Why Do People Underestimate Betting on Sports?

Research-backed analytics show that sports betting is one of the biggest sectors of the entertainment market – one of the fastest-growing industries globally. According to Statista, the online betting and gambling industry is presently valued at nearly $59 billion and is expected to hit a whopping $92.9 billion in 2023. This statistic further reveals that the primary driver behind these staggering figures is sports betting, which makes up 40% of the entire industry.

India has always been known for its love for various kinds of sports. Cricket is the number one sport in India in terms of popularity and is often referred to as a national obsession. This is obvious in the skyrocketing viewership records of the Indian Premier League (IPL) – India’s major cricket competition. However, other sports such as football, hockey, and kabaddi are also major sports with notable tournaments and massive fanbases. Since sports holds such an important place in India, it is only expected that the sports betting market would grow exponentially. 

Many grey areas surround the legality of sports wagering in India as the country’s laws prohibit gambling and betting practices. However, these laws do not reference online wagering as being illegal. Therefore, various offshore websites (outside India) provide betting services to Indians, allowing punters in the country to wager on a wide array of sports and tournaments. Due to the availability of mobile devices and fast internet, the rate of online sports betting in India today has increased sporadically, and it is projected to multiply in the coming years.

Many Indians use these betting opportunities to earn additional income from the comfort of their homes. However, some others undermine sports wagering and the benefits that come with it. In this article, we will explore major reasons why people in India underestimate wagering on sports.

Legality issues

One primary reason Indians look down on sports betting and fail to maximize its benefits is the confusion surrounding its legality. According to the Public Gambling Act of 1867, gambling activities are illegal in the country, and there are penalties for owning any form of gambling house. Only a few states, such as Daman, Sikkim, and Goa, have brick-and-mortar casinos. Another reason for the confusion is that Indian gambling and betting regulations distinguish between games of skill and games of chance – legalizing the former while banning the latter. 

However, the Public Gambling Act of 1867 is an old law and does not mention online wagering. Though casinos and online gambling sites are mostly banned from operating within India, it is not illegal for Indians to wager on sports using licensed online sites that operate from outside the country. Lately, these sites are thriving in India as they give Indians access to wager on their favorite sports without going against the country’s regulations. 

Fear of losing money

Many people believe that getting involved in sports wagering will harm them financially as they would get only little wins and lose enormous amounts. Wagering involves many financial risks, yet it is a major opportunity for making a massive profit. Statistics prove that several people in India make a lot of money every year. However, successful wagering requires you to put in some effort rather than depending solely on sheer luck.

Here are a few tips that can help you minimize risks and increase your chance at winning:

  • Choose a reliable and licensed betting platform
  • Carry out thorough research on the sport or tournament you are wagering on
  • Set a budget and don’t go beyond it
  • Avoid chasing losses
  • Avoid betting with sentiments
  • Keep a record to track your wins and losses

Fear of addiction

Another reason why Indians don’t think high of sports betting or avoid it entirely is the fear of addiction. This fear is warranted because betting can be slippery. It doesn’t take much for a careless punter to lose focus and become addicted. Indeed, people sometimes get their finances and families pretty messed up by their poor wagering habits. However, this shouldn’t deter you from enjoying the fun and benefits that sports betting offers. 

It is essential to ensure that your life is not all about betting to avoid addiction. You should get involved in more beneficial activities. Also, wager only with money you can afford to lose and stick to a reasonable budget. Overall, sports wagering is an activity worth paying attention to as it allows you to earn a substantial income with minimum effort.

Parimatch is one of the best betting sites in India, with a 28-year history of rendering top-quality services to punters. Parimatch is a licensed international company that provides Indians with a variety of sports and tournaments to wager on. Also, you have the chance of choosing to place wagers on a match before it starts or bet live even after the game is already on. 

Conclusion

The subject of sports betting in India has always been faced with complexities. However, it is essential to know that you can make reasonable profits by wagering on your favorite sports, making use of licensed and reliable betting sites. Visit Parimatch today for a remarkable experience in sports betting.

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Born in Bihar, brought up in India!