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Indian Online Gambling | Growing at an Exponential Rate
A Look at the Growth of Indian Online Gambling Scene
Due to their unregulated online gambling market, India is losing huge amounts of money in tax revenues each year. India has an ever-growing online gambling scene that is predicted to become one of the biggest in the world one day, and many see the government’s lack of regulations and legalization as a missed opportunity to cash in.
Calls for Legalization
India’s government have been welcoming gambling in India in recent years. However, this new attitude has not yet been translated to the laws and regulations that support the country’s gambling industry. With regards to online gambling, no updated regulations have been put forward by the Federal government as of yet, despite the fact that it has been a topic of theirs for a number of years now.
The lack of gambling laws in India have led to more disadvantages than advantages. Some might argue that online casinos are able to operate in India without intervention due to the lack of clear online casino regulations, but others argue that India is losing a lot of money because of it, so legislation should come into play.
There is a huge black market gambling scene in India, and this is another reason why the government are considering legalizing gambling. They believe that if gambling is made legal, then the black-market scene will become less of a problem for them. Indians are always going to have an urge to gamble, and if they cannot do it legally, they will find a way to do so illegally. Therefore, you could argue that if gambling is going to happen anyway, the government might as well make money from it, and this is probably their reasoning behind their thinking.
The Huge Gambling Market in India
The gambling market in India, according to a report released in 2020 by Maple Capital Advisors, is worth about $67 trillion. It is expected to grow by as much as 41% as the country begins its recovery from the Covid-19 pandemic.
Above we mentioned that the lack of regulations is costing the Indian economy a lot of money. To give you an idea as to how much the country is losing in tax revenue due to the lack of online gambling regulations, it has been estimated that they lost 10 billion rupees in 2020. It is estimated that in 2021 they will lose 14.2 billion rupees and in 2024 this will increase to a staggering 40 billion rupees. This is all extra money that could be used on healthcare services and better infrastructure.
The projections above are based on a tax rate of 15%. If the Indian government pursues online regulation and increases taxes to around 30%, then by 2024 the country could generate 80 billion rupees in gambling revenue.
What is Fueling This Online Gaming Boom?
There are a handful of factors that have driven the gaming boom in India. In 2016, it was estimated that India had around 120 million online gamblers. Since then, this number has tripled, and it can be put down to factors such as mobile gaming. Smartphones are becoming more and more affordable for those in India and more Indians have access to the Internet now than ever before, and this has definitely played a large part in the online gaming boom.
The aforementioned lack of online gambling legislation is another factor that has helped this boom. Unlike in Europe or some other jurisdictions, the laws make no mention of online gaming. This is not surprising since the Indian government are still using regulations that were put in place when the British had control of India. This lack of regulation has led to hundreds of online casinos outside of India offering their services to Indian gamblers. At the time of writing, Indian gamblers are permitted to play at international online casinos that are fully licensed.
Another factor that has contributed to the online gaming boom in India is that new digital payment options have been introduced. Systems such as UPI and IMPS allow Indian gamblers to deposit and withdraw money easily. When players can fund their accounts in seconds, it stands to reason that it would help the gambling industry to boom.
When you combine all of the above, it is clear that the online casino India craze will be sticking around for a long time. Indian-targeted online casino content is on the rise too as those in the industry know how much revenue they can make from online gambling scene in India. Over the next decade, it is estimated that the gambling market in India could show a 400% rise.
One of the Latest Online Casinos Available to Indians
One online casino that has jumped on the Indian online gambling bandwagon is Pure Casino. This online casino came into existence at the end of 2019, which means that it is a relatively new one. However, despite their newness, they have shown that they have what it takes to stick around in the competitive world of online gambling. This online casino was developed with Indian players in mind, meaning that they accept rupees as one of their main currencies and as well as providing favourite Indian games such as Teen Patti and Andar Bahar.
Since Pure Casino caters specifically to Indians, it will come as no surprise to find out that they have put in the effort to develop a very good mobile app. As we mentioned above, Indians love mobile gaming and they use their mobiles for gambling far more than they use desktop devices. Therefore, if an online casino wants to be a hit in India, they need to have an appealing mobile app that is compatible with Android and iOS devices. Thanks to this app, Pure Casino players can enjoy all their favourite games wherever they happen to be.
The payment options available are very important when it comes to deposits and withdrawals in India. Some online casinos that accept Indians can be a bit lacking when it comes to payment options, but since Pure Casino was designed especially for Indians, it has all the best payment methods that Indian casino players will be looking for. The following payment options are:
- VISA
- Bank transfer
- EcoPayz,
- Skrill
- Astropay
- CryptoPay
- ECOBANQ
The minimum deposit that you can make stands at 1,000 Indian rupees, while the maximum deposit stands at 10,000,000 Indian rupees. The deposits are instant, meaning you can start playing right away. With regards to withdrawals, the process can take up to three days, which is nothing unusual.
If you are in India and you want a great mobile gambling experience and are looking for an online casino that caters to all the needs of Indian casino players, you need look no further. When it comes to Indian dedicated casinos, they do not come much better than Pure Casino.
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Gate.io and AWS’s ‘Gateway to Championships’ Brings Blockchain to the Forefront with FC Internazionale Milano Partnership
The event also brought together industry leaders, sports icons, and blockchain innovators for an evening that not only celebrated technological advancements but also paved the way for a historic and transformative partnership in blockchain and sports.
