The Indian iGaming Report: Strategic Insights for Sports Betting, Casinos, and Payment Innovations

India

AGBrief Editorial

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April 16, 2025

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The Indian iGaming Report: Strategic Insights for Sports Betting, Casinos, and Payment Innovations

GR8 Tech, the award-winning high-performance Sportsbook and iGaming platform, in partnership with iGB, offers a deep dive into the real opportunities—and real challenges—of India’s iGaming market.

With 1.4 billion people, 954 million internet users, and 448 million interested in gaming, India offers massive potential. But it’s not a market where global strategies can simply be copied and pasted. Success here demands a profound understanding of local player behavior, payment preferences, mobile-first user experience, and cricket’s dominance—insights all explored in GR8 Tech’s “2025 India Report: How to take advantage of the opportunity.”

Indian iGaming Report: Insights for Sports Betting, Casino and Payments by GR8 Tech

Produced with the involvement of both local independent market experts and GR8 Tech professionals, the report examines everything from player behavior regarding sports betting and casinos to regulatory and taxation nuances. Some notable insights include:

Cricket Dominance: The IPL attracts more betting activity than any match involving the national team. Cricket accounts for a massive share of sports betting in India, with 20 players betting on cricket for every 2 on football and 1 on kabaddi.
Mobile-first audience: With 77% of online traffic coming from mobile devices, operators must optimize for mobile-first experiences to effectively engage players.
Live casino & slots lead revenue: While live casino games drive the most revenue (56.4%), slots make up 47.5% of the total volume of bets. Instant games like Aviator and JetX are gaining ground, with Aviator alone accounting for 21% of one operator’s GGR.
Skill-based games on the rise: Indian players are moving beyond luck-based games to more interactive, skill-based experiences. Games like Teen Patti, Andar Bahar, and crash games appeal to players looking for an active, strategic role in gameplay.
Fantasy Sports Boom: Fantasy sports, particularly fantasy cricket, are on the rise and are expected to generate ₹388 billion in revenue by 2026.
Localized Payment Preferences: Over 90% of deposits are made via the Unified Payments Interface, making it the dominant payment method for Indian players.

“India’s iGaming market is incredibly complex and offers immense opportunities, and we cannot underestimate the value of local expertise for understanding it. This report is grounded in insights from people who live the dynamics daily and have immense experience to share. It is not about shortcuts or immediate wins, but about building a realistic, informed perspective so that when the moment comes, you are ready to act with clarity and purpose,” said Yevhen Krazhan, CSO at GR8 Tech.

With a mobile-first audience, a deep cultural connection to cricket, and rising demand for interactive, skill-based games, success in India requires local insight. From understanding player behavior to optimizing payments and product mix, the opportunity is real—but so is the need to get it right.

To help you navigate, GR8 Tech is sharing “India Report: How to Take Advantage of the Opportunity”—an essential guide to thriving in one of the world’s most promising markets.

DOWNLOAD REPORT

To see a positive movement in LVS shares, Deutsche Bank identifies several key factors that must align: an acceleration in gross gaming revenue (GGR) performance in Macau, a stabilization and subsequent increase in LVS’s market share in Macau starting in the second quarter of 2025, a reduction in geopolitical tensions, and a shift in the macroeconomic sentiment surrounding China.

The bank believes that achieving these conditions, combined with a consensus outlook that appears realistic, could position LVS as a compelling investment opportunity moving into 2025.

Despite the potential, Deutsche Bank acknowledges the current landscape as challenging, particularly with the looming possibility of further negative revisions.

The bank has adjusted its forecasts for LVS’ performance in Macau, reducing its EBITDA estimates by 13 percent for the first quarter of 2025, 8 percent for the full year 2025, and 6 percent for 2026.

These adjustments stem from anticipated lower market growth and more restrained market share expansion.

‘While broader market influences have served as headwinds for shares, we believe the slowing GGR cadence in Macau has also played a role in the performance of the Macau operators,’ the report states. In the first quarter of 2025, GGR expanded by less than 1 percent, falling short of mid-single-digit growth expectations.

Deutsche Bank highlights that this modest growth is ‘disappointing’, particularly due to concerns about a likely negative year-on-year comparison in the higher-margin mass segment.

The bank anticipates that official mass and VIP splits from the DICJ will be released later this week.

