Cricket has played an important role in Indian society for centuries. Today, cricket has become an obsession for the average Indian. With tens of millions of followers, the sport accounts for nearly 85% of India’s sports economy.
Nowadays, cricket betting is an important and integral part of the cricket industry.
The actual legality of cricket betting in India is unclear. So, what are the implications for cricket betting? Cricket betting currently exists in a strange grey area. It’s not legal and it’s not illegal. That’s where it is until the Indian government decides to legalize online betting.
Due to the aforementioned obscurity of the cricket betting industry, it is difficult to find reliable and statistical answers to these questions.
To get a better idea of the size and scale of the cricket betting industry in India, we refer to MyBetting. This is an online betting guide that helps Indian players understand all the intricacies of online betting.
According to the online betting statistics provided by MyBetting, over 140 million people in India bet regularly. During major tournaments like the IPL, that number can be as high as 370 million. A conservative estimate is that around 80% of these bets are placed on cricket matches.
The cricket betting market in India can be broadly divided into two different boxes: the legal and the illegal cricket betting market.
Why is the illegal cricket betting market so much bigger than the legal market?
The answer to this question is the lack of internet penetration in India. Most people still do not have regular and consistent access to the internet, which is essential if they want to use international betting sites.
According to estimates provided by MyBetting, 40% of Indians with access to the internet will visit an online betting site at some point.
So, if we go by this statistic, we can deduce that as internet penetration in India grows, the percentage of legal cricket betting in India will also grow, while the share of illegal cricket betting will decline.
The overall online betting market in India is growing at a rapid rate of 20% per year, and the largest share of this growth is occurring in the cricket betting market. As you may have guessed: the cricket betting market will continue to grow rapidly over the next 5-10 years.
The result of this is that more and more international online betting sites will open stores in India and try to attract Indian players with better offers and more cricket options. This is ultimately a good thing for the Indian betting player as he will have more options and offers to choose from, thus providing him with a better betting experience.