Panel discussions, moderated by Kristen Lim, Co-Founder and CEO of Rockrose, explored the profound impacts of blockchain technology on the global market. Thought leaders provided insights into the evolving landscape of Web3 and contributed their expertise, highlighting the transformative potential of blockchain across various sectors. Together, they examined key trends, challenges, and opportunities shaping the future of Web3.
VIP Dinner, Networking, and Celebrations
The event concluded with a VIP dinner and networking session, where attendees connected with industry and sports luminaries against the backdrop of a live DJ, creating an atmosphere of celebration and collaboration.
SOCCER2050: From On-Chain to On-Pitch
Additionally, Gate.io organized SOCCER2050, a separate football match highlighting its commitment to the sport and the community. The event was co-hosted with LTP on September 17 in Singapore, where several teams faced off in friendly football matches following a ribbon-cutting ceremony with Dr. Lin Han and representatives from LTP, Huawei Cloud, and Zodia Custody. This event further cemented Gate.io’s presence in the football world, fostering camaraderie and engagement among participants.
Disclaimer
This is a private event for professional knowledge sharing and networking purpose only. You should always seek independent professional advice before making any investment decisions. The products and/or services mentioned herein are only available to persons outside Singapore. Please be noted that Gate Group may restrict or prohibit the use of all or a portion of the Services from restricted locations. For more information, please read the applicable user agreements.
The post Gate.io and AWS’s ‘Gateway to Championships’ Brings Blockchain to the Forefront with FC Internazionale Milano Partnership appeared first on European Gaming Industry News.
Aristocrat Gaming
Record Progressive Jackpot at Over $2 Million and Climbing Up for Grabs at Seminole Hard Rock Hotel & Casino Hollywood
A record progressive jackpot of more than $2 million continues to climb on a $1 million Dragon Link slot machine by Aristocrat Gaming. The huge jackpot is up for grabs at Seminole Hard Rock Hotel & Casino Hollywood.
The $1 denomination Dragon Link slot is a single-site progressive (SSP) and is located in the high-limit slots area of the Hollywood casino, famous through the world for its iconic Guitar Hotel. The slot machine’s progressive jackpot increases independently from other Dragon Link slots at the Seminole Hard Rock Hotel & Casino Hollywood and elsewhere.
The jackpot is climbing by an average of $7,000 per day and is on track to become one of the largest slot machine payouts in Seminole Gaming history and the largest Dragon Link jackpot ever awarded. Players at Seminole Hard Rock Hollywood have a chance to be a part of jackpot history.
“It’s exciting to witness the Dragon Link jackpot grow to an unprecedented amount. The game has been a favorite since its release, and with this amazing prize now up for grabs, our players have the potential for a huge win,” said David Hoenemeyer, Chief Operating Officer of Seminole Gaming.
“We are incredibly proud of the fanfare Dragon Link has amassed over the years, and this historic milestone reinforces player excitement for the brand. The Seminole Hard Rock Hollywood team have been incredible partners and huge supporters of our $1 million Dragon Link offering. We can’t wait to be a part of the celebration of this record-breaking jackpot,” said Kurt Gissane, Chief Revenue Officer for Aristocrat Gaming.
Since its debut at Seminole Hard Rock Hollywood in June 2021, Dragon Link has consistently drawn in players with its exciting high-denomination offering, which includes a $25 minimum bet and a $2,500 max bet. The casino-resort was the first in the world to feature the $1 million Dragon Link progressive, and today, it remains one of the most popular high-limit slot games available.
The impact of Dragon Link on the gaming landscape has been immense, cementing its status as a player favorite. While Aristocrat Gaming continues to push boundaries with innovative offerings, the latest jackpot at Seminole Hard Rock Hollywood represents a new milestone in gaming entertainment.
Chris Chapman
Xpoint Appoints Chris Chapman as CTO and Rahul Agrawal as VP of Engineering
Xpoint has announced two key appointments as it strengthens its leadership team.
Chris Chapman has been promoted to Chief Technology Officer and Rahul Agrawal has joined as VP of Engineering.
Chapman previously served as VP of Engineering at Xpoint and has been pivotal in leading the company’s engineering efforts, advancing its geolocation technology and ensuring the platform’s reliability and scalability. Prior to joining Xpoint, he held senior leadership positions at companies such as Sourcepoint, Integral Ad Science and Amino Payments, which he founded. In his new role, he will focus on driving innovation and ensuring that Xpoint remains at the forefront of geolocation and compliance solutions in the iGaming sector.
Agrawal brings over 25 years of experience in technology leadership, most recently serving as VP of Technology at PointsBet, where he advanced the development of the sportsbook and casino platform, built a global engineering team and integrated multiple technology partners, including geolocation providers.
His extensive background also includes being CTO at FaceOff and senior technology roles at Jump Ramp Games and High 5 Games. He will lead the Xpoint engineering team, focusing on operational excellence and the continued development of the supplier’s geolocation technology.
Manu Gambhir, CEO of Xpoint, said: “We are excited to promote Chris to CTO and welcome Rahul as our VP of Engineering.
“Chris has been an integral part of Xpoint’s success and his promotion to CTO is a natural progression as we continue to evolve. Rahul’s extensive experience in building and scaling technology platforms will complement Chris’s leadership and together, their expertise will drive the next phase of innovation for Xpoint as we continue to lead the geolocation and compliance space in the iGaming industry.”
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