Salone Sehgal

My Journey Into the Gaming Industry

My name is Salone Sehgal, and for more than a decade I have been analyzing how digital entertainment ecosystems evolve in emerging markets. As the founder and managing partner of Lumikai — India’s first venture capital fund focused exclusively on gaming and interactive media — my work centers around understanding how gaming platforms grow, how players behave, and how digital economies form around interactive entertainment.

My professional journey began in the global media industry, where I worked with companies such as Disney and Sony Pictures. These roles allowed me to observe how traditional entertainment ecosystems operate and how audiences interact with different forms of content.

However, what fascinated me most was the rapid transformation happening in interactive entertainment.

Unlike film or television, gaming creates an entirely different relationship between audiences and digital platforms. Players are not passive viewers — they are participants. Every interaction generates data, revealing patterns about engagement, psychology, and digital spending behavior.

India quickly became one of the most interesting environments to study these dynamics.

Over the past decade, the country has experienced one of the fastest digital expansions in the world. Affordable mobile internet, widespread smartphone adoption, and the rapid growth of digital payment systems have created the foundation for a massive digital entertainment ecosystem.

Gaming was one of the first industries to benefit from this transformation.

Millions of players across the country now engage with mobile games on a daily basis, and the broader gaming economy continues to expand rapidly. Alongside traditional gaming, the rise of real-money gaming and iGaming platforms has begun to reshape the industry in new ways.

Understanding how these platforms grow requires more than looking at market statistics. It requires examining player psychology, engagement patterns, monetization models, and the technological infrastructure that supports online gaming environments.

Over the years, my work has focused on exactly these areas.

Expert Profile

Why I Study Player Behavior in Emerging Gaming Markets

When analyzing any gaming ecosystem, one principle becomes clear very quickly: technology alone does not create successful gaming markets. Players do.

The most important driver behind the growth of online gaming platforms is not simply access to devices or internet infrastructure. It is how players interact with those platforms, how often they play, what motivates them, and how comfortable they are with digital spending.

India is particularly interesting from this perspective.

Unlike many mature gaming markets, where gaming culture evolved over several decades across multiple platforms, India experienced what I often describe as a compressed digital evolution.

Within a relatively short period of time, millions of users moved from:

• limited internet access
• to smartphones
• to mobile apps
• to interactive gaming platforms

This leapfrogging effect created a generation of players who are extremely comfortable with mobile technology and digital ecosystems.

In my research and investment work, I focus heavily on how these behavioral patterns influence the structure of gaming markets.

Several key questions guide this analysis:

• How frequently do players engage with gaming platforms?
• What types of games generate the highest retention rates?
• How do mobile interfaces influence player session length?
• What role do payment systems play in monetization models?
• How do regional cultures influence gaming preferences?

These questions are critical for understanding the broader digital gaming economy — and they are particularly relevant for analyzing the emerging iGaming sector in India.

Why the Indian iGaming Market Deserves Attention

Over the last several years, I have observed a noticeable shift within India’s broader gaming ecosystem.

While traditional mobile games still dominate in terms of player numbers, real-money gaming platforms and iGaming services are beginning to attract increasing attention from both players and industry analysts.

This shift is closely connected to the rapid development of digital payment infrastructure across the country. Mobile wallets, instant payment systems, and online banking services have significantly lowered the barriers for participating in real-money gaming environments.

As a result, online gaming platforms that involve real-money mechanics are becoming a growing part of the digital entertainment ecosystem.

The iGaming sector now sits at the intersection of technology, entertainment, and financial infrastructure.

Its future development will depend on several factors: mobile technology, regulatory frameworks, player trust, and the continued expansion of digital payment systems.

In the following sections of this analysis, I will explore how these factors are shaping the evolution of the iGaming market in India and what they reveal about the future of digital gambling platforms in one of the world’s fastest-growing digital economies.

India’s Digital Gaming Transformation

Over the last decade, India has undergone one of the most significant digital transformations in the global entertainment industry. The combination of affordable smartphones, low mobile data costs, and the rapid expansion of digital infrastructure has created a massive online audience.

For many users across the country, mobile devices became their first gateway to the internet. Unlike traditional gaming markets that evolved through consoles and desktop platforms, India developed a mobile-first gaming ecosystem.

This unique environment has accelerated the growth of digital entertainment platforms, particularly mobile games and real-money gaming applications.

Today, gaming is no longer a niche activity in India. It has become one of the fastest-growing segments of the digital economy, attracting players from a wide range of demographics and regions.

Several structural factors contributed to this rapid expansion.

Key Drivers Behind iGaming Growth in India

The expansion of online gaming platforms in India did not happen by chance. It is the result of several structural changes that reshaped the digital landscape over the past decade.

These factors created a powerful ecosystem where gaming platforms could scale rapidly.

Growth of the Indian Online Gaming Market

The Indian gaming industry has experienced rapid expansion in recent years. Market analysts estimate that the sector will continue to grow significantly as digital adoption increases across the country.

The following table illustrates the approximate growth trajectory of India’s online gaming market.

Market Evolution and the Rise of Real-Money Gaming

While mobile games dominate the player base in terms of total user numbers, the real-money gaming sector is rapidly gaining attention from both investors and analysts.

This shift is closely connected to the expansion of digital payment infrastructure and the growing familiarity of users with online transactions.

For many players, gaming platforms are no longer just entertainment products — they are interactive digital environments where skill-based competition, social interaction, and financial incentives converge.

As a result, the iGaming sector is emerging as one of the most dynamic segments of India’s digital entertainment economy.

