The future of the industry

Until the early 2030s, the Indian market will remain fragmented by state, with a high indirect tax on games for money and rising compliance costs (e-KYC, limits, anti-fraud, data protection).

Growth drivers - payment mobilization (UPI, maps), content localization (languages, cultural themes) and omnichannel formats where allowed (lotteries, horse racing, skill games).

Offline casinos will remain pointwise (Goa, Sikkim), integrating with hotel and MICE services.

Regulatory trends: strengthening the rules of advertising and responsibility, a clearer line between "skill games" and "chance games," requirements for transparency of mechanics and payments.

Business trends: consolidation of operators and payment providers, partnerships with media/leagues, emphasis on RG tools (self-exclusion, personal limits).

• Basic: stable growth of permitted segments with strict control and high tax burden.
• Optimistic: point liberalization/clarity of rules in a number of states, growth of tourism in offline locations, development of fantasy sports and skill games.
• Restrained: increased bans and advertising restrictions, tax pressure - the market is shifting to several major players and official channels.