The Indian Premier League is the most prestigious sports event in India. It is also popular in other countries like Pakistan, Sri Lanka, Australia, and more. It’s a major cricket event that both local and overseas cricketers would dream to be a part of.
It’s no wonder why it’s an event that cricket fans dare not miss. While some are good with simply following the cricket matches in this tournament, many would also look forward to placing their bets on their favourite teams or the ones they think will win.
Online cricket betting is also on the rise in India. Last year, MyBetting reported that over 370 million Indians placed their bets in a year and around 170 million placed their bets on major sports events including the IPL.
They also estimated that online betting is becoming more widespread and is growing around 20% each year. That said, more people have also placed their bets this year on the IPL 2022. After all, this season has piqued the interests of many with some major changes. This includes the addition of two new teams which are Gujarat Titans (Ahmedabad) and Lucknow Super Giants.
Why are People Betting on the IPL?
There are a few reasons why more people are starting to place their bets not only on the IPL, but also on other cricket tournaments like the Big Bash League, the Pakistan Super League, and the ICC Men’s T20 World Cup.
One reason is that it’s so easy to place bets nowadays. Online casinos and sportsbooks like 10CRIC, Parimatch, and Betwayare the ones that make cricket betting such a hassle-free experience. People no longer have to travel to bookies to place their bets or do so underground.
India may still be strict when it comes to gambling activities and only three states have legalized gambling. This means that the locals will have to go to states like Sikkim, Daman, and Goa to legally place their bets in person.
However, since India has no law that prohibits online betting, they no longer need to place their bets in person. Many online casinos and bookies accept Indian bets and even the local currency, so indeed, sports betting is now made easy.
Add to that the rising number of mobile internet users in India. It is forecasted that by the end of this year, around 60% of the population, or over 840 million people will be internet users. This is according to VNI’s forecast.
With more people placing bets on the IPL or any cricket event, online betting has become a less taboo subject. Instead, more people are getting curious about placing their bets online.
Generally, the main reason for people wanting to bet on events like the IPL is to have the opportunity to make profits. Who doesn’t want to win money when you’re pretty sure about an outcome of a match, right?
Cricket betting sites like 10CRIC are also continuously improving cricket betting services available to Indians. It’s a smart move for these operators to get cricket superstars like Chris Gayle to represent their brands. This simply motivates cricket fans to place bets and not just watch the matches.
Many online bookies are also starting to offer hard to resist promos and bonuses. Aside from 10CRIC, online sportsbook Parimatch would offer special bonuses for people who would bet on IPL matches. That sparks some motivation for fans to bet on cricket.
Future of Cricket Betting in India
TechObserver reports that the cricket betting industry in India could be worth 143 billion rupees or almost 2 billion USD by the end of next year. This places India as a market with great potential when it comes to betting.
That said, it is likely that more bookies will penetrate the cricket betting scene. Whether India regulates online betting is still in question as certain states are pushing to ban online gaming and gambling activities including Karnataka and Tamil Nadu.
While these states fail to keep their initial wide ban on online gambling activities last year, they might still find an opposing move on the industry. If this happens, more states may follow and it may cripple the growth of the industry.
However, many groups are also trying to work with these states to find a middle ground. If this continues, there is the possibility that online cricket betting and other forms of online gambling will be regulated, which could benefit the Indian economy.