One of the fastest-growing sectors in the worldwide economy is the Gambling industry. Online Sports betting is one of the most popular trends right now. In 2019, the entire gambling market was valued at 12.5 billion USD, and also it is expected to grow even bigger within the next five years.
Sports betting is getting popular in the world. In India, you will be able to find a cricket lover in every household. Nowadays people are moving forward to online sports betting, especially at the time of IPL. There have been a lot of debates and discussions going on whether online sports betting is legal in India.
Well, online betting is not completely legal in India. However, some sports betting exists in some sort of grey area. There’s a lot of confusion regarding the legality of betting. There is no such law in India that prohibits Indians from using online betting sites that are based in other countries, where online betting is legal. The Law of India sees sports betting as an unlawful act. Therefore, the betting site server has to be based in other countries for it to be legal.
India may legalize online betting
According to the sources, it is possible that maybe India will legalize online betting in the coming future. This industry is attracting many people to put a bet online and earn well. In fact, in India, Sikkim is one state where betting on cricket is legal. But the point to worry about is people are committing suicide because of money loss in online betting. Such cases are only increasing day by day.
One reason behind the growth of this industry is technology. Since 2020, Indians are spending 1/3 of the waking hours on smartphones. Many developers are developing these online betting apps which are attracting more and more people to this betting thing. They know how to play with the minds of people and how to attract the Indian audience.
The most crucial reason for rising sports online betting is the popularity of sports such as football and cricket. You can find so many people who are die-hard fans of these games. This gives a tremendous boost to the online betting industry in India. The sports betting industry still exists if these two sports are not there, but because of these two sports only, the online betting industry is showing enormous growth.