Cricket is the world’s second most popular sport, trailing only football. There are 2.5 billion+ more cricket fans worldwide. Cricket betting is popular in India, England, and Australia. Here’s a complete understanding of the cricket betting market:
Gambling in various forms has been in India for many decades. Whether it’s a person betting or simply a family playing card games, they bet small stakes to make things more fun. Gambling has long been a part of Indian entertainment culture.
Cricket has played a vital role in Indian sports society for many decades. It quickly became the game of choice among millions after being introduced by the British. It has become something of an obsession for the average Indian. The fan base numbers are in tens of millions. The sport represents a massive money-making market.
Where is online cricket betting famous?
Go to some websites and you will find reviews of the best and most recent sports betting sites. Based on the country of residence, you only need to look at cricket events where betting is prevalent.
Some features, like in-play betting, have also increased the popularity of cricket betting in India. Once a cricket match has begun, it is possible to place bets on it.
Is online cricket betting legal in India?
The legality of cricket betting in India is debatable. Betting is illegal in India, according to the Public Gaming Act of 1867. The law states that betting on games of pure skill is not prohibited. One can argue that predicting the outcome of a cricket match is a skilful endeavour.
Furthermore, the law does not refer to online cricket betting.
It is sufficient to know that working for online cricket betting ads is legal for Indian players. Some states have made it illegal, while others have regulated it. To be on the safe side, research your local laws and regulations.
This legal ambiguity has prevented India’s online betting industry from flourishing.
The Indian cricket betting market
The cricket betting market, including the underground market, is worth more than $1 trillion. Today, it is gaining traction in several countries. It will continue to expand. India is a country that enjoys both sports and gambling. It’s no surprise that the two have merged to form a thriving and popular local industry.
There is a lack of trusted data in the cricket betting industry. It’s not easy to find solid and statistical answers to these questions. According to some sources, more than 140 million people in India bet regularly. This number rises to 370 million during huge events such as the IPL. Estimates show us that approximately 80% of these bets are match-winners.
As per estimates, the illegal cricket betting market is worth up to $150 billion or Rs. 9.9 lakh crore per year. It’s a staggering sum that dwarfs the legal cricket betting industry’s annual revenue. It’s around $3 billion by the end of 2022.
Across India, the illegal cricket betting industry thrives in back alleys, on the streets, and in villages. It is an unregulated and unsupervised industry. The rise of the online betting industry in India in recent years has demonstrated the importance of gambling.
Over 30 online betting companies operate in the metro cities, and many sports bets placed here are for cricket, as expected. During cricket events, such as the Indian Premier League (IPL) or the ICC Men’s World Cup, is taking place, bets tend to rise.
Smartphones have become more affordable, encouraging more people to purchase their own devices. As a result, the market size for cricket betting is rising.
What about other countries?
That begs the question of what the figures are. It attracts many gamblers worldwide. The global sports betting market is valued at $185.047 billion in 2021 and is thriving.
Cricket is one of the most popular sports in betting markets. It is a priority whenever a new online betting platform goes live. It accounts for a sizable portion of the betting activity in the Indian market.
Online cricket betting will eventually replace traditional betting shortly. The cricket betting market is growing everywhere, and this trend will thrive in the coming years.
Online cricket betting is more convenient for those with limited disposable income. Indians have no problem placing as low as 100 rupees bets on a cricket match to get good returns on winning. The 5G will be available by the end of next year. It will allow people to bet more with their mobile devices.