The Indian Premier League has risen to become one of the most popular and awaited sports tournaments, not just in India, but also in the world. So it is hardly surprising that the IPL has become an object of much interest for the online betting industry that is growing at a steady rate within the country.
Real-money gaming apps, fantasy sports apps, and online betting sites have become staples for people who want to safely bet on matches from the comfort of their homes. And one of the most important reasons why online betting has quickly gained prominence in the last couple of years is India’s rapid switch to digital payments.
While there is a considerable debate about whether or not the Indian public can bet on the IPL online, the Public Gambling Act of 1867, which creates the basis for most state legislation regarding gambling, makes no mention of online betting.
Thus, due to this technicality of online betting not being strictly illegal, the industry has begun to thrive, with a growing surge of both new companies and new users.
Digital Payments and the Rise of Online Gambling
Thanks to events such as the Demonetization in 2016 and then the COVID-19 pandemic in 2020 brought the largely cash-dependent economy of India to come to standstill.
At this point, digital payment methods, first starting with e-wallets such as Paytm, and then the Unified Payments Interface, or UPI, gave Indians an alternative method of handling day-to-day payments.
UPI saw an exponential growth following the 3-month lockdown in India, users almost doubling up in a couple of months after October 2020. This easy access and reliance on UPI apps made the Indian public less skeptical of digital payments.
As more and more betting sites began to accept payments in UPI or through Paytm and PhonePe, it became convenient and quick for users to sign up on such apps and bet on sporting events, such as the IPL.
With the help of digital payments and the context of the lockdown, which did not allow people to leave their homes, the users interested in online betting gradually began to stop using illegal underground bookies. The delayed IPL 2020 recorded a dramatic increase in the use of IPL betting sites by Indian cricket fans, despite the economy having taken a hit earlier that year.
Other factors that have contributed to this growth in the sports betting sector include the cheaper data packs that Indian telcos are providing to users as well as the advancements in smartphone technology, which is now available at rather affordable prices.
Websites that used to be only dominated by the privileged classes up until a few years ago are now traversed by the lower classes as well. This obviously also means that there is a widening user base for the online betting industry, and this steady growth curve might not flatten any time soon.
(Syndicated press content is neither written, edited or endorsed by ED Times)
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