United Kingdom is the current king when it comes to betting. But there is a silent player amidst all other countries which has the potential to dethrone UK in near future and that is India. There are various points that suggest this bold statement to be true. Let us discuss in details of how India can soon replace UK as the top betting country worldwide.
Their Sheer Number is overwhelming:
If we compare UK and India on the basis of number of bets the whole country can place, then India wins by a landslide. With 1.3B of population Indians can easily dethrone UK even if they make bets of small amount. Whereas UK can retain their position only because of their per capita income. This leads us to the next point.
Per Capita Income is a Major Factor:
If India wants to obtain the first position in betting worldwide then they need to make good use of their bigger population by increasing their per capita income. By increasing their per capita income, it is sure that they will gamble a significant portion of their extra money. UK makes sure their per capita income remains unchallenged so that they can retain their first position.
The remarkable thing here is that the top Indian betting sites are also popular in the UK. That includes bookmakers like bet365 and Unibet that are very well-known throughout Europe. You can almost conclude that there are not many differences between the two countries when it comes to betting. However, betting in India is not as easy as it is in the UK:
First Step Should be Legalizing Sports Betting in India:
For all of it to work as planned the first step the Indian government should take is to legalizing betting on sports. According to a survey, 40% of all internet users from India like to gamble. But unfortunately, the existing legal framework makes it illegal to gamble. Thus, giving birth to an illegal gambling market in India, which is worth more than $100 billion. Majority of it is sports betting and it is growing at an astonishing rate of 7% each year. This non-regulated market can easily grow into a huge legal market to challenge the gambling king UK if government helps.
A Different Sort of Gambling:
There is no way someone will not find a loop hole in a rule. Same thing happened in India. They found a way to legalize online gambling by exploiting the loop holes in the law. According to the Indian law, it discriminates each game to be a “game of skill” and “game of chance”. This gave betting companies like Dream11 an idea to exploit the loop hole that differentiates fantasy sports from traditional betting. Thus, Betting on website with a “game of skill” is legal in India. Dream11 launched Fantasy sports betting game where you have to make a cricket team and if you win, you get money. When compared to traditional betting in the rest of the world, the fantasy sports market in India is an ant, but in respect of the corona crisis it has the potential to grow rapidly over the next few years.
Internet Boon and The Rise of Gambling in India:
Did you know India has access to the cheapest 4G Internet World Wide? It only costs Indians Rs.7 which is $0.095 for a GB of 4G internet. With this blessing more than 70% of Indians have access to high-speed internet connection. With internet came the world of online gambling. The game of online poker has seen high demand in India.
In recent years, we have witnessed a huge boost in online sports betting and online poker game among Indian Gamblers. As discussed, earlier sports betting has also become a popular pastime for Indians, which has led to many platforms opening their services up to the Indian market by manipulating Government laws. So now it has also started to capitalise on this. Cricket is the country’s most beloved sport it receives the biggest number of sports bets in India and also very popular worldwide for betting.
A Ray of Hope:
As we just mentioned above that, sports betting and any sort of betting on games in which no skill is required are not legal throughout India. But there is still a ray of hope. Many different state governments have decided otherwise. A few state governments have decided that betting should be legal in some areas. So, it is possible to bet legally in some parts of India. If we talk about the land-based gambling then casinos are out of the question in India. But horse racing bets are welcomed in India. India does not give any permit to setup bookmakers throughout the country. So it is only possible via the racecourses themselves.
Gambling is illegal in India yet many states still plan to capitalise it for their own gain. This is good for Indian Gambling industry. It is amazing that India has managed to become one of the biggest gambling countries in the world without having any law legalizing gambling on its soil. With younger generation the views of Indian people on the matter of gambling are changing dramatically and it will be soon when Indians decide to capitalise gambling like the west. Then it will not be just a dream to dethrone the King of gambling soon enough.