‘In 1Q25, we believe LVS likely experienced modest quarter-over-quarter market share contraction, despite some incremental hotel rooms coming back online,’ the report continues. However, management has indicated that the completion of The Londoner in the second quarter of 2025 may mitigate some of these concerns.

For the first quarter of 2025, Deutsche Bank estimates LVS’s GGR will range between $1.5 billion and $1.6 billion, noting that the consensus Metrix for LVS GGR stands at $1.7 billion. Importantly, the bank points out that LVS has largely avoided aggressive promotional activities that have contributed to share losses among competitors.

The concession was formally signed by Vice Prime Minister Francisco Kalbuadi Lay, also Minister Coordinator for Economic Affairs, and follows months of work between government officials and the Inspectorate General of Gaming (IGJ) to shape a regulatory framework aligned with global standards. With this foundation, Timor-Leste aims to position itself as a competitive, compliant, and secure destination for offshore gaming operators.

“This is more than just a license,” said GRU CEO Datuk Harry Ng. “It’s a platform for national growth and a signal that Timor-Leste is ready to engage with the global digital economy.”

Under the agreement, GRU will operate under the oversight of the IGJ, with a focus on responsible governance, digital transparency, and compliance. The framework sets the tone for what officials hope will be a new era of tech-driven investment and employment, as well as a catalyst for the country’s evolving tourism and services sectors.

The concession builds on groundwork laid by GRU’s prior partnership with the State Government of Oecusse, where it plans to develop the TOGOS Hub, a centralized offshore gaming operations center. The project is expected to bring new infrastructure, skilled jobs, and foreign capital into the country.

In parallel, GRU’s parent company, Grand Dragon Lotaria (GDLotto), is relocating key support divisions, including R&D and customer service, from Cambodia and the Philippines to Timor-Leste. The company, already licensed in multiple jurisdictions including Cambodia and Nigeria, aims to demonstrate the country’s potential to host and support international-scale operations.

“We are happy to announce and welcome a new sponsor partner for the Billie Jean King Cup, our Official Global Betting Partner, 1xBet. With their expertise and experience working with sports rights holders, we are excited to see how we can bring the partnership to life from the Qualifiers in April onwards.” said Kerstin Lutz, CEO of Billie Jean King Cup Limited.

“Signing a sponsorship contract with BJKC is another milestone in the history of 1xBet. The agreement with the most prestigious women’s national team tennis tournament is a strategically important step that opens up new opportunities for promoting the brand among fans of the most popular tennis event. By investing in female sports tournaments, we contribute to the support of women in professional sports,” said Mark Wilson, a 1xBet representative.

The event will feature the Asian debut of the MarsX Slim cabinet and the first regional showcase of the Buffalo Gold Collection, alongside a broad portfolio of new and award-winning titles.

Aristocrat’s latest lineup will be displayed alongside its globally recognised brands, tailored to meet the diverse needs of the Asian market, at the stand #A1038 during G2E Asia 2025.

The MarsX Slim cabinet is a compact hardware innovation making its first appearance at an Asian tradeshow, designed to optimise space on casino floors. Originally launched in Singapore, it has since expanded to Macau and the Philippines.

Aristocrat Gaming set to elevate G2E Asia experience with cutting-edge innovations — _{Buffalo Gold Collection by Aristocrat Gaming}

The Buffalo Gold Collection will also make its regional tradeshow debut, bringing one of Aristocrat’s most renowned game franchises to Asian audiences for the first time. With a proven track record of global success, the Buffalo brand continues to entertain players worldwide.

“We’re excited to introduce several company milestones to our valued customers at G2E Asia,” said Lloyd Robson, Vice President of Sales & Operations – Asia for Aristocrat Gaming. “From the debut of our MarsX Slim cabinet in an Asian tradeshow setting to the highly anticipated introduction of the Buffalo Gold Collection, G2E provides the platform to demonstrate our commitment to delivering innovative and tailored gaming experiences for the region.”

