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How Will the Indian Gambling Market Change Following the 2023 Cricket World Cup?

Updated on by Mattias Fröbrant

As the Cricket World Cup is already well underway, fans from all around the world gather to watch and place bets on India’s games.

Ever since online gambling became more widespread in India, more Indians have been partaking in the activity, whether it be sports betting or various types of casino games.

With the betting at the current Cricket World Cup, the chances that bettors will discover different types of gambling are high.

The Cricket World Cup

Not only has predicting the winner of this year’s Cricket World Cup become a pastime activity, but it has also become an entire industry. Sports betting has been on the rise for long, as sports fans could take the fan experience to the next level.

By analysing predictions thoroughly, fans could get help from bookmakers’ odds to get a glimpse of which teams could take home the trophy. As of now, the odds of India as the winner of the entire tournament are high, with odds of 11/10. If India takes on the title as winner, this could potentially mean a rise in bets, as well as a rise in gamblers.

New Casino Games On The Rise

While sports betting is relatively straightforward – place a bet on one team and hope for the best, playing at an online casino seems even more straightforward. As seen on the CasinoDays website, while there is an abundance of casino games to choose from, they aren’t more challenging to get the hang of.

With everything from slots to jackpots, this is an epicenter for entertainment, especially for those who cannot play at brick-and-mortar casinos in their region.

As more gamblers enter the market, the developers continuously spit out new casino games to meet unique needs and follow new developments in the gaming sector. This makes for new understandings of wagering requirements as well as new sports bonuses.

New Tax On Online Gaming

It attracted attention when it was announced that the Council would impose a 28% tax on bets in online gaming, casinos, and horse racing bets. Eighteen states in India have passed changes to their Goods and Services Tax laws.

Even though not all states have passed the laws yet, the tax change should take effect soon. This would affect e-gaming firms, as they would have to pay 28% in taxes on players’ bets.

Even though some gaming companies have written to the government with the hope of getting the decision withdrawn, it looks like this will be the future for the gaming companies. Ultimately, this could affect a possible boom in the sector, which was otherwise expected following the World Cup.

Growth in Illegal Gambling

Concurrently with the World Cup, illegal gambling has also picked up speed. According to a report from Think Change Froum, the market receives an estimated 8,20,000 crore a year. While gambling has gained popularity in recent years, this is the darker side of the industry.

There have been efforts to regulate the market; however, the illegal betting market has still grown. To combat the illicit market, there has been talk of a new task force that would monitor unlawful betting activities and force them to register in India instead.

The Future of The Market

Because this year’s Cricket World Cup could bring new sports fans and, therefore, new bettors, the gaming companies are expected to take advantage of this momentum. Subsequently, authorities should take a look at the illegal gambling market. More illegal platforms could result in a substantial tax loss and affect bettors if they play on what they believe is a legal site.

Mattias Fröbrant is a passionate iGaming journalist renowned for his comprehensive reviews of over 300 gambling sites in India. With a remarkable 17-year gambling experience and a background working for industry giants like Betsson Group, Mattias has earned recognition as a leading expert in the Indian online gambling field.

At GamblingBaba, Mattias’s commitment to providing accurate and easily digestible information shines through meticulously researched reviews, guides, and news articles. His strong belief in honesty and transparency ensures that readers receive the most reliable insights on the Indian gambling landscape.

To get in touch with Mattias, connect via Linkedin.

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