GDP of $2.4 trillion
With 1.3 billion people, a healthy economy and a tradition of illegal gambling that’s been valued in the billions, India remains one of the world’s largest untapped gaming markets, according to SBC Reports.
India’s gross domestic product of $2.4 trillion far exceeds that of Brazil, Canada and Russia, the publication noted. The Hindustan Times last week reported that the GDP grew 8.2 percent, the highest in two years, from April through June.
And “unconfirmed reports” have put the overall gaming market in India at $150 billion per year, said Jaydeep Chakravartty, commercial director of Ingenuity Gaming. “Most of this is illegal gambling controlled by the crime syndicates and does not generate any revenue for the government. By legalizing sports betting in India, the government of the day can earn revenue, stop illegal gambling and also generate new jobs”—possibly hundreds of thousands of jobs.
In one state, he continued, “Their yearly revenue is in excess of $2 billion and they have given $500 million as tax to one state government alone. With the data we have in hand, I think the areas of job creation and revenue generation will get a big boost by legalizing sports betting in India.”
The Law Commission of India also supports the licensing and regulating of gaming across the country not only to reap the tax revenues but to stem the rise of online betting activity.
Chakravartty says India is “probably the last untapped market” for gaming, and will probably open up gradually, state by state. “Every market is different and it’s the attention to local details that will help any company to succeed in India,” he said. “International gaming companies should explore the Indian market and understand the requirements and be ready to enter when the market opens up.”
