Several Gambling Giants Bid for Indian Market
Posted: November 3, 2009
Updated: October 4, 2017
Word on the street is that the online gambling market may open up in India and when it does there could be
Word on the street is that the online gambling market may open up in India and when it does there could be quite a boom. There’s a very simple reason behind this assumption: population. The current population of India is soaring at over 1.2 billion. This means that if only 1% of the population wanted to gamble, there would be 12 million new gamblers. That’s a whole new market in itself!
Right now, estimates show that the, as of yet untouched, Indian online gambling market is a $60 billion dollar industry. The area that is allegedly going to grant a license is Sikkim, one of the only two states in India where casino gambling is permitted. Sikkim and Goa allow only a few types of gambling in their states. These include: trackside betting at horse races, which Indian gambling law permits nationwide, and gambling at casinos (Exclusive to Sikkim and Goa). Estimates indicate that once other Indian states see the flow of revenue that will run into Sikkim via its online gambling industry, many will be willing to open their doors as well.
Part of the issue or delay in online gambling’s entering India is the, in comparison to Western Standards, relatively low internet availability. Some of the more affluent states, however, have very high access rates. Internet gambling in India promises a solid market in these states alone.
Companies that wish to open online gambling sites in India include William Hill, Betfair, Bwin, and 888. The deals will be beneficial to India not only through the massive revenue they will be pulling in, but also because, according to Indian Law, foreign companies must partner with local joint venture operators to launch in India. This means more employment opportunities for Indians.
Betfair and Bwin have apparently had teams on the ground for some time in pursuit of information and influence. Betting on horse races brings a total of $400 million in revenue in annually. With the black market also taken into consideration, it is estimated that Indians bet over $40 billion a year.
Right now, estimates show that the, as of yet untouched, Indian online gambling market is a $60 billion dollar industry. The area that is allegedly going to grant a license is Sikkim, one of the only two states in India where casino gambling is permitted. Sikkim and Goa allow only a few types of gambling in their states. These include: trackside betting at horse races, which Indian gambling law permits nationwide, and gambling at casinos (Exclusive to Sikkim and Goa). Estimates indicate that once other Indian states see the flow of revenue that will run into Sikkim via its online gambling industry, many will be willing to open their doors as well.
Part of the issue or delay in online gambling’s entering India is the, in comparison to Western Standards, relatively low internet availability. Some of the more affluent states, however, have very high access rates. Internet gambling in India promises a solid market in these states alone.
Companies that wish to open online gambling sites in India include William Hill, Betfair, Bwin, and 888. The deals will be beneficial to India not only through the massive revenue they will be pulling in, but also because, according to Indian Law, foreign companies must partner with local joint venture operators to launch in India. This means more employment opportunities for Indians.
Betfair and Bwin have apparently had teams on the ground for some time in pursuit of information and influence. Betting on horse races brings a total of $400 million in revenue in annually. With the black market also taken into consideration, it is estimated that Indians bet over $40 billion a year.
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