Sports and betting have long been intertwined in India, where the sport is nothing short of a religion. With its fervent fan base and unmatched passion, cricket has become an integral part of the nation's cultural fabric. And where there's cricket, there's betting - a practice deeply embedded in the country's sporting ethos. The symbiotic relationship between sports and betting has fostered a unique landscape in India, where the excitement of the game is often complemented by the thrill of wagering.
As India gears up for yet another thrilling season of the (IPL), the stage is set for the betting industry to reach new heights.
Rise of Online Sports Betting in India
Before the rise of online betting platforms, traditional forms of sports betting were prevalent across India, ranging from informal betting circles to offline bookmakers. However, the advent of has revolutionized the landscape, providing punters with a convenient and secure avenue to engage in betting activities. This shift towards digital platforms has been fueled by factors such as increased internet penetration, smartphone usage, and the growing acceptance of online transactions. As a result, online sports betting has witnessed exponential growth in recent years, emerging as a dominant force in the Indian betting market.
One of the key trends in the Indian online sports betting market is the increasing popularity of . Cricket, being the most cherished sport in India, commands an immense following, and the Indian Premier League (IPL) magnetizes a substantial number of bettors. The allure of cricket betting has been amplified by the advent of live streaming and in-play betting options, enabling punters to place bets in real-time while immersing themselves in the game's unfolding drama.
While cricket remains the undisputed champion in terms of popularity, there's a burgeoning demand for wagering on other sports such as football, tennis, and basketball. This surge can be attributed to the increasing exposure of Indian consumers to international sports through various mediums including television broadcasts and online platforms. Additionally, the commendable achievements of Indian athletes in these sports have further fueled the fascination and enthusiasm among Indian punters, diversifying their betting interests beyond cricket.
The projected revenue in is anticipated to reach INR 1.97 billion by 2024. It's forecasted to display a steady annual growth rate (CAGR 2024-2028) of 6.98%, resulting in a market volume projection of INR 2.58 billion by 2028. Additionally, the number of users engaged in the Online Sports Betting market in India is expected to rise to 18.1 million by 2028. As for user penetration, it's estimated at 1.0% in 2024 and is anticipated to increase to 1.2% by 2028. Per India Change Forum, last year IPL in betting, be it offline or online, and this number comparatively growing each year
Sports Betting Platforms in India
In recent years, the landscape of sports betting in India has undergone a significant transformation, largely due to the rise of online betting platforms. These platforms have made betting more accessible to the masses, allowing fans to wager on their favourite teams and players with just a few clicks. With the convenience of mobile apps and secure payment gateways, enthusiasts can now engage in betting from the comfort of their homes or even on the go.
These platforms have become the preferred choice for enthusiasts looking to engage in the thrill of sports betting, with taking center stage. With cricket being the heartbeat of Indian sports culture, these platforms have capitalized on the nation's passion for the game, offering a plethora of betting options, including highly anticipated IPL betting.
Major cricket events, such as the IPL, have become focal points for betting activity on these platforms. During the IPL season, cricket fever grips the nation, and online sports betting platforms witness a significant surge in users looking to wager on their favourite teams and players. The allure of IPL betting lies not only in the excitement of the matches but also in the myriad of betting markets and innovative features offered by these platforms.
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