The love for cricket in India is unending. Everyone is a die-hard fan of cricket. There is a huge craze in India for cricket among children to older ones. Everyone is mad for cricket. As we know that cricket is not originated in India but Indians adopted it as a native game and now they play it even better than those who started this game.Cricket Betting Market in India is very huge and popular
The craze for cricket will never be going to end. Moreover, India is excelling in every format. India has started the IPL which has huge popularity in the world. Nowadays playing in the IPL is a huge achievement for the players. Along with cricket, there is one more thing for which Indians are mad that is betting.
Whether the betting is legal or illegal is a different debate but betting is an inevitable part of cricket. The law of betting in India is very unclear. The Public Gaming Act 1867 states that betting is illegal. But it also states that betting on the games of skill is not illegal. Moreover, there is no mention of online betting in the law which again makes it very unclear.
Size of cricket betting market in India
You will not get any authentic and clear data regarding betting in India. But there are some online sites that help to understand the size and scale of cricket betting in India. We have gone through these sites and compiled all the data in this blog.
Analysis of the cricket betting market in India
It has been estimated that the global betting market is $1 trillion and the Indian betting market is $1.2 billion. The experts estimated that it will go up to $3 billion in upcoming years.
According to data, 140 million people in India bet regularly, and 80% of people bet on cricket. Moreover, the number of bets goes up to 370 million during the time of IPL.
These numbers are very exciting and it is indicating that there is so much potential in the Indian betting market. This is why there are so many online betting companies that are getting ready to penetrate the Indian market.
Do you know that there are two betting markets in India, one is legal and the other is illegal? The annual turnover of the illegal betting market is so shocking.
It is $150 billion per year ( it is an estimation know one knows the real number).
The number is huge and it will go beyond the legal betting market which will be $3 billion in the coming years. There is no track record of the illegal betting market; it happens from every street to the nook and corner of the country. This market is informal and there is no regulation on it. On the other hand legal betting takes place online in India with trusted sites situated outside India. It is very important to mention ” outside India” because India betting sites are only legal in India when they are situated outside India.
Now you may get this question: why is the illegal betting market size so huge than the legal betting size in India?
The answer to this question is whether there is a lack of Internet penetration in India or does not have a stable connection. This is why it is hard for them to get access to online websites. But still, the younger generation of India is more inclined towards online betting. According to research done by “My Betting”, 44.6% of online bettors in India are in the age group of 18 to 24 years old. Moreover, there is a huge craze for Online betting in the metro cities like Mumbai, Delhi, Bangalore, and Chennai.
Today there is no regulation for online betting in India. But it is just a matter of time as the users are increasing day by day. Very soon the government will come up with a law.
The cricket betting market in India is growing at a rate of 20% per year. Indeed in the future, it is going to be one of the biggest betting markets in the world. Consequently, more online betting sites will come to India.