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India’s market is one of the world’s largest ones. It is no wonder that all the leading companies wish to be present there and attract their players. Most of the best Indian casino sites reports show an increase in the number of players and money generated by gambling. By the looks of innovations in 2023, it seems that this year will represent the peak of online casino offerings to their customers in comparison to previous years. And let us be clear, we are not saying it won’t get any better. We are simply saying that lessons learned have created the best version of experience for players thus far.
Global Importance of Gambling and Increase in Revenue
Since people changed their focus and started to practice gambling from their various smartphones, online gambling started to generate a lot of revenue. No matter if it’s a smartphone, desktop, laptop, or tablet, people started to enjoy casino classics from home. And their playing of blackjack, slots, baccarat, or poker in India recorded a massive growth. 2021 was the year when this industry recorded an income of more than 73 billion USD on a global level. But as the research of 2022 shows, it is worth even more. The global gambling market recorded a revenue of just a little more than 81 billion USD. Growth of more than 10 percent in just one year is amazing, and expectations are that it will reach a staggering 115 billion USD in the next three years!
Government Involvement in Making Gambling Better
It is no wonder that the Indian government has decided to get more involved in the business of online casinos after these numbers were released. And it is natural they did that, because of two reasons. Firstly, the popularity of these games in India is enormous and it is growing still. And secondly, the market in India is one of the largest in the world and presents great value for companies of various sectors. The internet has impacted different businesses in recent years, but the government hasn’t regulated and sanctioned them appropriately. Players aren’t aware of the many changes that the government has planned for them. To create a safer environment. Let’s look at the changes that await India’s online casinos in 2023.
Indian Government Implemented a New Online Casino Payment Method – UPI
One of the most notable changes in 2023 is the implementation of a new payment system known as the Unified Payments Interface or shorter UPI. It represents a joint effort of banks in India and government sectors, mainly NPCI and the Reserve Bank of India. To use it, you will need a mobile phone and a bank account in one of the banks in India. When you set up your account, both at UPI and at an online casino, all that is left is to choose UPI as the method of payment at the casino. The advantage that this brings to players in 2023 is in safety, regulation, and speed. Safety is enhanced with more secure encryption, and regulation is taken care of by the Reserve Bank of India. And speed is measured in faster deposits and withdrawals of funds at casinos.
Introduction of Self-Regulatory Bodies for Online Gaming Companies
The proposed regulations emphasize playing responsibly. As a result of the Intermediary Guidelines and Digital Media Ethics Code Rules in India, they will become more advanced as of 2021. The objective is to control online gambling and diminish black-market gaming. The Indian online gaming industry will establish a self-regulatory body. Diverse board members, including experts from online gaming, politics, IT, psychology, and medicine, will oversee it. The commission will be in charge of examining the game’s details. They are not allowed to release any content that would compromise India’s “sovereignty and integrity.” This includes, among other things, information that is violent, addicting, or sexual.
Concern for Younger Players and Preventing Gambling Addiction
Based on a survey done by the Gambling Commission, mobile phones will continue to be the most popular way for younger people to access online gambling in 2020. The regulations governing online gambling differ greatly from one country to another. The majority of nations have local laws that address essential legal and regulatory issues. The regulatory framework for gambling is substantially more complicated in some countries, for example, the USA. Moreover, gambling is strictly regulated in nations like India. It’s difficult to be conversant with every gaming law because every country has a separate gambling law. To guarantee that gaming establishments are run legally, morally, and securely, all of them should adhere to any laws to which they are subject. Online casinos in India will have higher standards for this in 2023.
Technology Improvement That Will Improve Online Casinos in India
All industries, including online gaming, are transforming as a result of technologies like Blockchain, IoT, and VR. In the past few years, virtual reality and VR headsets have become very popular and have revolutionized the world of online gambling. Without being required to travel, one can use VR to access a virtual casino and engage in all of the games in a casino. Another cutting-edge technology that is currently popular in several industries is blockchain. The casino gaming industry is also not an exception. The technology that underpins cryptocurrencies, a form of digital money protected by cryptography, is known as blockchain tech. Improved safety of players is expected in 2023.
Conclusion
There is little doubt that the iGaming sector is prepared for expansion. Besides the improvements we mentioned, it’s still unclear from where this expansion will come. But we are sure that 2023 will mark new heights in the experience of gamers. We are living through a time of industry transformation and witnessing the birth of promising new markets as brick-and-mortar casinos give way to online platforms. We’ll have to observe how this fascinating field develops in 2023 because numerous new technologies are emerging and the policies that affect them are still up for discussion.
