India’s online betting industry is set to experience a significant boom following the legalization of sports betting in the country. The online betting industry in India has been growing at a tremendous pace over the past few years, and the legalization of sports betting is expected to fuel the growth even further. The online betting industry in India is currently estimated to be worth around $1.5 billion, and it is projected to grow at a CAGR of 22% to reach $5 billion by 2022.
This growth can be attributed to several factors, including the widespread use of smartphones and the internet, the increasing popularity of sports in India, and the growing middle class with disposable income. The legalization of sports betting in India is expected to further boost the industry’s growth. The Law Commission of India recommended the legalization of sports betting in 2018, and several states have already taken steps to legalize it.
In July 2021, the Indian state of Karnataka became the latest state to legalize online sports betting. The legalization of sports betting is expected to benefit both the industry and the government.