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How Much Is Indian Gaming Worth?Published January 19, 2010
Amit Goenka sees positive future following deal between his company and Sportech.
The Indian gaming market could be worth around $33 billion in five years time, if Playwin CEO Amit Goenka is to be believed. And he definitely speaks with authority, following events this week.
Goenka made the comment in an interview to gambling news website Gaming Intelligence, following the signing of a £4 million (Rs 300 million) deal between India's most successful online gambling company and leading UK football gaming business Sportech.
Sportech, a football pools and gaming operator, will team up with Playwin to establish a sports betting business in India under the deal, which was signed on Friday.
Both parties have agreed to invest Rs 150 million for a 50 per cent stake each in the venture, which will allow participation in prediction and fantasy games on popular sports such as cricket, football and Formula One racing.
Sportech chief executive Ian Penrose said the first games to be released would include Spot the Ball for both cricket and football, with football pools to be offered in 2011.
Playwin has already established itself as he biggest gaming company in India. One of the first online lotteries to be established in India, the company is run by the Sikkim government.
It has grown quickly, having paid out around Rs 89 billion in prize money in the seven years since it launched the Super Lotto.
The joint venture will be promoted on television network Zee TV and via cable operators WWIL and DishTV.