‘Vested interests, targeted lens:’ ASCI puts opinion trading on the defensive

New Delhi: By 2028, India’s gaming market is projected to reach Rs 66,000 crore, with a compound annual growth rate (CAGR) of 14.5%. 

According to estimations, the offshore betting and gambling market receives roughly Rs 8,20,000 crore per annum in deposits from India.  

Between September 2023 and March 2025, a total of 4417 illegal offshore betting ads were reported to the Ministry of Information and Broadcasting (MIB). 

Context

These are a few of the key data points listed in the white paper published by the Advertising Standards Council of India (ASCI), which examines the fast-emerging opinion trading industry. 

These are platforms that can take binary positions (Yes/No) on outcomes of real-world events, ranging from sports matches to political elections. According to the paper, the legal and advertising framework around such platforms remains ambiguous, with concerns about speculative elements, user risk, and a lack of consumer safeguards.

In the white paper, ASCI noted that opinion trading platforms are not currently recognised by India’s financial regulator, SEBI (Securities and Exchange Board of India), and highlighted cases where advertisements allegedly lacked disclaimers or could mislead consumers by resembling investment services. 

The whitepaper also compared international regulatory positions, citing how such platforms are treated as either financial instruments or gambling products in various global jurisdictions. 

Claims 

The white paper has stirred quite a discourse within India’s growing real-money gaming ecosystem. 

A spokesperson from the opinion trading platform, who requested anonymity, expressed strong concerns about what they termed “selective scrutiny” in ASCI’s report.

Reacting to the whitepaper, the spokesperson argued that the document disproportionately focused on a few apps while leaving other major segments of the online gaming space, such as poker, rummy, and offshore betting platforms, unexamined.

“If the purpose was to analyse an entire industry, why are only two or three apps shown? Why not examine the offshore betting platforms, which are actively funnelling money from India?” the spokesperson asked. 

While it claimed to be a sector-wide review, the spokesperson alleged that its focus was disproportionately narrow and potentially motivated by a power struggle within the online gaming and fantasy sports ecosystem.

Criticism was particularly sharp about ASCI’s treatment of advertising practices. Another opinion trading platform professional alleged that many of the so-called “violations” cited in the report, such as the absence of disclaimers, were based on either non-advertising assets or misrepresented content.

The spokesperson claimed that “there are people and platforms with much to lose if opinion trading gains legitimacy. There is a fear that users may spend more time here than on fantasy apps.” 

According to the spokesperson, this selective approach suggests that powerful platforms or stakeholders may be influencing regulatory scrutiny to protect their turf. “There is a clear pattern - every time a new gaming format gains traction, vested interests emerge. And unfortunately, the industry is not united in addressing this together,” the spokesperson said.

“The gaming industry in India needs to decide whether it wants to evolve or cannibalise. Because right now, we’re seeing too many internal battles, too much silence from key players, and a lack of support for what could be a globally competitive sector,” the spokesperson of the opinion trading platform added. 

Current scenario

While opinion trading platforms are trying to position themselves as skill-based and user-driven, ASCI’s whitepaper raises significant questions about their legal standing, advertising practices, and potential consumer harm. 

According to the report, these platforms enable users to stake money on binary outcomes, such as sporting results or political events, through mechanics that closely resemble speculative trading or betting. 

Despite being labelled as games of skill by some operators, the paper highlights the absence of a clear regulatory framework in India, noting that SEBI does not recognise such formats as financial instruments.

The report notes that while some platforms claim to self-regulate, there is insufficient evidence of consistent standards across the sector. 

This ambiguity, ASCI suggests, not only poses challenges to consumer safety but also creates a grey zone in which advertising ethics and compliance may be compromised.

MPL defamation notice to ASCI

Earlier in May 2025, MPL parent Galactus Funware served ASCI a Rs 50-crore defamation notice over the‘ Opinion Trading’ whitepaper. Galactus Funware has given the self-regulatory body three days to remove the whitepaper from the public domain, warning that failure to comply will trigger civil and criminal proceedings as well as additional compensation “for every day of continued publication.”

MPL alleged that the ASCI whitepaper selectively used screenshots from its platform (MPL Opinio) and other opinion trading apps in a misleading context, suggesting non-compliance with advertising norms.

In its official comment to BestMediaInfo.com, an ASCI spokesperson said, “We are in receipt of the notice and there is absolutely no question of tampering.”