At ICE London this week, the lottery operators discussed on the potential expansion of Indian gaming market. Representatives of the Indian gaming market considered the possibilities of expanding the operations during this year’s ICE Totally Gaming, currently held in ExCel, London.
The Chief Executive Officer of Sugal & Damani, Kamlesh Vijay said: “The market is ready to be at least four times its current size.”
However, the legislative restrictions confine the gaming market in India. Though the National Law Commission is into preparing a proposal to present to the Congress to implement legal and licensed online gaming operations in the nation. The market holds the potential to grow four times its current size if further states are able to legalise the industry and execute new business models to grant gaming licenses.
According to Vijay, the lottery market is currently worth US$3.5 billion, on the basis of nine legalised states. Meanwhile, the country overlooks on revenue of about US$2 to US$3 billion, compared with the US$350 million it currently accumulates from the lottery industry. Mr Vijay also pointed out that once lotteries are authorised nationwide half a million jobs could be secured through the industry.
The Law Commission of India has urged the contribution of state associations to carry out the official assessment about potential legal gaming operations. The government of India is determined to evaluate the possibility of legalising the gaming industry in order to boost the economic and touristic sectors.
Source: European Gaming News