Cricket is the most popular sport in India, with a massive fan base that reaches beyond its boundaries. Even though it isn’t the recognized national sport, everyone seems to be following every major cricketing event, despite the fact that it isn’t.
It is not surprising that cricket betting is a popular sector in India since gambling is also widely practiced there in addition to cricket.
Online betting sites have greatly enhanced the popularity of cricket betting in India in recent years. This article examines cricket online betting in India’s popularity, most recent data, and anticipated market size.
India’s fascination with cricket online betting
Unquestionably, cricket is the sport that receives the greatest television attention in India, and cricket betting has contributed significantly to this popularity.
According to a research by the Federation of Indian Chambers of Commerce and Industry (FICCI), the country’s annual online wagering on cricket is estimated to be worth between 3 and 4 trillion ($40 and $50 billion) in 2019.
Since the 2008 launch of the Indian Premier League (IPL), popularity of cricket betting has increased significantly. Cricket fans from all around the world have been interested in the IPL, which has grown to be one of the most watched T20 tournaments in the world.
The tournament is one of the most widely bet-on events online, with lakhs of rupees on the line for each game. Football, tennis, horse racing, and kabaddi are a few more prominent sporting activities that most Indians wager on in addition to the IPL.
Latest Statistics on Online Cricket Betting in India
The numbers published over the years have changed substantially because it’s difficult to determine the exact size of the sector. The primary cause of this is the absence of regulation in India’s online betting market.
Despite this, there are unreported illegal betting activity. There will probably be a review of the gray market in the FCCI report.
This is the estimate of authorized cricket betting channels, according to a report that will be released in 2023 by the Indian Federation of Sports Gaming (IFSG) and AC Nielsen.
In 2023, it is predicted that the Indian industry for online sports betting will be worth INR 7,000 crore ($950 million). According to the survey, cricket is the sport that Indians wager most heavily on online (almost 80%). total amount wagered.
they add that betting on cricket internet By 2023, the market is anticipated to develop at a CAGR of 30% and reach a value of INR 16,000 crores ($2.2 billion). Despite this, cricket betting will continue to be the most widely used sport for wagering in India, making a considerable contribution. economics of the nation.
Impact of the Pandemic on Online Cricket Betting in India
The COVID-19 epidemic has unquestionably had a significant influence on the sports sector, as evidenced by the numerous sporting events that have been rescheduled or canceled.
It had a big effect on cricket betting as well as the internet gambling sector. The internet betting market in India suffered a big decline in revenue because there were no live sporting events to wager on.
Nonetheless, the market swiftly adjusted to the new normal, and e-sports competitions and online betting on virtual sporting events have grown in popularity. With the return of the IPL in 2020, cricket online betting also made a comeback, albeit in a bio-secure bubble environment.
The betting market quickly began to flourish once more. As the sports sector is now largely back to normal, sports betting is also back in full force, and more individuals than ever are interested in betting on cricket.
Conclusion: A look at the future of online cricket betting in India
visiting with The gambling market is experiencing a tremendous boom. The future of cricket online betting in India is bright in terms of popularity. Sports fans may now place wagers on their preferred games from the comfort of their homes thanks to the development of mobile technology and the internet.
The Indian government has also seen the potential of the internet gambling market and is attempting to regulate it. Yet, some governments, including Karnataka and Tamil Nadu, would want to outlaw online gambling.
Although it is anticipated that some jurisdictions would instead outlaw online gambling, important players in the sector are still holding out hope that the industry will instead be controlled.
The data alone demonstrates how much appropriate regulation of online betting, especially cricket betting, might accomplish for India’s economy. The dangers are still important to be aware of. It is yet to be seen what the nation as a whole must do about the sector.