As India’s digital economy continues to expand, the iGaming sector is becoming a vibrant, yet often underestimated, part of its tech landscape. While the country is already renowned for its talent pool and software expertise, new data reveals the scale of India’s iGaming ecosystem – and its untapped potential.
With a population of nearly 1.4 billion and record internet penetration, India is fast becoming a global gaming market leader. According to the latest forecasts, the Indian gaming industry is expected to grow from $3.7 billion (€3.4 billion) in 2024 to $9.1 billion (€8.4 billion) in 2029.
Real Money Games Dominate the Market
Despite the promising growth, the trend is driven primarily by real money gaming (RMG), which accounts for around 86% of total market revenue. Skill-based games such as fantasy sports, rummy and poker are currently leading the way under India’s legal framework.
Behind these numbers is a strong ecosystem of creators, developers and platforms. By 2025, there will be over 2,300 gaming companies operating in India – up from just 25 in 2010. Employment is also continuing to grow, with over 130,000 professionals currently employed in the industry. Between 2018 and 2023, iGaming-related employment in India is set to grow at a staggering 97.56% compound annual growth rate (CAGR).
But what do industry insiders think of this growth? At SiGMA Asia 2025, two Indian industry representatives – Priya Ahlawat, founder of Jumping Play Studios, and Shreedhar Agnihotri, managing consultant at Identity.io – shared their views on the dynamics behind India’s rise and the challenges it faces.
Not just a player… but also a leader
In an interview during the summit, Priya Ahlawat noted that much of the potential for Indian iGaming talent remains unrealized by the domestic market.
“There is a lot of untapped potential,” she said. “We have developers who are already doing really great work, but mostly for companies outside of India. We have the creative and technical capabilities, we just need more attention and support in the domestic iGaming market.”
Ahlawat believes that the situation could shift significantly if regulations change in India. When asked if India can transform from a back-end service provider to a global leader in gaming innovation – especially in areas such as slots, RNG and live casino, her answer is very firm.
“Of course! But a lot depends on government regulation,” she explains. “Right now we are outsourcing because these games – slots, RNG, live casino – are not legal in India. But once iGaming is regulated, everything will change.”
“We already have all the capabilities – building the platform, developing the games, handling the RNG. We just haven’t launched it in India yet because the law doesn’t allow it. But once the law changes, India will not only be a participant – we will be a leader.”
Regulatory barriers and the need for reform
Shreedhar Agnihotri, who focuses on security and compliance in the digital gaming environment at Identity.io, echoes a similar sentiment. He says India’s future growth will be determined by a combination of opportunity and regulation.
“The potential in India is huge,” says Agnihotri. “There are about 150 million people playing various forms of gaming today, with market revenues of between $3.5 billion and $4 billion.”
He points out that fantasy sports, rummy, poker and sports betting are particularly popular among his user base. However, India’s iGaming market remains fragmented due to complex laws.
“Each state has its own way of regulating. Some allow certain games, some don’t. There are also concerns about addiction, and high tax burdens. Without unified national regulations, it will be difficult for the industry to achieve its full potential.” Agnihotri remains optimistic, however.
“If there is central regulation, the industry will open up. I think the next two to three years will be crucial – if policies are aligned with the needs of the industry, India has the potential to become one of the biggest players in the world.”
