The Growth of Online Gambling for Real Money
Introduction
India has overtaken the United States as the most extensive online gambling market in the world. India’s online gambling market has outgrown the market share of major European and Asian nations without a doubt in 2021. The Indian gaming industry is now valued at $930million, making it the world’s most valuable gaming industry.
-In India, online gaming continues to grow. The popularity of online casino sites and players has increased as a result. In addition, India has over 560 million internet users, making it the world’s second-largest market. As the number of online players grows, it is becoming unimaginable for Indian casinos to keep up.
India Online Gambling Factors for Growth In 2021
Numerous factors have contributed to the staggering growth of the Indian online gambling for real money industry, including:
The Covid-19 phenomenon
India’s online gambling industry grew thanks to Covid-19 considerably. The lockdown strategy was implemented during the 2020 pandemic in an attempt to curb its spread. There was growth in the media, entertainment sectors, and gaming because many gamers came from the online gambling industry.
During the lockdown, the demand for entertainment increased dramatically. Entertainment on the go has become essential to avoid boredom. Due to this demand, the gaming industry increased its products and services. In India alone, there are now 400 gaming companies serving 400 million users, according to the Maple Capital Advisor. This staggering number of gamers consumes about 15% of world internet gaming traffic.
Analyzing regional differences
Over the forecast period, the Global Online Gambling Market is expected to register a CAGR of 13.2%. We have used geography as the reason for analyzing the global online gambling market. North America, Europe, Asia-Pacific, the Middle East, and South America have been studied.
As a result of the advanced technologies available in this region and favorable regulations across various countries, Europe has the largest market share. There are four segments of Europe: the United Kingdom, Germany, France, and the rest. Europe has produced some of the largest global online gambling for real money companies, such as Kindred Group PLC, Bet365, and 888 Holdings.
This region is expected to record the highest CAGR over the forecasted period (2019-2025) due to an increase in foreign investments and the growing popularity of mobile gambling.
Increase in mobile game sales
The rise of the Indian gaming industry is also attributed to improvements in the usability of online games and their entertaining features. The advent of technology made it possible to play games from the comfort of one’s home using PCs and mobile phones. As a result, gaming software companies saw the need to create attractive games, which is why casinos implement responsive websites accessible on phones and tablets. Mobile apps are available that allow players to access their favorite online casino games on their phones. In 2021, the ease of gaming led to a rise in the number of online players and revenue.
The youth population in India
A staggering 50% of the country’s population is under the age of 25, making India the second most populous nation in the world. In addition, 75% of India’s population is under the age of 45. The gambling industry and casino games target this age bracket. Gambling provides entertainment and a chance to win money for players who are 25 to 75 years old. Gambling becomes a popular extra income option as a result. Due to the increase in players, the Indian online gambling market has been experiencing constant growth.
Internet usage is on the rise
In the year 2021, India is predicted to have over 560 million internet users.
As a result, India is the world’s second-largest online market. The most recent forecast shows that six hundred thirty million users are expected to use gaming services in India by 2023.
The growing population has subsequently led to an increase in online gaming sites. According to a Google search, Internet users worldwide searched for gaming sites to engage and entertain themselves in Q2 and Q3 of 2020.
Factors affecting advertising and bonuses
Advertising also played a significant role in China’s growth of online gaming besides the desire to beat boredom and win money. Due to the high number of casinos launching, the competition to win customers was fierce. To increase market share among gaming companies, many of them adopted different strategies. A standard method used by online casinos in India to win and retain users is an advertising and offering bonuses. Many of them reward existing customers with welcome bonus packages for new subscribers.
Dashboard comparing competitiveness:
Globally, the online gambling market is driven by enthusiastic gamblers, social vitality, and dabblers. Major players’ critical organic growth strategies have been partnerships and new product development to enhance their market share and satisfy customers’ needs. On its platform, Stride Gaming PLC offers rummy games provided by Passion Gaming Private Limited.
By utilizing Stringe Gaming’s proprietary technology and the products of Passion Gaming, the company plans to create a compelling proposition in the Indian online gambling market. Also, in September 2018, The Stars Group launched Bet Stars online gambling with casinos, hotels, and resorts in New Jersey. The BetStars platform allows customers to make deposits and withdrawals online, wager on in-game events, and receive various bonuses.
According to segmentation:
There are a number of types of gambling games available in the global market, including betting, casino, poker, lottery, and online bingo.
By comparison, the casino segment held the largest market share in 2018, while the poker segment is forecast to grow at the highest CAGR. As a result, many players prefer online poker since there are many slot games to pick from instead of just one game in a poker room. Moreover, mobile poker allows the player to join a fun from afar without being physically present in the room, which is convenient and easy to use.
Mobile gaming and the growth of online gambling for real money are segmented by device type. During the forecast period, mobile devices are expected to register the highest CAGR. As a result, smartphones are becoming increasingly popular.
Conclusion
In the year 2021, the growth of online gambling for real money in India experienced unprecedented growth. Numerous factors have contributed to such development. The company Covid-19 dominates indie gambling market growth.
As many factors suggest considerable growth for 2021 and 2022, we expect to see more figures about the number of users and revenue.
