Sports and especially cricket have a special place in Indians’ hearts, given that the Indian Premier League is the most loved and watched cricket tournament in India. The excitement of seeing your favorite team win is overwhelming. Perhaps, there is something more overwhelming and thrilling about cricket or any sports, for that matters – Placing a bet on your favorite team, match, tournament, or even on your favorite player!
Online casinos in India have gained a significant place in punters’ hearts as they allow you to place a bet on your favorite team, play exciting games, experience the thrill, and many more without having to travel to a brick-and-mortar casino.
Meanwhile, the Indian Premier League is celebrated like a festival in India; it also helps the businesses generate 10X profit. According to the Financial Express, Star Sports is posed to earn around 3600 crore rupees with IPL. Star Sports broadcast the live stream of matches, but various sponsors of IPL make millions during IPL.
Online Gambling in India
According to Taxscan, around 80% of the Indian population gamble at online casinos or otherwise once a year. Gambling in India has been popular since the medieval period when people used to gamble on who would be the next king or win a small match in their area. Indian folklore, which is believed to have occurred around 5000 years ago, has traces of gambling in Mahabharata’s epic mythological story.
Indian Premier League and other tournaments have boosted the online gambling industry in India, which is why most Western gambling sites invest in India.
The legality of Gambling in India
Since India doesn’t hold a central power over a state’s decision, it depends on each state to legalize gambling. Offline gambling is considered illegal in India apart from Goa, Sikkim, and Daman. This condition requires a punter to travel to Goa or any above-mentioned three states to place their bets (in any brick-and-mortar casino).
The reviewers at casinofox.in have rated the top 10 online casinos that have made it possible for every punter to place a bet from wherever he/she is present. Talking about the legality of online casinos in India, it is still under the grey area. Indian government upholds the decision by stating that any activity which falls under the “game of chance” is illegal and any action which falls under the “game of skills’ is legal. However, it is very tough or next to impossible to have any game which involves luck as almost all games involve the combination of skills and luck.
However, online gambling licenses have given a ray of hope and changed the entire scenario of how the online casino works. Online casinos are licensed and regulated – hence, punters experience no frauds. This enables the Indian government to look closely into the status of online gambling in India and make empowered decisions. Before selecting an online casino to place a bet, one must look into the ongoing trends and licenses for responsible gaming.
Online Casino revenue to increase during IPL
Punters place their bet online because they have various options such as bonuses, excellent VR, live streaming options, live dealers, and others. Placing bets on sports has been the best kind of gambling activity in decades; India’s online gambling industry earned a revenue of around 62 billion in 2019. Experts suggest that the revenue is supposed to grow 500% in the next four years, and sports betting, significantly, the Indian Premier League, would hold more than 40% share of it.
Indians are watching IPL matches on their phones or TV cables with the current situation being in place. And online casinos, backed by great software providers, offer the Indian bettor to watch the live stream and place a bet simultaneously. In short, the bettor doesn’t have to pay unnecessary cable bills to watch the match and place the bet.
As per the reports, 50% of the Indian population used mobile as their prime gambling gadgets in 2019 and the usage has grown simultaneously.
Fantasy sports is another booming industry that profits a lot during the IPL tournament. According to the Mint, Online fantasy platforms generated 250 crores rupees only from the tax deducted at sources on winnings. The earnings through downloading of fantasy sports apps and playing on its mobile version, including advertisements, were way too high in 2020. And the reports say that the earnings of Fantasy sports in 2021 will surpass all previous records.
Online casinos have also earned a considerable margin, and their revenue streams have increased 10X with the Indian Premier League. Presently, the revenue streams will cross all the barriers due to the current ongoing situation of COVID-19, where more people are interested in placing bets online.
Indian Premier League is a tournament that boosts various businesses’ revenue streams such as advertisements, Fantasy sports, broadcast partners, players, online casinos, and others. With more people being interested in the tournament and Indians being a lover of crickets, it wouldn’t be wrong to say that earnings of online casinos through Indian Premier League 2021 will surpass previous IPL seasons!