Aristocrat Gaming will also display an extensive lineup of new and notable titles, including:

Dragon Link: Genghis Khan and Peace & Long Life are the newest additions to the Dragon Link game family. These games feature wild multipliers, a free spin scatter, wild stacks, and the Hold & Spin Bonus.
Bao Zhu Zhao Fu: Part of our triple metamorphic game family, Bao Zhu Zhao Fu features three unique styles of Hold & Spin bonuses that can be combined to triple the fun.
Tian Ci Jin Long: Developed specifically for Asia, this bespoke game family will be supported by two titles: Empress and Fortune. Highlights include three-level link jackpot with two-level scalable bonuses, and multi denom.
Bao Bao Riches: A mash up of Mega Reel Power with Hold & Spin feature. Every reel spin is unique with Mega Reel Power, where every reel’s size changes independently on any spin and every bonus can feature many more spaces for Cash on Reels prizes.
Coin Trio: Building on the latest market trend with triple metamorphic, Coin Trio allows players to enjoy two Hold & Spins when triggered.
Buffalo Gold Collection: The collection offers a range of Buffalo games for players to choose from, each with a 20-credit ante bet that makes them eligible for the big Gold Bonus with substitute symbols and additional multipliers.

Goods exported from Macau to the US face uncertainty due to shifting tariff policies, including the risk of shipments being returned if tariffs increase during transit. Given the company’s relatively small market share in the US, it is currently taking a “wait-and-see” approach, with plans to adjust its strategy once the policy environment becomes clearer.

The group’s facility is now fully operational and capable of producing various types of gaming equipment, including slot machines and electronic table games. It supports all of LT Game’s flagship models currently on the market, such as the LTS-1, LTS-2, MightyMite, Vista, Speedwave, and Ripple.

According to the company, the new line aims to improve supply chain efficiency, better serve regional markets, and enhance customer support capabilities. In addition to meeting local demand, the machines are already being exported to countries including Sri Lanka, Vietnam, and the Philippines.

Pending negotiations on satellite casino operations

Jay Chun, whose company also operates the Kam Pek satellite casino under SJM’s gaming license, said in an interview that while discussions with concessionaires are ongoing, the specific terms for future cooperation have yet to be finalized.

Chun expressed hope that the company will be able to continue operating its satellite casino, highlighting the advantage of having an in-house production line that allows for internal product testing and faster deployment within the casino.

Commenting on the legal requirement for satellite casinos to transition into management companies, Chun stated that while the transition is theoretically feasible, key issues—such as management fees—still need to be negotiated with the licensed gaming operators.

He noted that, under normal circumstances, “the government wouldn’t interfere in any commercial contracts. The guidelines issued by the government are primarily directed at the gaming concessionaires, and satellite casinos will only learn the specific details later.”

However, he added that the regulations have already “provided a pathway” for moving forward. The specific terms will be negotiated directly between the gaming concessionaires and the satellite casino operators, and there is hope for “faster negotiations” to allow more time for decision-making.

It is understood that Kam Pek Casino currently employs around 400 staff members, including foreign workers, and operates 30 gaming tables. Chun emphasized that many local employees have been with the company for up to 20 years, and that job stability remains a top priority.

Macau visitor arrivals are projected to reach 35.8 million in 2025, representing 91 percent of pre-pandemic 2019 levels. The firm expects visitation to grow by 2.6 percent year-on-year in both 2025 and 2026, followed by 4.6 percent growth in 2027. Despite this recovery trajectory, visitor numbers are expected to remain 2 percent below 2019 figures even by 2027.

First quarter performance in 2025 showed a divergence between visitation and spending patterns. While Macau recorded a modest 0.6 percent year-over-year GGR growth, visitor numbers increased by 10 percent to 6.7 million in the first two months, reaching 97 percent of pre-pandemic levels.

Analysts highlight that casino operators are facing profitability challenges despite the slight revenue growth. Macau gaming concessionaires are projected to see a 6 percent decline in sector EBITDA to $1.89 billion in the first quarter, attributed to compressed margins.

The quarterly GGR of MOP57.66 billion ($7.2 billion) represents a significant slowdown from the 6.1 percent growth recorded in the fourth quarter of 2024. CLSA attributes this deceleration to a ‘bottleneck against a higher base for year-over-year comparison,’ with first quarter revenue reaching only 76 percent of corresponding 2019 levels.

Australia’s comms authority urges ISPs to block more illegal gambling websites

Australia

Nelson Moura

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April 15, 2025

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Australia’s comms authority urges ISPs to block more illegal gambling websites

The Australian Communications and Media Authority (ACMA) has intensified its efforts to combat illegal gambling by requesting that internet service providers (ISPs) block additional websites that violate Interactive Gambling Act 2001.

