India’s online gaming industry just crossed a major milestone, and the numbers tell a pretty clear story: this market is about to get much bigger. What started as a niche sector has turned into a $3.7 billion industry in 2024, with projections showing it could reach $9.1 billion by 2029.
The Numbers Behind the Growth
The gaming sector pulled in $3.7 billion in revenue this year, which sounds impressive until you see where it’s headed. Industry analysts are predicting the market will more than double over the next five years, growing at a 19.6% annual rate. Some reports go even further, suggesting the industry could hit $60 billion by 2034.
Different research groups have varying estimates, with some putting the 2033 figure anywhere from $4.3 billion to $15.2 billion. The WinZO-IEIC report seems to be the most comprehensive, covering both real money gaming and traditional gaming segments, which explains why their projections tend to be higher.
Who’s Actually Playing These Games?
India now has 591 million gamers, which represents about 20% of all gamers worldwide. These players are downloading 11.2 billion mobile game apps every year through various platforms, not just the main app stores.
The player base is more diverse than you might expect. Women make up 44% of all gamers, and 66% of players come from smaller cities outside major metros. Most players fall into the 18-30 age range and seem willing to spend money on games they enjoy.
Real Money Gaming Still Rules
Real Money Gaming (RMG) dominates the landscape right now, bringing in 85.7% of total revenue, or about $3.2 billion in 2024. This segment grew 18% this year, even with new challenges like a 28% goods and services tax hitting the sector.
This dominance won’t last forever, though. RMG’s share is expected to drop to 80% by 2029, while other types of gaming will grow from 14.3% to 20% of the market.
Jobs and Infrastructure
Around 1,900 gaming companies are operating in India right now, employing about 130,000 people across development, operations, and support roles. If the growth projections hold up, this could create over 2 million jobs by 2034.
Foreign investors have already put $3 billion into the sector, with 85% of that money going to pay-to-play games. This investment pattern shows that investors believe in games that can generate steady revenue.
Investment Opportunities
The sector could unlock $26 billion in investor value through public offerings based on current market conditions. If the industry reaches its 2029 targets, that number could jump to $63 billion.
Nazara Technologies is currently India’s only publicly listed gaming company, and it trades at the highest premium of any gaming company globally. This suggests investors are hungry for more gaming stocks to buy.
Technology Changes
Mobile gaming accounts for 55.88% of the market right now, while cloud and streaming gaming are growing at 16.3% annually through 2030. The infrastructure is getting better, with new app distribution methods and payment systems making it easier for players to find and pay for games.
In-app purchases are the fastest-growing revenue source, jumping 41% last year and expected to grow 44% annually through 2029. This shows that players are moving beyond just real money gaming and spending on other types of game content.
Gaming Platform With A Relaunch
MCW Casino India has re-launched to serve the expanding Indian gaming community, offering betting and casino services in Hindi with INR currency support. Operating under Anjouan licensing, the platform represents how international companies are adapting to India’s specific market needs while contributing to the sector’s projected growth toward that $9.1 billion target by 2029.
Source: Economic Times
