Exciting times await the online Indian gaming sector in India, with Prime Minister Modi reiterating the view of India’s government that the focus on developing the industry should be a top priority for the country.
Referencing the mammoth potential existing in India’s technology sphere in an inaugural address at the post-budget Technology Enabled Development webinar, Modi was pleading for more investment from lawmakers to further establish their presence in a vast international market.
Citing India’s rich cultural history, Modi believes developers should focus on the strong themes of his country’s folk tales to help cement its status as a world leader in providing gaming technology in Indian Gaming Sector.
It marks another positive development for proponents of fit and proper governmental regulation of India’s gambling industry. As the popularity of online gambling continues to grow in India, industry experts are arguing there is no reason why there cannot be the same kind of financial focus on what is essentially an extension of the online gaming sector.
The Current Value Of India’s Online Gaming Industry Is Soaring
The sector is to experience stratospheric growth by 2025, according to a report by KPMG International Limited last year.
The financial services company predicts that the industry (casual games, real-money card and casino games, and online fantasy sports) will grow 113% by 2025 to reach INR 290 billion ($3.91 billion).
The incredible growth forecast is, in part, due to the room there is to expand into, a report from Boston Consulting Group and Sequoia suggests.
A mere 46% of Indians had access to the Internet in 2020, lagging way behind comparative markets China (60%) and the USA (89%). That’s not all – just 22% of the Indian population played at least one mobile game in 2020, contrasting to 45% in China and 52% in the USA.
Those numbers will rapidly increase over the next few years, especially given the government’s plan to roll out indigenous 5G connectivity over the next year. For years, Indian citizens relied on importing 2G, 3G, and 4G networks from abroad – but with 5G wireless broadband technologies in India, users will enjoy higher data speeds and a quicker user experience.
Why Can Gambling Legislation Bring More Benefits To India?
Recent judgements in India’s high courts suggest the country is reinventing its approach to online betting after many years of complex and convoluted gambling prohibition. According to a recent study from industry specialists ENV Media, the benefits of legalisation would outweigh the drawbacks.
Modi’s government, still recovering from the financial difficulties of Covid-19, can rake in billions in additional funding through taxation and stimulating investor interest with a national body in place, the report suggests.
The paper, titled Gambling Licenses And Regulated Markets, also highlights the importance of tackling illegal gambling operations, which cost the taxpayer millions of dollars every year.
The paper states: “In a nation with widespread illegal betting and gambling (reportedly worth well over $100bn annually), criminal activity has had the chance to flourish and continues to engage public resources and law-enforcement efforts. Emerging markets (India in particular but not only) will benefit from creating a Central regulatory framework, a Gambling oversight body, and a Consumer Data protection regulation.”
How Will Proper Regulation Of The Gaming Sector Improve Job Prospects In India?
To see the broader benefits of gambling licensing in India, one only has to look at the popularity of sporting events, such as the Indian Premier League (IPL).
One of the largest competitions in world sport, it attracts millions of IPL betting enthusiasts throughout the year and boasts a mega financial ecosystem brimming with valuable sponsorship deals.
By introducing a national authority to oversee safe and responsible betting practices, the government would increase taxation profits and the ability to reinvest in grassroots community projects. That means more coaches, more outreach programmes, and more jobs.