Market Insights Digital eServices Online Gambling

Online Sports Betting

India

Revenue in the Online Sports Betting market is projected to reach €1.83bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 7.13%, resulting in a projected market volume of €2.41bn by 2028.
In the Online Sports Betting market, the number of users is expected to amount to 18.1m users by 2028.
User penetration will be 1.0% in 2024 and is expected to hit 1.2% by 2028.
The average revenue per user (ARPU) is expected to amount to €125.60.
In global comparison, most revenue will be generated in Australia (€9,048.00m in 2024).
With a projected rate of 48.9%, the user penetration in the Online Sports Betting market is highest in Canada.

Key regions: Brazil, Germany, Japan, Europe, South Korea

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Analyst Opinion

The Online Sports Betting market in India is experiencing significant growth and development, driven by changing customer preferences and favorable local circumstances.

Customer preferences: Indian consumers are increasingly turning to online sports betting as a convenient and exciting way to engage with their favorite sports. The convenience of placing bets from the comfort of their own homes, coupled with the availability of a wide range of sports and betting options, has made online sports betting a popular choice among Indian bettors. Additionally, the rise of mobile technology and the widespread use of smartphones has further fueled the growth of online sports betting in India, as it allows users to place bets on the go.

Trends in the market: One of the key trends in the Indian online sports betting market is the increasing popularity of cricket betting. Cricket is the most popular sport in India, and the Indian Premier League (IPL) attracts a large number of bettors. The popularity of cricket betting has been further enhanced by the availability of live streaming and in-play betting options, which allow bettors to place bets in real-time while watching the game. Another trend in the market is the growing interest in international sports betting. While cricket remains the dominant sport, there is a growing demand for betting on other sports such as football, tennis, and basketball. This trend can be attributed to the increasing exposure of Indian consumers to international sports through television and online platforms, as well as the success of Indian athletes in these sports.

Local special circumstances: The legal framework surrounding online sports betting in India is complex. While online sports betting is not explicitly regulated, it is not illegal either. The legality of online sports betting in India is determined on a state-by-state basis, with some states allowing it while others prohibit it. This has created a fragmented market, with different operators catering to different states. Another special circumstance in the Indian market is the prevalence of cash-based transactions. While online payment methods are gaining popularity, a significant portion of the Indian population still prefers to use cash for their transactions. This has led to the emergence of cash-based payment options in the online sports betting industry, such as prepaid cards and vouchers, to cater to this segment of the market.

Underlying macroeconomic factors: India's growing middle class and increasing disposable income are key macroeconomic factors driving the growth of the online sports betting market. As more Indians enter the middle class and experience rising incomes, they have more discretionary income to spend on leisure activities such as sports betting. Additionally, the rapid growth of internet penetration in India has made online sports betting more accessible to a larger segment of the population. In conclusion, the Online Sports Betting market in India is witnessing significant growth and development due to changing customer preferences, favorable local circumstances, and underlying macroeconomic factors. The popularity of cricket betting, the increasing interest in international sports, the complex legal framework, and the prevalence of cash-based transactions are all shaping the market landscape in India. As the Indian economy continues to grow and more Indians gain access to the internet, the online sports betting market is expected to flourish further in the coming years.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on Gross Gambling Revenue (GGR) and represent what consumers pay for these products and services. The user metrics show the number of customers who have made at least one online purchase within the past 12 months.

Modeling approach / Market size:

Market sizes are determined through a bottom-up approach, building on predefined factors for each market segment. As a basis for evaluating markets, we use annual financial reports of the market-leading companies, third-party studies, and reports, as well as survey results from our primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, GDP per capita, and internet connection speed. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing. The main drivers are internet users, the urban population, the usage of key players, and attitudes toward online services.

Additional notes:

The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. GCS data is reweighted for representativeness.