Despite strict regulations outlined in the Gambling Act, sports betting apps are gaining popularity in India, with 19.4 lakh new downloads in 2023, raising concerns.
Globally, sports betting apps saw 4.2 crore downloads in Q4 2023, compared to 3.7 crore in Q4 2022.
Consumer spending on sports betting in India rose significantly to $121,000 in 2023 from $105,000 in 2022, with the fantasy sports sector also experiencing growth.
India’s dominance in fantasy sports is evident, with nine Indian firms ranking among the top 10 most downloaded apps worldwide.
India’s gaming segment, with 455 million gamers, has become the fourth-largest in the Media & Entertainment sector, with real-money gaming contributing significantly to segment revenues.
The unregulated gambling industry in India, estimated at Rs 8,20,000 crore, sees significant activity during events like the IPL and elections.
While the government banned 174 betting and gaming apps in December 2023, the lack of a definitive law governing online betting leaves the sector largely unregulated, operating in a legal gray area.
