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iGaming in India: the next global game development destination?
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As India¡¯s digital economy continues to expand, the iGaming sector is emerging as a vibrant but often underappreciated part of its tech landscape. While the nation has long been recognised for its talent pool and software expertise, new numbers reveal the scale¡ªand the untapped promise¡ªof India¡¯s growing iGaming ecosystem.
With a population nearing 1.4 billion and internet penetration at record highs, India is rapidly climbing the ranks of global gaming markets. According to recent projections, the country¡¯s gaming industry is expected to grow from $3.7 billion (€3.4 billion) in 2024 to $9.1 billion (€8.4 billion) by 2029.
RMG games dominate the scene
This growth, while promising, is largely driven by , which accounts for approximately 86 percent of total market revenue. Skill-based games such as fantasy sports, rummy, and poker are currently leading the charge under India¡¯s legal framework.
Behind these figures lies a robust ecosystem of creators, developers, and platforms. As of 2025, more than 2,300 gaming companies operate in India¡ªup from just 25 in 2010. Employment is also on the rise, with over 130,000 professionals working in the sector. Between 2018 and 2023, iGaming-related employment in India grew at an exceptional CAGR of 97.56 percent.
But what are the voices within the industry saying about this growth? At SiGMA Asia 2025, two Indian stakeholders¡ªPriya Ahlawat, Founder of Jumping ë°”ì¹´ë¼ Studios, and Shreedhar Agnihotri, Management Consultant at Identy.io¡ªshared their perspectives on what¡¯s powering India¡¯s rise and what challenges still remain.
Not just participation¡ potential to lead
Speaking on the sidelines of the summit, Priya Ahlawat highlighted that much of India¡¯s iGaming talent remains unseen, mainly at least within its own borders.
¡°There¡¯s so much potential that hasn¡¯t been explored yet,¡± she said. ¡°Our developers are already doing brilliant work, but they¡¯re mostly doing it for companies outside India. The creative and technical capabilities exist; we just need more visibility and support within the domestic iGaming space.¡±
Ahlawat believes that a major shift could occur if Indian regulations were to evolve. Asked whether the country could transition from a back-end service provider to a global leader in game innovation¡ªespecially in areas like slots, RNG, and live 바카ë¼s¡ªher answer was confident.
¡°Yes, of course! But a lot of it depends on government regulations,¡± she explained. ¡°Right now, we¡¯re outsourcing because these games¡ªslots, RNG, live 바카ë¼s¡ªaren¡¯t legally allowed in India. But the moment iGaming becomes regulated, everything will change.¡±
¡°We¡¯re already doing all the work¡ªbuilding platforms, creating games, handling RNG. We don¡¯t publish them for India yet because it¡¯s not yet legal. But once the law changes, India won¡¯t just participate¡ªwe¡¯ll lead.¡±
Regulatory hurdles & case for reform
This sentiment was echoed by Shreedhar Agnihotri, whose work at Identy.io focuses on security and compliance in digital gaming environments. According to him, India¡¯s path forward is being shaped by a combination of opportunity and regulation.
¡°India has immense potential,¡± Agnihotri said. ¡°Currently, around 150 million people are engaged in various gaming formats, and the market is generating between $3.5 and $4 billion in revenue.¡±
He pointed out that fantasy sports, rummy, poker, and sports betting are particularly popular among his audience. However, the Indian iGaming space remains fragmented due to legal complexities.
¡°Each state has its own regulatory approach. Some allow certain games, others don¡¯t. Then there¡¯s the concern over addiction, and of course, high taxation. Without a unified nationwide framework, it¡¯s hard for the industry to reach its full potential.¡± Still, Agnihotri sees cause for optimism.
¡°If a central regulation comes into play, the entire industry will open up. I see the next two to three years as critical¡ªIndia could become one of the biggest players globally if policy aligns with industry needs.¡±
Cost effectiveness: advantage or burden?
India has long been praised for its cost-effectiveness, particularly in the information technology and software development sectors. From Amazon to Google, every firm has . However, is this quality a strength, or has it begun to yield negative consequences?
¡°It¡¯s definitely an advantage,¡± said Agnihotri. ¡°Initially, our IT growth was driven purely by low cost. But over the years, we¡¯ve matched that with quality.¡±
¡°While are not the absolute cheapest anymore, we provide some of the highest quality work at highly competitive rates. Just look at the volume of engineering graduates, the number of tech parks, and the presence of nearly every global tech company in India. The ecosystem here is world-class.¡±
Agnihotri, who came from the city of Bangalore¡ªa city often referred to as India’s Silicon Valley¡ªadded that the infrastructure now rivals that of top global innovation hubs.
¡°There are around 2 to 3 million software engineers working in Bangalore alone. Every major player has established R&D centres here. The talent is real, and it¡¯s ready.¡±
With a largely similar perspective, both parties agreed on a primary conclusion: India is not merely participating in the iGaming industry, it is establishing its foundation. When the time comes and an appropriate policy environment is in place, the country will not only contribute but also lead.
