Online Gambling is not a new phrase. This industry is evolving every day and will generate revenue of US$ 525 billion by 2023. Gambling means an activity where there is a conscious risk of winning and losing money in exchange for money itself. When this is on the internet then its termed Online Gambling. Operating Online Casinos and placing bets is a type of
Online gambling.
India is a country generating revenue of US$ 60 billion per year from this industry alone. It is becoming popular in India because of the reach of the internet and smartphone penetration. After the pandemic, India recorded a shift of mind-set concerning the operations of casinos.
Reasons for the rising popularity of Online Casinos in India:
The increasing number of smartphone users.
Smartphone users are increasing not only in India but across the world. India recorded a 54% smartphone penetration rate, is estimated to be more than 90% by 2040. It will automatically provide room for online gaming and gambling, as it becomes easy and user-friendly.
Growth of skill-based games.
Online casino platforms provide different varieties of games to users. These games played by users who have money and skills for the same. The growth of these skill-based games recorded at around 30% annually, which is a huge number in itself. It shows interests of people in gaming, betting and gambling on online casino platforms.
Rise in Young population.
In 2020, India recorded more than 65% of its population in the working age group. It automatically becomes a big reason of people shifting towards online casinos. The chances of young blood taking risks are more than the older population.
Usage of Digital payment mode.
After the pandemic, digital mode of payment seen on the boom. It has shown an increase of 15% from 2016 to 2021. Online Casino platforms accept the digital mode of payment via credit cards, debit cards, crypto-currencies, e-wallets, etc.
Affordable technology and increased internet connectivity.
Internet connectivity and user-friendly platforms gave rise to online gambling and casinos in India. A report states that there are around 700 million internet users, which will be expected to increase by 900 million by 2025.
Future Ahead:
Online Casinos and their popularity are increasing day by day. Due to the increasing number of competitors and players in the market, the developers are providing great offers to attract traffic to their sites. The fear of cheating and fraud online can’t be ignored but the new era will see the market of online casinos growing with a lot of new rules and regulations.
It will be interesting to see the further changes in this sector.