India has a large cricket fan following that extends beyond its borders, making it the most popular sport in the country. Even if it isn’t the official national sport, it now seems to be the case because every time a huge cricket event is on, you can be sure that everyone will watch it.
Aside from cricket, India also has a knack for gambling, so it’s no surprise that cricket betting is another popular industry in the country.
The popularity of cricket betting has increased significantly in India in recent years due to online betting platforms. In this article, we will explore the popularity of cricket online betting in India, the latest stats, and the projected market value.
India’s Fascination with Cricket Online Betting
Cricket is undoubtedly the most-watched sport in India, and cricket betting has become an integral part of the game’s popularity.
According to a report by the Federation of Indian Chambers of Commerce and Industry (FICCI) in 2019, the annual online betting on cricket is valued at around INR 3-4 trillion ($40-$50 billion) in the country.
The popularity of cricket betting has seen a significant surge since the introduction of the Indian Premier League (IPL) in 2008. The IPL has become one of the most-watched T20 leagues in the world and has attracted the attention of cricket fans across the globe.
With millions of rupees wagered on every game, the tournament is also the most popular event for online betting. Besides the IPL, some of the popular sports events that are mostly wagered on by Indians are football, tennis, horse racing, and kabaddi.
India’s Latest Statistics on Cricket Betting Online
The truth is that it’s hard to gauge how big the industry is, and so there is quite a difference in the numbers reported over the years. The main reason for this is that the online betting industry in India isn’t regulated.
That said, underground betting activities are unaccounted for. The report from FCCI likely includes an estimate on the underground market.
The Indian Federation of Sports Gaming (IFSG) and AC Nielsen are the ones to release a 2023 report regarding the matter, and it’s likely the estimate of official cricket betting channels.
According to their report, the online sports betting market in India is estimated to be worth INR 7,000 crores ($950 million) in 2023. The report also suggests that cricket is the most popular sport for online betting in India, with over 80% of the total betting volume.
They further state that the online cricket betting market is expected to grow at a CAGR of 30% and reach a market value of INR 16,000 crores ($2.2 billion) by 2023. That said, cricket betting online will continue to be the most popular form of sports betting in India, contributing significantly to the country’s economy.
The Impact of the Pandemic on Cricket Betting Online in India
It’s undeniable that the COVID-19 pandemic had a severe impact on the sports industry, with several sporting events being postponed or canceled.
It also had a significant impact on the online betting industry, including cricket betting. With no live sports events to bet on, the online betting industry in India witnessed a significant drop in revenue.
However, the industry soon adapted to the new normal, and online betting on virtual sports events and e-sports tournaments saw a surge in popularity. Cricket online betting also made a comeback with the resumption of the IPL in 2020, albeit in a bio-secure bubble environment.
It didn’t take long before the betting industry started to recuperate. Now that things in the sports industry are basically back to normal, sports betting activities are also back to their glory, and more people are simply more interested in cricket betting than ever.
Wrapping Up: A Look at the Future of Online Cricket Betting in India
With the online betting industry witnessing a significant surge in popularity, the prospects of cricket online betting in India look promising. The advent of mobile technology and the internet has made it easier for sports enthusiasts to bet on their favorite sports from the comfort of their homes.
The government of India has also recognized the potential of the online betting industry and is taking steps to regulate it. However, there are also states like Karnataka and Tamil Nadu that want to prohibit online betting instead.
There’s a chance that online gambling activities will be banned in certain states instead, but key stakeholders of the industry are still hoping that the sector will be regulated instead.
The numbers alone indicate that regulating online betting including cricket betting in India could do the country’s economy good. However, the risks are still worth looking into. What the whole country has yet to do about the industry is still to unfold.