Recent investigations revealed that numerous services are operating unlawfully within Australia. Among the latest sites to be targeted for blocking are Casino Australia Online, Pokies.bet, Pokiesman, and Smart Pokies.

Website blocking is part of a broader enforcement strategy aimed at protecting Australians from illegal gambling activities. The ACMA can take action against services that provide prohibited interactive gambling services to customers in Australia, such as online casinos, slot machines, and in-play online sports betting.

It can also target services offering unlicensed regulated interactive gambling services to Australian customers, including online betting platforms that lack a valid Australian license. Additionally, the ACMA can act against services that publish advertisements for prohibited or unlicensed interactive gambling services within Australia.

Since the ACMA initiated its first blocking request in November 2019, a total of 1,026 illegal gambling and affiliate websites have been successfully blocked. Over 220 illegal services have exited the Australian market due to the ACMA’s enforcement of offshore gambling regulations.

The ACMA emphasizes to consumers that even if a service appears legitimate, it is unlikely to provide essential consumer protections.

The Star reports $192M loss in delayed first-half financial results

Australia

Viviana Chan

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April 15, 2025

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The Star reports $192M loss in delayed first-half financial results

The Star Entertainment Group has posted a significant loss of AU$302 million ($192.3 million) for 2H24 (1HFY25, as identified by the company) after narrowly avoiding a financial collapse.

The embattled casino operator submitted its results to the Australian Securities Exchange more than a month past the reporting deadline. Trading of its shares on the ASX was approved to resume on Wednesday, April 16th, following a suspension triggered by the delay.

Chief Executive Steve McCann acknowledged the company’s ongoing struggles, telling analysts and investors that Star’s performance “continues to be very challenged” amid a difficult trading environment.

He explained that the loss was attributable to the recent rollout of mandatory carded play, time limits and enhanced customer due diligence processes.

McCann noted that the company had been working intensively to secure additional liquidity, which culminated in a rescue deal involving Bally’s Corporation and pub tycoon Bruce Mathieson‘s Investment Holdings.

The executive further explained that a range of factors had placed pressure on the business, including regulatory reforms, the introduction of mandatory carded play, cash and time limits, and the company’s declining market share in both Sydney and the Gold Coast.

As part of the rescue agreement, Star has already received the first AU$100 million ($63.7 million) tranche of funding. A further AU$200 million ($127.4 million) is expected, contingent on shareholder approval.

The deal came after months of speculation that Star could run out of cash and be forced into administration, as the company repeatedly warned that its future remained uncertain.

In its results statement, Star reported AU$98 million ($62.4 million) in available cash and confirmed that loan waivers were in place with its lenders until the end of June. However, the company cautioned that there is still ‘material uncertainty regarding the group’s ability to continue as a going concern’, despite the secured funding.

The company revealed that trading worsened during the last six months of 2024. Its Sydney casino was particularly affected by the new regulatory measures, while operations in the Gold Coast also suffered due to market share losses and reform impacts.

Group revenue declined by 25 percent, and domestic gaming revenue fell by nearly one-third, partly due to the closure (and sale) of the Treasury Brisbane Casino.

McCann admitted that the company faces a tough road to recovery. He said Star must regain customer trust and market share, after a “very poor customer experience” during the rollout of gambling reforms.

He observed that many patrons were alienated by the abrupt changes and restrictions placed on their gaming behavior.

“We are working hard on re-establishing those customer relationships,” stated McCann, adding that the company is trying to re-engage patrons who have shifted to pubs and clubs where they face fewer restrictions.

The Star entered into a AU$300 million ($180.8 million) investment agreement with Bally’s Corporation in early April, with some AU$100 million ($60.4 million) being contributed by The Star majority shareholder, and pokie billionaire Bruce Mathieson.

Under the terms of its agreement with Bally’s, McCann also revealed that Star is not currently considering selling additional non-core assets.

The Indian iGaming Report: Strategic Insights for Sports Betting, Casinos, and Payment Innovations

GR8 Tech, the award-winning high-performance Sportsbook and iGaming platform, in partnership with iGB, offers a deep dive into the real opportunities—and real challenges—of India’s iGaming market.

