“Indian Rupees” (CC BY-ND 2.0) by ShaluSharmaBihar
At a time when global economies are in a distinctly uncertain state, the same may not be so true of India. Between July and September of 2020 it saw a very impressive 8.4% increase on the same period the year before. This very encouraging news even led the government minister Amit Shah to make the prediction that it could become the worlds fastest growing economy in 2022.
Its a rapid growth thats being driven by a number of key sectors with one of the more remarkable ones being online gambling. Figures suggest that the market is currently worth around $930 million a year and there are predictions that by 2025 this could have seen a meteoric rise to over $100 billion a year.
A key driver for this is the greatly expanded offering made by operators in the sector. Not only are there more casino sites opening, the range of games on offer also shows huge growth. One only has to look at the many different versions of bingo at Paddy Power to see an example of this. As well as having dedicated rooms given titles like the Crystal, Sapphire and Gold, there are also themed games like Rainbow Riches and Deal or No Deal. Not surprisingly, increased choice leads to increased interest.
Of course, its also a sector that is relying on another very successful one in the country mobile tech. The arrival of 5G, and the greater accessibility this is giving to much of the population to mobile communications, is set to have an even bigger effect. This is also helping to create at least 6,000 new job opportunities according to recruitment experts TeamLease in what is reckoned to be the worlds second largest mobile sector after China.
Another piece in the jigsaw is the very much up-and-coming sector of AI and its links to the so-called Internet of Things. More and more companies are emerging to create the ground-breaking technology that is gradually making machines think and act more and more like humans. Predicted to reach a value of $7.8 billion by 2025 and growing at the phenomenal rate of 20.2% a year, this may be the sector that is set to eclipse all others. To return to our first example, online casinos, this also has obvious implications for them, offering the opportunity to further enhance the player experience.
If theres a cloud on the horizon, it may be one that has been highlighted by numerous sources, including the international news agency Reuters. This is that inflation in the country is high, and may be set to increase more. In January 2022 retail inflation was running at 5.8%, considerably higher than the governments upper target of 4%.
However, the underlying strength of the economy, as well as selective government intervention, should assure a continued period of growth. And, for the country as a whole, that has to be very good news.
Disclaimer:
- As per the Public Gambling Act of 1867, all Indian states, except Goa, Daman and Sikkim, prohibit gambling
- Land-based casinos are legalized, with certain guidelines, in Goa and Daman, as per the Goa, Daman and Diu Public Gambling Act 1976
- Land-based casinos, Online gambling and E-gaming (games of chance) are legalized in Sikkim under the Sikkim Online Gaming (Regulation) Rules 2009
- Only some Indian states have legalized online/regular lotteries as per and subject to the conditions laid down by state laws. Kindly refer to the same here
- Horse racing and betting on horse racing, including online betting, is permitted only in a licensed premise in select states. Kindly refer to the 1996 Judgement by the Supreme Court Of India here and for more information
- This article does not endorse or express the views of Qrius and/or any of its staff.