Future of Betting Industry in India
The global online gambling market was valued at $53.7 billion in 2019, and this number has only increased over the last year. Undoubtedly, India has an important role to play in the betting industry globally.
As a matter of fact, sports betting has long been an integral part of India. It has been growing popular over the years, to such an extent that the gambling industry now runs into the billions. This comes despite the fact that sports betting in India is still considered illegal. However, online sports betting continues to remain in a legal grey area, which is why the gambling industry has been rapidly growing over the past few years.
Reasons behind the Ever-Rising Popularity of Betting Industry
The Rise of Technology
More and more Indians are adopting the use of technology in their everyday lives. Mobile phones and smartphones are among the most popular methods people indulge in their love for sports betting. And with the introduction of online betting applications and sites, people have found it easy and convenient to place bets with online bookies.
The Popularity of Cricket
India is a cricket-crazed country. As a result of the popularity of cricket, betting on cricket has also become popular. The kind of popularity that cricket enjoys will give the gambling industry the push that it needs and make it grow in the coming years.
With the rise of sports betting in India, there is an increased possibility of the legalization of online gambling. There is very little legislation currently regarding sports betting, and whatever does exist all centers around a single act, the Public Gambling Act 1867. However, with more and more internet users currently interested in sports betting, there is a possibility that legislation will soon be put in place.
This industry, therefore, is likely to be an extremely profitable industry in the future. Those looking to enter the industry as a sportsbook will be able to rake in profits if they can cater to the rising demands of the betting population.
What Are Some Of The Things That You Need To Have As A Bookie In Order To Enter The Business?
An Excellent Software
First and foremost, you must invest in betting software that is good enough to run a large sportsbook. It must be capable of hosting a number of sports leagues, international sporting events, sports markets, and bet types. Of course, if you are catering to the Indian population, your sportsbook needs to focus on cricket, which most people tend to bet on.
A Custom Website
You need to have a well-designed and user-friendly website. Most people look for websites that are not only functional but also aesthetically pleasing.
The number of bettors in India who are using smartphones for their gambling activities is increasing by the day. It is, therefore, crucial for you as a bookmaker to offer a mobile app or at least a mobile-friendly website.
You need to have a call center up and running before you even get players on board. Bookies that offer several different communication channels and professional experts who can respond quickly and clearly tend to do better with retaining customers than others.
Safety and Reliability
Gambling is inherently a risky business. Nonetheless, players will be on the lookout for a bookmaker that is able to offer them excellent security and reliability. So, this is one important factor you must look out for.
The future of the betting industry in India certainly looks bright right now. If you are looking to enter the business yourself, then hop on! You’re in for a ride!
* It is an independent thought of the writer, and Business Connect Magazine doesn’t take any responsibility for the content.