India’s Sports Betting Market: The Different Betting Options for Indians
Developments in technology and the gambling industry have put India on the world map regarding the betting market. While India doesn’t have an official sport, cricket is highly popular among Indians, and could be considered as one of the national sports. Therefore, many sports fans choose to place their bets on the popular sport. But what are the options in the sports betting market when Indians want to bet on their favorite teams?
An Overview of the Sports Betting Market
Compared to other countries, the betting market in India is one of the fastest-growing. Since online gambling was introduced, it has changed many things in the country. While gambling used to be almost like a cultural institution because of its history, the institution found itself in an uncomfortable situation due to the disruption that technology has brought when gambling began the transition to online casinos. Notwithstanding, things moved on, and the gambling market is currently estimated to be worth more than 10 trillion Rupees.
The gambling market offers various options and requires sports bettors for example, to learn about various bet types, try out different casino games and do their research to be able to make informed betting decisions. Because around 400 million people in India watch sports every year, a new door for the betting market was opened for both the industry and sports betting fans. Now, people can combine their passion for sports with the entertainment of sports betting.
Legality of Betting
When it comes to the laws regarding sports betting, the area is much more complex and blurry. Because India is divided into states, individual states have to abide by both national laws and state laws. The federal law, the Public Gambling Act of 1867, prohibits all types of gambling in the country. Therefore, according to national law, the only legal kind of betting is betting on horse racing.
There are established state laws, some of which prohibit some types of gambling. For example, the government of Sikkim has passed a gaming regulation that consists of rules for online gambling licensing. For the rest of India, some people choose to access offshore betting sites with licenses from other countries, as they are not explicitly banned by law.
The Different Sports to Bet on
While some states have explicitly banned online betting, Indians outside of those states have different options for betting. Because cricket is undoubtedly the most popular sport in the country, it is not unlikely to see many bettors placing bets on Indian teams. Because India is also one of the best teams in cricket with competitors like Pakistan, England and Australia, it can be thrilling to see these teams competing. And this naturally creates room for Indians to bet on the sport through the avenues mentioned earlier.
Because of the popularity of cricket, there are many odds available for Indian fans for tournaments like the World Cup, T20 and The Ashes. Worth mentioning is also the Indian Premier League, where players can bet on both winners and wickets. Second to cricket is hockey, which has also garnered popularity these days. While not as popular as cricket, there are odds for betting on games in this sport.
Betting Online
Because the betting market is still a gray area in terms of regulations, there is a difference between betting online and in real life in India. In most states, there are no physical shops where Indians can place bets. Instead, they must opt for online bookmakers through websites or apps. For most people, this takes the form of offshore betting, where they can have access to bet as much as they want to.
The Future of the Betting Market
The current regulations in India hinder the growth of the betting market, and makes it impossible to tax any wins from those betting offshore. In the future, it is necessary to create regulations that can benefit both players and the government. The government can earn revenue, while players can play in a safe environment with access to new odds and sports.
