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Breaking: Opinion Trading platform Probo shuts operations in India
Storyboard18 had first reported that Opinion trading platforms will be banned under the new legislation Promotion and Regulation of Online Gaming Bill.
It should be noted that the Enforcement Directorate (ED) had launched a search operation on July 8 and 9 under the Prevention of Money Laundering Act (PMLA), 2002 against Probo.
On Thursday, the Opinion Trading platform Probo shut its business operations in India. The move comes after the government moved towards banning all real money online games in the country. The platform was already reeling under pressure due to Directorate of Enforcement raids and multiple legal cases pending in High Court and apex court.
Probo mentioned on its app, "In light of recent developments, we have paused all recharge activities in your best interest. We request you to withdraw your funds."
Storyboard18 had first reported that Opinion trading platforms will be banned under the new legislation Promotion and Regulation of Online Gaming Bill.
In a media statement, Probo stated, "As unfortunate as it is, we respect the government of India's latest Online Gaming bill. In light of this development, Probo has decided to discontinue its real-money gaming (RMG) operations with immediate effect until further notice. We remain steadfast in our vision to innovate and build information markets from India, for the world."
It should be noted that the Enforcement Directorate (ED) had launched a search operation on July 8 and 9 under the Prevention of Money Laundering Act (PMLA), 2002 against Probo. The searches targeted four locations in Gurugram and Jind, Haryana, focusing on Probo's promoters Ashish Garg and Sachin Subashchandra Gupta. These actions stem from multiple FIRs registered in Gurugram, Palwal, and Agra under provisions of the BNS and the Public Gambling Act.
The matter stems from the First Information Report (FIR), lodged on March 25, 2025, at Sector 50 police station in Gurugram, was based on a complaint by Gurugram resident Abhishek Jain. In his complaint, Jain alleged he lost ₹20,000 while using the Probo app, which allows users to wager on the outcome of real-world events via simple “Yes” or “No” questions. He claimed the app induced him into gambling under the guise of “opinion trading.”
The FIR names Probo directors Ashish Garg, Sachin Subashchandra Gupta, and Shweta Sharma, invoking Section 13 of the Public Gambling Act, 1867 (pertaining to gambling in streets), and Section 318(4) of the Bharatiya Nyaya Sanhita (BNS), 2023, related to cheating and dishonest delivery of property.
Probo has come under intense scrutiny across several jurisdictions. On May 21, the Haryana government notified a new anti-gambling law that explicitly seeks to include opinion trading platforms like Probo under its purview. In parallel, the Securities and Exchange Board of India (SEBI) issued a public advisory stating that such apps fall outside its regulatory domain and cautioning users against participation.
While the Mumbai police filed a chargesheet against Probo and two of its directors—Gupta and Garg—who are currently out on bail of ₹5,000 each. The Bombay High Court, which is hearing their petition to quash the charges, has stayed the trial proceedings for now.
On July 18, the Supreme Court has transferred to itself a clutch of Public Interest Litigations (PILs) pending in various High Courts, challenging opinion trading platforms. With this, all related matters will come under the apex court's direct consideration.
A slew of PILs have been filed at the Bombay, Gujarat, and Chhattisgarh high courts, arguing that opinion trading platforms are similar to betting and gambling.
On Thursday, Probo had released a statement by Anurag Dhandhi, Business Head at Probo shared, “In India, opinion trading has been characterised as a game. However, in the United States of America, it has been regulated by the Commodity Futures Trading Commission as a Designated Contract Market - or in layman’s terms - a financial market for information exchange and trading."
"At its very core, opinion trading (prediction markets) is a tool for economic insight, information aggregation, and forecasting that enables users to apply judgment, knowledge and analysis to real-world developments. By fostering informed and responsible participation, it goes beyond entertainment. It is a nascent-yet-thriving sector globally that contributes to improving financial literacy, data-driven decision-making and strengthening the larger digital economy. While we applaud the government’s intent to introduce a progressive framework, we urge the government to build on this vision by explicitly recognizing opinion trading as a permissible skill-based activity and by adopting a differentiated regulatory approach instead of a blanket prohibition. This will strengthen user protection while ensuring that India fully captures the socio-economic benefits of this sunrise sector.”
“As India shapes the future of its online gaming industry, we are committed to collaborating with regulators to establish opinion trading as a recognized, skill-based format. This clarity is paramount to safeguarding users, fostering responsible innovation, and unlocking substantial economic value—ultimately positioning India as a pioneer of a transformative, regulated technology sector on the global stage,” added Dhandhi.
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