A look at “Online Betting in India: An Insurmountable Mountain or Lucrative Opportunity?” The online betting market in India is experiencing significant growth of more than 20% annually. With over 370 million bettors and a GDP that’s increased twofold since 2009, the country’s rapid growth is attracting more and more global operators and B2B suppliers.
Cricket is the most popular sport for betting in India, with an estimated industry value of $150 billion. In fact, the most significant wagering events are the Indian Premier League and the International Cricket Council Men’s Twenty20.
An example of a successful fantasy sports enterprise is Dream 11, which has achieved unicorn status as India’s first fantasy sports company, offering numerous sports, including fantasy cricket, football, basketball, and hockey. The business has grown from a total of 2 million active users in 2016 to a promising 160 million active users in 2021.
Only three Indian states have legalized betting, with the legal status of betting in India remaining uncertain due to outdated legislation. Nonetheless, the Indian government is considering a new gaming bill to replace the existing Public Gaming Act (1867), acknowledging the potential tax revenue that is represented by the growing interest in betting among the middle class.
Junglee Games
The most well-known casino games with no deposit in India include strategy games such as blackjack and poker and games of pure luck like roulette and slots. Of course, there are also the locally popular card games like Teen Patti and Andar Bahar, which are worth mentioning.
There are a number of large operators that have established their presence in India, such as Bet365 and Betway. These global operators are interested in catering to popular local games. Flutter also invested in Junglee Games in 2021, which is an Indian gaming business that focuses on the traditional game of rummy that’s been played in India for more than four centuries.
Junglee Games is primarily engaged in offering market-leading skill games in India, via desktop and mobile platforms, with Junglee Rummy being its core product and amongst the largest rummy brands across the world.
Flutter owns 57.3% of Junglee Games, and in 2022, Junglee’s average monthly player count grew by 78%, reaching more than 50 million players. Flutter is interested in utilizing its global scale and operational expertise to be able to broaden the company’s offerings, including its recently introduced daily fantasy sports (DFS) product. By 2025, Flutter also has the option to purchase the whole portfolio of games offered by Junglee.
Flutter’s strategy to establish itself as a global leader involves both organic growth and acquisition, as exemplified by its acquisition of Junglee. Additionally, Flutter has recently acquired other companies such as Adjarabet, which is Georgia’s top operator, having a significant presence in Armenia; Sisal, Italy’s largest operator; and Tombola, the leading online bingo operator in the UK.
Flutter is the sole B2C investment that has significantly outperformed its peers during the past year, with a performance of +64%, compared to a median performance of -19.5% for its peers as of 3 March 2023.
Lack of Clear Regulation Leaves Stakeholders In The Dark
Although there’s great growth potential in India’s betting industry, it comes with its own set of limitations and setbacks that operators need to navigate. One of such challenges is the market’s lack of clear regulations, which leaves both investors and operators in the dark.
The new gaming bill introduced by the Indian government poses a risk for operators who could face restrictive measures or modifications in regulations that could have a bearing on their business.
Notwithstanding this lack of clarity, the Indian betting industry presents a huge opportunity for B2B suppliers as well as operators to successfully navigate their way through the market. There is no doubt a significant demand for online wagering and gaming services, with a population of more than 1.3 billion people and a middle-class population that is experiencing significant and rapid growth.
As the Indian government shifts its focus towards regulating the industry, there will be greater opportunities for operators and suppliers to enter the market and capitalize on the growing revenue potential, as a way of solidifying their position within the industry.
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