India’s Gaming Industry is currently one of the fastest growing industries in the world. Since the 2020 pandemic, the industry has been on a meteorological rise and recently hit a billion dollar valuation. Industry analysts are also predicting that the industry might cross the 100 billion valuation point before 2030.
This is an insane level of growth and one that can be attributed to the multiple innovations and developments the industry has seen over the years. One of which is the ease at which players can place bets and play casino games online at the best legal betting sites in India.
However, many experts predict that the gambling market will take on an entirely different shape in 2023. Here, we’ll explore the major trends that are expected to hit India’s gambling market in 2023.
For more insights and analysis on happenings in India’s gaming industry, be sure to follow Kate Richardson. She has garnered years of experience covering major gambling events and is ever ready to share her knowledge.
5 Things to Expect From India’s Gambling Industry in 2023
Fans of betting and casino gambling should brace up for 2023 as a lot is expected to happen. Here are the major things you should watch out for.
An Increase in Demand for Online Gambling
According to reports from the All India Gaming Federation (AGIF), the online gambling market is growing at roughly 30% every year. It’s currently the fastest growing entertainment and media sector in the country and an estimated 400 million people are said to gamble online annually.
Despite these impressive stats, the market is expected to grow even bigger in 2023 as more people grow interest in online sportsbook and casino sites. Online gaming generated around $1 billion in 2022 and this figure is expected to double in 2023. More sites are now targeting the Indian audience with special casino games, payment methods, and generous bonuses. The India’s gaming industry might witness the biggest rise in online gamblers since 2020.
Online Gaming Regulation
Currently, online gamblers have to rely heavily on offshore casino regulations and sometimes lay in danger of being scammed from these sites due to the lack of appropriate regulation in the country. AGIF predicts that by 2025, the India’s gaming industry would have created over 50,000 jobs. This together with the annual revenue it generates will force the government to update gaming regulations to protect players’ interest.
Change in Crypto Gambling Interest
2022 was expected to be the year that cryptocurrency would fully penetrate the online gaming market. However, crypto recorded one of its worst ever years that has led to a significant drop in interest.
Major events like the Luna crash and FTX collapse have had a negative impact on the crypto world. Since crypto’s peak in November 2021, investors have lost over $2 trillion. This together with the government’s implementation of TDS on crypto transactions has forced many Indians to give up on crypto. Most of the major crypto exchanges recorded a sharp decline in trading volume in 2022. This trend is expected to continue in 2023 and also reduce the interest in crypto gambling sites.
However, some experts believe that cryptocurrency will witness a positive turnaround in the second half of 2023 depending on the outcome of ongoing world events. This may result in more crypto adoption as a result of its many advantages.
E-Sports Betting To Grow Bigger
The stigma that’s associated with e-Sports is rapidly wearing off. More people are now opening up to the idea and the inclusion of e-Sports as a sport in the 2022 Asian Games is another giant step in the right direction.
The e-Sports betting market grew massively in 2022 with players betting on games like Counter Strike, League of Legends, and DOTA 2. Various betting sites now have dedicated e-Sports sections with amazing market options and special bonuses. 2023 will see more Indians exploring e-Sports betting.
Improved Gambling Experience
Gone are the days when only physical gambling was possible or you had to use a desktop to place bets online. Now, you can use smartphones and many other devices to enjoy online gaming. 2023 will see more advancement in online gambling thanks to new technologies. Virtual Reality gaming is expected to hit the market, giving people a more realistic and memorable gambling experience. Also, 2023 games will have more improved graphics and advanced functionality.
The Bottom Line
2022 was a good year for the India’s Gaming Industry. The industry generated over $1 billion in revenue and is expected to be valued at $100 billion before 2030. 2023 is here and reports are already showing that this would be an even bigger year the industry.