- April 14, 2023
India is a country in South Asia that has a population of more than 1.4 billion. That makes it the country with the second-largest population in the world. India also belonged to the list of the countries with the largest economy, ranking at 7th this year with a GDP of 2.72 trillion. But are these numbers enough to keep the gaming market industry in India going? Let’s find out.
Gaming Market Analysis
Gambling is not illegal in entire India. In fact, online gambling was officially legalized in Goa, Daman, and Sikkim last year. Therefore, the legality of gambling, both physical and online, depends on the rules of each state in India.
Indians are known to like card games and sports like cricket, which is one of their favorites. This has become a great opportunity for the Indian sports betting market industry to grow. Moreover, the online gambling market is never far behind because of the application of the Internet and the popularization of smartphones in India. Physical casinos being only legal in three states in India also contributed to the rise of online gambling.
Additionally, online gambling platforms now accept mobile payments. India, one of the countries with the most developed mobile wallets in the world, made it more convenient and easier for Indians to gamble online. In fact, Indians use mobile payment on a daily basis.
As a result, the gaming market of India was at USD 2.6 billion last year and is now expected to reach USD 8.6 billion in the year 2027. Moreover, India was expected to be one of the world’s leading market destinations in the gaming industry. At a time, the country ranked fifth among the world’s top mobile gaming markets. But is the gaming market in India still as good as it was? And has it still progressed enough to compete with other countries?
The GDP per capita each year in India is not as good as the other countries. In 2021, India had a GDP of USD 2,279.51. In 2022, it was at USD 2,465.87 and was expected to reach USD 2,691.2 by the end of this year. Indeed, it progresses each year, but it only progresses a small amount compared to other countries. In gambling, money is needed. You need money to make more money. With the GDP of India, it is not just enough to keep up with the gambling needs of the Indians.
Summary of India's Gaming Market
Although India has a population advantage, it may not be enough to keep the gaming market industry in the country going. India's expected GDP per capita by the end of this year was closely equivalent to China’s GDP in 2007, Russia’s in 1994, and Mexico’s in 1989. Therefore, India’s GDP is way behind other countries. In addition, the income per Indian is not enough to suffice a gambling need. In a survey conducted in 2022, 69% of Indians struggle with financial insecurity because of their average monthly income of RS 23,000 (USD 282). The income alone is just enough for their family’s necessities, and gambling is a luxury hobby.
As a result, the current gaming market in India does not have a good chance at this moment. The entire Indian gaming market is still in its early stage and has not progressed enough compared to other countries.