India continues to remain a developing and emerging country in the world, despite the fact that it is the second-most populous nation in the world that has a population of over 1 billion people. Indeed, those conditions certainly make the Asian country one that provides plenty of opportunity for a host of businesses and market sectors in general.
The online gambling sector, which is also simply known as iGaming, is one such industry that could benefit greatly and one that whilst it is already thriving, could actually experience significant levels of growth in the near future, too.
Online gambling, although it might be outlawed in many parts of India, is a common activity for many residents as they continue to head to a crypto casino where they are able to enjoy a number of games freely, with it having already been valued at almost one billion US dollars. However, experts actually forecast that the industry could reach heights of over $112 billion in just three years (end of 2025).
With that in mind, it is hardly a surprise that the country is being viewed as the biggest blockchain gambling market in the world in the future, especially as the demographic makeup of the country helps immensely.
As mentioned, India provides a number of favorable factors for industries and businesses looking to capitalize, as there are over 1 billion people living in the country. It has been reported that around 750 million of the population are internet users, whilst by 2040 it is expected that over 1.5 billion should be digital. Of the total population, half of them are under the age of 25, with the majority of them online and into mobile gaming with over 5.6 billion gaming app downloads having been registered last year.
Naturally, the pandemic to have been experienced around the world may have had a positive influence on the gaming market - as it did in numerous countries - whilst smartphones are becoming more and more accessible as they become cheaper to purchase without seeing their capabilities be reduced. With so many now able to acquire these gadgets, it makes it a lot easier for developers to get their games in reach of players and new audiences that they were previously unable to reach.
Why will blockchain games become popular with Indians?
Indeed, with Indians becoming increasingly digital, it is rather easy to assume that blockchain games will become rather popular and will take over the market in the future. India is already known as being one of the countries where crypto adoption is rather high amongst its residents, therefore the next logical step for many will be to use the digital asset in the gaming sessions.There are a number of benefits that can be enjoyed when using crypto when playing, including factors such as an increase in trust, additional security, user anonymity, easier and faster transactions, whilst some may find that the biggest advantage of them all is that there is no cross border discrimination.
Let’s take a look at each of them in detail:
Enhanced trust
The introduction of blockchain technology within games should automatically enhance the trust that can be created between a player and the operator, as the blockchain will ensure that every single transaction that is made is transparent and is protected. It will help to ensure that the games played are fair and are not fixed in the favor of the casino, whilst players who are due a payout for winning will receive what they are owed.Security improvements
Naturally, many of the benefits regarding an improvement in trust can easily be linked with security improvements, as well. The blockchain technology used will make sure, though, that transactions are protected as much as possible, whilst users will not need to provide as many details as they may have to when using traditional fiat finance.User anonymity
Again, players will be able to enjoy a level of anonymity when they play blockchain games due to the technology that they use, which is a huge advantage for those who gamble within India. Those that do will see that their identities are kept private and will make them difficult to trace from the outside, therefore allowing them to enjoy playing whenever they want.Transactions become easier to make
As the heading states, transactions will immediately become a lot easier - and quicker - to make via the use of blockchain technology. The ledger will allow players to skip out the intermediaries that they would typically have to go through, such as financial institutions, whilst they are typically cheaper - or in some cases free - to use, as they will not have to spend as much on processing fees.Cross-border discrimination disappears
Lastly, and perhaps one of the biggest benefits for Indian gamblers, blockchain games will help to ensure that cross-border discrimination is no longer experienced. Those that use traditional fiat currency with an offshore casino operator will usually be impacted by conversion rates that make transactions end up being potentially more costly than before, however the use of crypto will simply eliminate this.It is quite clear to see that India will be one of the biggest blockchain gambling markets in the world in the future and it perhaps remains a question of when rather than if. Indeed, Indians will be able to benefit in an array of different ways, especially with the advantages that blockchain technology provides them.
Advertisements