currencies such as the dollar, the pound, or the euro.
When you put everything together, you start to see why online casinos are growing in popularity in India. Furthermore, it is easy to see that the growth has not peaked and that online casinos targeting the Indian market will keep emerging and growing.