Regulations affecting gambling industry's growth in India: All you need to know
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The gaming industry in India is expected to grow by 113% in the coming years. Changes in regulations are also a major contributor to the development of the gambling scene. The gaming field in Indian is estimated to reach INR 290 billion ($3.91 billion) by 2025.
There are over 400 gaming companies or start-ups in India. The number of active online players between the ages of 18 and 24 has increased. Online gambling is also growing in popularity in the country. The global pandemic has also fuelled the growth of the gambling sector. There are more people using digital payment methods in Indian. Fintech payment solutions in this country are also contributing to the increasing popularity of online gambling. It is possible to handle their online casino accounts via Google Pay, PayTM, and other digital payments methods.
The government of India has launched Armanirbhar Bharat program to help the country become more self-sufficient. The program supports the local gaming industry and the development of games inspired by Indian culture. Different states have their own gambling laws and regulations. There is a need for a unified legal framework to regulate the gambling industry in India. Estimates for the regulated gambling market in the India by 2025 predict annual income of $1.4 billion from direct and indirect taxes. nITI Aayog proposed a centralized legal system to govern fantasy sports platforms in December 2020.
