No, opinion trading is not legal in India and is completely banned under Promotion and Regulation of Online Gaming Bill, 2025. Opinion trading, in which users bet on their own opinions, is considered a real money activity and is expressly prohibited by this PROG bill.
Earlier, these platforms existed in a regulatory gray area and were not regulated by any specific financial authority like SEBI or RBI. Also, opinion trading apps positioned themselves as a game of skill which is generally legal and protected under the Constitution (Article 19(1)(g)).
The arise the concern on legality of opinion trading:
Regulatory oversight
Whether the game is of skill or chance
How money is involved
Transparency in deposits & withdrawals
User age restrictions and fairness
Note: Users are advised to use such platforms responsibly, understand the risks involved, and stay updated with any changes in regulations. As the space evolves, we may see more clarity from lawmakers and regulators in the near future.
SEBI’s Concern & Reasons of Illegality in India
Before the banning of opinion trading in India, the Securities and Exchange Board of India (SEBI) had issued several cautionary notices to opinion trading platforms, highlighting concerns over their unregulated operations and potential risks. As these platforms continued to grow in popularity, especially among younger users, SEBI has expressed the need for greater clarity, transparency, and accountability.
1. Operating Without Regulatory Approval
SEBI emphasized that opinion trading platforms are currently operating outside any established regulatory framework. These platforms do not fall under the Securities Contracts (Regulation) Act, 1956, or SEBI’s purview, raising concerns about investor safety and compliance.
2. Risk of Misleading Financial Nature
Some platforms may appear similar to stock or commodity trading, confusing retail users.
If a platform’s interface or marketing mimics financial trading apps, it may mislead users into believing they are investing in regulated instruments.
3. Lack of Investor Protection Mechanisms
Unlike regulated financial services, these platforms do not offer grievance redressal mechanisms, investor education, or risk disclosures, leaving users vulnerable to loss without legal recourse.
4. Market Manipulation Risk
If a platform allows trading on market-sensitive events (like company performance or election outcomes), it could:
Influence public sentiment, or
Be exploited to manipulate perception for financial or political gain.
How do Opinion Trading Platforms Work?
Opinion trading platforms are real money games but works differently. They operate as a prediction market and allow users to answer questions on future events in Yes or No format. Users can select a wide range of topics from sports and political events to crypto and daily news. Every event comes with a variety of questions.
Each question comes with two possible answers—Yes or No—and each option is priced between ₹0 to ₹100 (varies based on the platform). These prices fluctuate based on user sentiment and market activity, much like a stock market:
If a large number of users believe an event will happen, the price of “Yes” may rise.
Conversely, if sentiment shifts, “No” could become more valuable.
Popular Categories in Opinion Trading
Sports – Predict match winners, player scores, and tournament outcomes.
Politics – Predict election results, political changes, or global developments.
Finance – Predict stock index movements, crypto prices, or rate hikes.
Entertainment – Predict movie earnings, award winners, or celebrity news.
Opinion trading is no longer considered legal in India. The recent online gaming bill 2025 put a blanket ban on all money gaming including opinion trading. Earlier, platforms operated in a grey area but avoided legal trouble by positioning themselves as skill-based prediction markets rather than betting platforms.
2. How is opinion trading different from betting or gambling?
Unlike gambling, which is purely based on chance, opinion trading is centered around informed predictions and skills. Users analyze data and trends before making a decision, much like trading in a stock or futures market.
3. Can I use opinion trading apps outside India?
Yes, outside India, opinion trading is legal and regulated in most countries. Users have the freedom to participate in opinion trading platforms, where they can share insights and forecasts on various topics. They operate under specific guidelines designed to ensure transparency and fairness, allowing for a dynamic exchange of ideas while protecting user interests.
At present, opinion trading platforms are not regulated by a central authority like SEBI or RBI. However, legitimate platforms follow basic compliance norms such as KYC (Know Your Customer) and AML (Anti-Money Laundering).
4. Do I have to pay tax on my opinion trading earnings?
Yes, any income earned from opinion trading is subject to taxation under “Income from Other Sources.” Users should maintain records of their earnings and file them appropriately while filing their Income Tax Return (ITR).
5. Are opinion trading apps safe to use?
Yes, opinion trading apps are generally safe to use but no longer legal in India. However, in the international markets the platforms like Kalshi are still flourishing, as they are regulated, transparent, and do not involve real-money gambling. Always choose trusted platforms with clear terms and privacy policies.
6. How to check if I’m using a legal opinion trading app?
Before investing time or money, check if the app has a registered business identity, transparent terms and conditions, and proper KYC and security processes. Avoid platforms that promote guaranteed returns or lack basic legal disclosures.
Pankaj Suyal is a sports enthusiast and fantasy gaming expert who transforms his love for the game into compelling content. From match previews to player analysis and trending updates, he brings the sports world closer to his readers. When he is not writing, you will find him creating fantasy team or deep into a book (Yes, he is a bibliophile).