Understanding how this sector evolves requires examining player behavior, engagement patterns, and the technological infrastructure that supports modern gaming platforms.

How Indian Players Interact with Gaming Platforms

To understand the growth of the iGaming sector in India, it is essential to examine how players interact with gaming platforms. Unlike traditional gaming markets where players often engage through multiple devices, the Indian gaming ecosystem is overwhelmingly mobile-centric.

For most users, smartphones are not simply a convenient device for gaming — they are the primary gateway to digital entertainment.

This mobile-first dynamic shapes the entire structure of the gaming ecosystem. Game developers, platform operators, and payment providers design their products specifically for mobile users, optimizing gameplay sessions, interfaces, and payment flows for small screens.

Player engagement patterns in India typically include:

• short but frequent gaming sessions
• mobile-first gameplay environments
• rapid adoption of new gaming apps
• increasing familiarity with digital payments
• strong interest in competitive and skill-based gaming formats

These patterns create a unique behavioral profile that differs from many Western gaming markets.

These aspects will be explored in the following section.

Player Segmentation in the Indian Gaming Market

Not all players interact with gaming platforms in the same way. Based on engagement patterns and spending behavior, the Indian gaming audience can generally be divided into several segments.

Each segment contributes differently to the gaming ecosystem and influences platform design strategies.

Device Distribution Among Indian Players

Because the Indian gaming market developed primarily through smartphones, the majority of gaming activity occurs on mobile devices.

The following visualization illustrates the approximate distribution of gaming platforms used by Indian players.

Key Behavioral Insights

Why Player Behavior Matters for iGaming Platforms

For platform operators and game developers, understanding player behavior is critical for building successful gaming ecosystems.

The Indian gaming market demonstrates how rapidly digital entertainment can evolve when technological infrastructure aligns with player demand.

Mobile accessibility, digital payments, and a young online population have created an environment where gaming platforms can scale quickly — but only if they adapt to the behavioral patterns of their users.

As the ecosystem continues to mature, the relationship between player engagement and platform design will play a decisive role in shaping the future of the iGaming industry in India.

Understanding the iGaming Industry Structure

The iGaming industry is not defined solely by casino platforms or betting operators. Instead, it is a complex ecosystem of interconnected technologies, service providers, financial infrastructure, and content creators.

In India, this ecosystem has evolved rapidly alongside the broader digital economy. Mobile technology, payment systems, and digital entertainment platforms have combined to create a dynamic environment where gaming services can scale quickly.

A typical iGaming ecosystem involves multiple layers of infrastructure and partnerships.

Each component plays a critical role in enabling gaming platforms to operate efficiently, securely, and at scale.

Popular Game Categories in India

While the Indian gaming ecosystem includes many different types of digital entertainment, several categories dominate the iGaming market.

These categories attract different player segments and contribute differently to overall platform revenue.

The Player Journey on an Online Gaming Platform

Understanding how players interact with gaming platforms requires examining the typical journey a user takes from initial discovery to long-term engagement.

The process usually involves several key stages.

How the Ecosystem Continues to Evolve

The Indian iGaming ecosystem continues to evolve as new technologies and digital services emerge.

Several developments are likely to influence the next stage of industry growth:

• improved mobile gaming platforms
• enhanced payment infrastructure
• real-time multiplayer gaming technologies
• AI-driven personalization systems
• increased integration of live gaming environments

As these technologies mature, the boundaries between traditional gaming, social entertainment, and real-money gaming will continue to blur.

This convergence is expected to play a significant role in shaping the next generation of online gaming platforms in India.

The Regulatory Landscape of Online Gaming in India

The legal framework surrounding online gaming in India remains complex and continues to evolve. Unlike many global markets where gambling laws are defined at the national level, India operates under a system where state governments often regulate gaming activities independently.

This means that the legal status of various gaming formats may differ across regions.

Some states have introduced restrictions on real-money gaming platforms, while others allow skill-based gaming activities under certain regulatory conditions. As a result, the industry operates within a diverse legal environment that requires careful compliance and adaptation.

Despite these complexities, the broader trend suggests that regulators are increasingly focused on creating clearer frameworks for digital gaming platforms.

Such frameworks are essential for ensuring consumer protection, improving transparency, and enabling sustainable growth within the industry.

Responsible Gaming Principles

As the iGaming sector grows, responsible gaming practices are becoming an increasingly important part of the industry.

Platform operators are expected to implement safeguards that help protect players and promote healthy gaming habits.

These measures help build trust within the gaming ecosystem and ensure that digital entertainment platforms operate responsibly.

Forecast for the Indian iGaming Market

The future of the Indian gaming industry will likely be shaped by continued technological innovation, expanding internet access, and evolving regulatory frameworks.

Industry analysts expect the market to maintain strong growth over the next decade.

Key Trends That Will Shape the Future

My Perspective on the Future of iGaming in India

From my perspective as an investor and analyst of gaming markets, India represents one of the most fascinating emerging environments for digital entertainment.

The country combines several unique characteristics: a massive online population, rapid smartphone adoption, and an increasingly sophisticated digital payment infrastructure.

These elements create powerful conditions for the continued growth of gaming platforms.

However, the long-term success of the iGaming sector will depend on balancing innovation with responsibility. Clear regulatory frameworks, player protection measures, and transparent business practices will be essential for building trust within the ecosystem.

If these elements align, India could become one of the most important gaming markets in the world.

The next decade will likely determine how the industry evolves — but the foundations for growth are already in place.