Industry stakeholders seek govt action against illegal betting apps
A representation letter will also be sent to Ministry of Consumer Affairs, Ministry of Information & Broadcasting, Ministry of Finance, SEBI and ASCI on the need to prohibit opinion trading platforms in India.
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With the Indian Premier League (IPL) just around the corner, illegal offshore betting apps and websites are aggressively looking to get a piece of the action. Elaborating on upcoming IPL season, a top industry leader told Storyboard18, "We will urge the government to proactively conduct crackdown on illegal betting apps and we believe that government will soon set up measures for opinion trading games and apps."
Meanwhile, the New Indian Consumer Initiative (NICI) PEN Media Literacy will send a joint representation letter to the Ministry of Consumer Affairs, the Ministry of Information & Broadcasting, the Ministry of Finance, SEBI, and ASCI, urging a ban on opinion trading platforms in India.
“The rapid rise of opinion trading platforms in India is a cause of concern for consumers, where the lines between gaming, trading, and investment are increasingly blurred. These platforms, often marketed as reliable sources of income, are leading to significant financial and mental health risks,” said Abhishek Kumar, Convener of NICI.
Kumar added, “There is an urgent need for a coordinated approach to protect consumers, ensure transparency, and promote responsible business practices. We aim to engage with different ministries in our capacity to drive caution and request for intervention against these platforms.”
A leading opinion trading company spokesperson told Storyboard18, “Unlike games of chance, sports trading emphasizes the importance of accurately pricing opinions and making data-driven decisions. This strategic approach positions it as a skill-based domain where knowledge and preparation determine outcomes. That’s what sports trading is all about. Additionally, sports trading offers the flexibility to exit a trade based on real-time changes in live data.”
“We are an integral part of the real-money gaming (RMG) industry, which generally supports all skill-based games backed by data. We believe that in an era driven by innovation, newer formats involving skills like sports trading should lead the way,” the spokesperson added.