Table of Contents

Wynn Resorts co-founder Elaine Wynn passes away at 82

Elaine Wynn, a prominent figure in the casino industry and a co-founder of Wynn Resorts, has passed away at the age of 82.

Timor-Leste launches its first offshore gaming license

Timor-Leste has officially entered the international iGaming arena with the launch of its first-ever offshore gaming license, granted under a national concession contract to Golden River Universe Lda (GRU).

Table of Contents

1xBet and Billie Jean King Cup strike global betting partnership

Leading global bookmaker 1xBet has forged an exclusive partnership with the prestigious Billie Jean King Cup by Gainbridge, the premier year-round international team competition in women’s tennis, marking a significant milestone in sports betting and sponsorship.

Table of Contents

Aristocrat Gaming set to elevate G2E Asia experience with cutting-edge innovations

Leading gaming supplier Aristocrat Gaming is set to unveil a series of groundbreaking innovations at G2E Asia, happening May 7-9, 2025, in Macau. The company promises to showcase cutting-edge advancements that will shape the future of the gaming industry.

Aristocrat Gaming will also display an extensive lineup of new and notable titles, including:

Table of Contents

LT Game opens Macau manufacturing line with 20K-unit annual capacity

Paradise Entertainment’s subsidiary, LT Game, officially launched its gaming machine manufacturing line in Macau on Tuesday, April 15th.

Pending negotiations on satellite casino operations

Table of Contents

Macau gaming growth forecast trimmed to 1.8% by CLSA

Investment bank CLSA has lowered its growth expectations for Macau’s gaming sector, now projecting gross gaming revenue (GGR) to increase by just 1.8 percent to MOP230.8 billion ($28.7 billion) in 2025.

Australia’s comms authority urges ISPs to block more illegal gambling websites

The Australian Communications and Media Authority (ACMA) has intensified its efforts to combat illegal gambling by requesting that internet service providers (ISPs) block additional websites that violate Interactive Gambling Act 2001.

The Star reports $192M loss in delayed first-half financial results

The Star Entertainment Group has posted a significant loss of AU$302 million ($192.3 million) for 2H24 (1HFY25, as identified by the company) after narrowly avoiding a financial collapse.

Table of Contents

ENQUIRIES & SUBSCRIPTIONS

CONTACTS

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GR8 Tech, the award-winning high-performance Sportsbook and iGaming platform, in partnership with iGB, offers a deep dive into the real opportunities—and real challenges—of India’s iGaming market.

Table of Contents

Deutsche Bank has reduced its outlook for Las Vegas Sands‘ (LVS) operations in Macau via Sands China, due to several macroeconomic factors.

Table of Contents

Elaine Wynn, a prominent figure in the casino industry and a co-founder of Wynn Resorts, has passed away at the age of 82.

Timor-Leste has officially entered the international iGaming arena with the launch of its first-ever offshore gaming license, granted under a national concession contract to Golden River Universe Lda (GRU).

Table of Contents

Leading global bookmaker 1xBet has forged an exclusive partnership with the prestigious Billie Jean King Cup by Gainbridge, the premier year-round international team competition in women’s tennis, marking a significant milestone in sports betting and sponsorship.

Table of Contents

Leading gaming supplier Aristocrat Gaming is set to unveil a series of groundbreaking innovations at G2E Asia, happening May 7-9, 2025, in Macau. The company promises to showcase cutting-edge advancements that will shape the future of the gaming industry.

Aristocrat Gaming will also display an extensive lineup of new and notable titles, including:

Table of Contents

Paradise Entertainment’s subsidiary, LT Game, officially launched its gaming machine manufacturing line in Macau on Tuesday, April 15th.

Pending negotiations on satellite casino operations

Table of Contents

Investment bank CLSA has lowered its growth expectations for Macau’s gaming sector, now projecting gross gaming revenue (GGR) to increase by just 1.8 percent to MOP230.8 billion ($28.7 billion) in 2025.

The Australian Communications and Media Authority (ACMA) has intensified its efforts to combat illegal gambling by requesting that internet service providers (ISPs) block additional websites that violate Interactive Gambling Act 2001.

The Star Entertainment Group has posted a significant loss of AU$302 million ($192.3 million) for 2H24 (1HFY25, as identified by the company) after narrowly avoiding a financial collapse.

Table of Contents

ENQUIRIES & SUBSCRIPTIONS

CONTACTS