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India’s Opinion Trading Platforms Spark Concerns Over Financial Gamification Risks

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Business Honor - Opinion Trading Risks Spark Regulatory Concern

Business Honor
06 August, 2025

India’s increasing use of opinion trading platforms raises concerns over gamification and its potential risks.

Increased usage of opinion trading platforms in India has raised fears of the gamification of financial markets, with regulators and lawyers comparing it to gambling. Such platforms as SportsBaazi, Probo, and MPL Opinio have faced criticism for applying game-like features to real-money betting systems, including employing financial jargon like "profit," "stop loss," and "market trends" to mimic stock market experiences.

Dr. MC Sarangan, a TNOGA member, has been one of the loudest voices in referring to such platforms as "betting in disguise." In his view, the platforms, which tend to present themselves as prediction markets, employ gamification techniques to entice users to make speculative bets masquerading as legitimate financial exercise. This, according to Sarangan, poses severe risks by misleading users into perceiving these websites as safe investment avenues rather than gambling websites.

Legal experts also argue that the economic gamification of such websites complicates their legal nature. The websites borrow something from games — points, stakes, and rewards — but apply them to predict political events, election outcomes, and market trends. The approach challenges the skill-based nature of the games and if the games cross into the realm of gambling, in which cases stringent regulation is applied.

The Securities and Exchange Board of India (SEBI) has cautioned against the risks involved in such platforms emulating financial markets under the guise of "trading," causing serious fears of manipulation and deceiving users. Gamification techniques, such as using words associated with real trading, further accelerate the risk by inducing participants to feel safe. As the case gains momentum, calls for national prohibition gain strength, with critics emphasizing that the gamification of financial systems may jeopardize consumer protection and economic stability.