After continued growth in 2024, experts project that revenue from the online gambling market will rise further in 2025 and beyond. Online gambling revenue in India has been on an upward trajectory over the past 5 years and is projected to increase further over the coming years.
The Historic Rise of Gambling Revenue
Last year, Indian gambling revenue hit its all-time high of $2.9 billion US dollars, up from $2.52 billion the year before. While the numbers have been increasing since 2017, we saw a significant uptick in growth starting from 2019 as revenues increased more than 25% from $1.01 billion to $1.27 billion.
This significant growth trend continued across the 2020s and was confirmed again at the end of 2024 when revenues increased by 15% from 2023.
How Gambling Sites are Increasing Revenue
Online casino platforms have made a concerted effort to improve their onboarding rates through the use of casino bonuses and promotions. These promotional techniques arel used by gambling sites to attract new players to their sites, offering rewards such as cashback, free spins, and bonus funds. As the quality of these casino promotions has increased, we’ve seen a reflection in the increase in online casino revenue. The market has grown at a rate of at least $100 million US dollars per year since 2020.
The last five years have seen a marked increase in the quality of online casino welcome offers; sites are offering matched deposits with percentages exceeding 200%, providing great value for money to their players. Given the incentives available to join these sites, it’s clear to see why interest in them has increased so significantly.
Breakdown of Revenue Splits
Two factors are considered when calculating online gambling revenue in India: online casinos and online sports betting. Throughout the past half-decade, online sports betting has been the major driver of growth within the industry, rising from $0.62 billion US dollars in 2019 up to $1.97 billion in 2024 – more than tripling in size.
While online casinos haven’t been able to match the meteoric growth of the sports betting market, they’ve shown a steady increase in returns in each of the last five years. The market brought in revenue of $0.39 billion in 2019, which rose to $0.93 billion in 2024.
Experts predict that both markets will increase in 2025. Online sports betting has a projected market volume of $2.19 billion, whereas online casinos are projected to break the billion-dollar mark by the end of the year.
Comparing India with the Rest of the World
While annual revenue for online gambling in India is teetering on the precipice of the $3 billion US dollar mark, it pales in comparison to that of the world’s revenue leader, the United States. Their projected revenue for 2025 is $29.74 billion, making its market ten times larger than that of India.
However, total user penetration in the Indian gambling market is projected to only be at 1.5% in 2025 compared to 21.7% market penetration of the US market. This signals that there is significant scope for further growth throughout the coming years, as gambling sites are able to attract new markets via their casino bonuses and promotions.
Based on current projections, Indian revenue in the online gambling market is expected to see an annual growth rate of 4.94% per year until 2029. These projected numbers would put the value of the market at $3.88 billion at the end of the next five-year cycle and would see the number of users rise to 25.6 million.
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