Analysts predict that the turnover of India's sports betting market will reach $2.7 billion by 2029. Despite only 1% of bettors currently participating in the market in 2024, the prospects for regulated sports betting in India appear highly promising. Cricket, being the nation's most beloved sport, particularly captivates fans, transcending boundaries, notes Andre Dubronsky, the editor-in-chief of the iGF.
An in-depth evaluation of the sports betting potential in the world's most populous country was commissioned by iGF and conducted by GR8 Tech's CFO, Olexander Feshchenko. The analysis underscores the boundless potential of this largely untapped market.
However, significant regulatory obstacles must be navigated. Yet, any company that successfully penetrates this market stands to reap substantial profits from India's burgeoning sports betting industry.
Crucially, it's imperative to decipher the "how to hack" formula, as highlighted by Olexander. He emphasises that crafting an optimal betting product for India extends beyond merely providing a betting platform. It entails crafting an immersive experience that resonates with the audience, necessitating a deep understanding of local nuances, leveraging insights from established markets, and adeptly tackling intricate integration challenges. It is upon these foundations that a tailored proposition for India must be built.
Understanding the Indian Market
In India's dynamic sports betting landscape, preferences mirror the nation's diverse tapestry.
Cricket reigns supreme, with the Indian Premier League (IPL) and International Cricket Council (ICC) matches captivating nationwide attention. However, the sports betting sphere extends far beyond cricket alone. Football emerges as a formidable contender, with events like the Indian Super League and prominent European leagues garnering significant interest.
Diverse sporting avenues, including tennis with its international ATP and Grand Slam tournaments, hockey, and indigenous games such as Kabaddi via the Pro Kabaddi League, also attract substantial betting activity.
Beyond sports, the Indian betting market is characterised by its vast mobile-first consumer base. Over 75% of all traffic, and more than 90% of betting traffic, originates from smartphones. Given this mobile dominance and the prevalence of slower internet speeds in many regions, there is a pressing need for sports betting platforms meticulously tailored for mobile accessibility and performance.
India's colossal population (comprising approximately one-fifth of the world's population, surpassing even China) and regional diversity underscore the significance of personalisation and localisation in offerings.
For operators aiming to tap into this expansive market, a keen understanding of these features is imperative. Developing sports betting products that resonate with India's unique cultural and infrastructural nuances is key to success in conquering the local market.
Leveraging Global Experience for Success in India
Drawing from experiences in mature markets can be pivotal for operators aiming to thrive in India's burgeoning betting landscape. In mature markets, advanced technology and user-centric strategies have proven effective in enhancing user experience and driving engagement.
For instance, adaptive risk management systems, prevalent in mature European markets, have revolutionised operations by dynamically adjusting betting limits and promotions based on user behaviour and significant sporting events. This not only enhances user convenience but also ensures operational safety.
Adapting such systems to the Indian context, considering the wide economic disparities and diverse regional preferences could significantly augment the appeal and responsible delivery of betting services. However, it's essential to tailor these models to accommodate the unique mindset and behaviour of Indian users, while also addressing prevalent fraud patterns in the market.
A critical warning must be sounded: adopting a one-size-fits-all approach across different geographical locations is a recipe for failure. Instead, operators should look to other global markets for insights and solutions to similar challenges.
For instance, African operators grappling with connectivity issues have explored lightweight front-end solutions, like the one implemented for Mojabet, which perform well in low mobile internet speed environments. These solutions can be readily adapted for the Indian market.
By assimilating the best practices from mature markets and customising these experiences to suit India's diverse landscape, operators can establish a strong presence in the market through offerings that are not only competitive but also culturally resonant.
