World Cup 2023: India’s cricket betting to reach $2 billion by 2023
World Cup 2023: India’s cricket betting to reach $2 billion by 2023
Amid Cricket World Cup 2023, India’s cricket betting industry is set to hit $2 billion, as per India Change Forum’s report. The rise in online gambling and offshore betting post-GST fuels this growth.
GST council’s 28% tax on the industry raises alarm on offshore illegal betting’s rise.
Over 340 million Indians participate in betting during major events like IPL.
Despite restrictions, India’s betting market showed remarkable growth, reaching $130 billion in 2018.
Cricket betting dominates the sector, with $200 million wagered on each Indian cricket one-day international match.
Globally, sports betting market valued at $70.23 billion in 2021, expected CAGR of 11.7%.
Digital infrastructure growth, smartphone usage contribute to this growth.
Cricket accounts for 80% to 90% of sports betting revenues in India.
Cricket betting industry projected to be worth over $2 billion by end of 2023.
Over 340 million Indians participate in betting during major events like IPL.
India’s online gambling market projected to grow at annual rate of 8.59% from 2023 to 2027.
By 2027, estimated 12.17 million users in India’s online gambling market.
Online gambling saw a 40% growth during COVID-19 lockdown, accounting for 15% of global gambling traffic.
New GST regime could lead to rise of illegal offshore betting, estimated at Rs 8,20,000 crores.
Exponential growth of illegal offshore betting could result in substantial revenue losses for the government.
