The COVID-19 pandemic has given a major impetus to India’s online gaming and betting industry. With most people working from home and staying indoors, they turned to online games for entertainment.
The Rise of Online Betting
Among other online games, those involving betting and real money are becoming increasingly popular. Indians find online betting addictive as well as entertaining. Not only do such games let people hone their skills, but also give them a chance to earn money. As a result, more and more Indians are spending their time playing online betting games. No wonder the industry is growing at a steady pace. The worth of India’s online betting industry is pegged at an estimated $30 billion. It is only poised to grow further from here.
A key factor that has contributed to the rapid rise of the online betting industry is the widespread availability of smartphones and increasing internet penetration.
Sensing the growth potential this industry holds, today, there are several players that are already operating in this segment and new ones are joining in.
Globally, Parimatch International is a name to reckon with in this space. Their India project Parimatch News is being led by industry veteran Japneet Singh Sethi.
Talking about online betting, Dmitry Belianin, CMO, Parimatch International, says, “The sports betting industry initially took a hit throughout 2020 (who did not?) but recovered quickly when sports came back, and some of the brands, including Parimatch, have managed to overcome difficulties and rise even higher, than before. The focus is on getting fast-paced games in place, and esports is a must as well.”
Is Regulating Online Betting a Good Idea?
When it comes to legalities, it’s worth noting that while betting per se is illegal in India, the same law doesn’t apply to online betting. Moreover, in India, betting is a state subject, which means state governments have the power to enact their own laws. There is no one law that governs online betting and real money games.
Experts believe regulating online betting can prove to be a game changer.
Such a move will significantly benefit not the just the industry, but the country’s economy as a whole. It will boost employment by generating jobs while also adding to the revenues of the government. It’s a win-win situation.
Belianin adds, “If India gets regulated in the near future, many cricket fans will join an exciting world of sports betting, as the entertainment element here is huge. If you are a fan of sports, making a bet while watching a game makes watching even more exciting.”
All in all, in a country such as India, that is witnessing a digital revolution, regulation of the online betting industry has the potential to unlock infinite possibilities.
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