The popularity of the ICC Cricket World Cup, has seen a rise in virtual betting sites targeting cricket mad Indian consumers, reports the Indian Economic Times.
Whilst all forms of online sports betting remain illegal in India, Virtual sports betting sites which offer prizes and pooled jackpots offer Indian sports enthusiasts an alternative. The rising popularity of these sites has been compared to that of Fantasy Sports wagering in the USA.
Having rewarded prizes to customers throughout the IPL cricket season, virtual betting sites such as Indiabet.com, Lagai Khai and Betmockers are earning the trust of Indian consumers against unlicensed bookmakers targeting the country.
IndiaBet.com describes itself as a social betting community for Indian sports enthusiasts. The website has over 6,500 daily users who are allowed to wager 3’lakh’ bets daily on IndiaBet social betting markets.
George Oborne Managing Director of IndiaBet.com stated that virtual betting sites and apps proved popular with Indian authorities as they provided a safe alternative to unregulated forms of gambling on offer to Indian consumers.
Revenues generated from these virtual/social operators come from advertisements on their platforms by targeted advertisers and in-app micro purchases, where a user can buy extra lives or virtual currency, just like any other gaming site or application.
Betmockers CEO Tabrez M Shaikh told the Indian Economic Times that its virtual betting services were proving popular amongst India’s large ex-pat communities in Europe and the USA, as IPL cricket expanded its coverage on foreign TV networks