Online betting is hottest upcoming business trend in India, says Tomesh Kulkarni, Chief Editor of MyBetting.in
MyBetting is a start-up composed of a small team of betting experts and dedicated writers with a passion for sports and online betting. MyBetting aims to make online betting seamless for Indian players.
The website of MyBetting.in guides Indian players through their online betting experience, answering all the common questions and busting the most persistent myths related to betting in India. It has helped several players get started with online betting in a safe and legal way in India.
We sat down with the founder and editor of MyBetting, Mr. Tomesh Kulkarni, and had a talk about why he believes online betting is one of the hottest upcoming industries in India.
Mr. Tomesh, could you please shed some light on the current state of the online betting industry?
TK: The online betting industry is a multibillion-dollar industry that is forecasted to continue growing at a significant pace.
As per a recent market report, the international online betting market is set to grow at a Compound Annual Growth Rate (CAGR) of 11.94% from 2020 to 2025. While it might sound surprising, the same trends are seen in the Indian betting industry as well.
India is seen as one of the next frontiers of online betting, which is why we are seeing so many international betting companies move in and try to capture market share.
This is due to the fact that India has a huge population which is growing wealthier every year, and thus have more disposable income to use on things like online betting.
Also, the legal landscape seems to be moving in the direction of increased regulation, which is also good news for the international betting companies, because they like to operate in a legal and transparent environment.
In the last 2 years several Indian startups have also entered the scene and I do expect this trend to continue. This is why I won’t hesitate to say that online betting is hands down the hottest upcoming business trend in India.
That is very interesting! In your opinion what has led to this surge in online betting in India?
TK: The main driving force for the growth in online betting has been the increased countrywide internet penetration which has happened during the course of the last ten years.
It has always been known that physical gambling in India was illegal, however, with the advent of the internet, people have had the opportunity to gamble legally on betting sites that were not hosted in India.
And then in the past 2 years, betting sites have become even more widely available as they have started processing transactions in Indian rupees and using Indian payment systems.
In the past, online betting was made difficult by banks as they denied transferring money to betting sites via bank transfer, as well as with bank cards such as MasterCard or VISA card.. This discouraged several enthusiasts to indulge in online betting. I
Increasingly, betting sites are overcoming this hurdle by enabling new deposit methods like UPI and local e-wallets such as Google Pay, PhonePe, PayTM.
Making it easier for players to make transactions on betting sites has proved to be a key element in driving the expansion of online betting in India.
The forecast for the online betting industry in India is certainly promising. However, do you foresee that laws and regulations by the government could hamper this growth?
TK: In India, the laws governing betting have so far been left mainly to each individual state.
Recently, a few Indian states have banned online betting. However, the governments of these states are failing to understand that these restrictions will lead to an increase in scams and fraudulent activities.
I am quite positive that the Indian governments at all levels will be in favor of the growth of an industry that has such a huge taxable revenue potential.
In my opinion, It will just be a matter of time before we see the online betting industry regulated in India.
Readers interested in learning more about online betting in India should visit MyBetting.in where they can read more about betting sites.