MUMBAI — The Advertising Standards Council of India (Asci) has fired a warning shot at the fast-growing world of opinion trading, releasing a hard-hitting whitepaper titled Examining Opinion Trading in India. With more than 50 million users and Rs 50,000 crore in annual transactions, the sector is booming—but flying in regulatory grey zones.

Opinion trading platforms let users place monetary bets on binary outcomes of real-world events—from cricket matches to political polls. While they claim to be skill-based, Asci argues that many mirror gambling platforms and carry serious risks, particularly for young and financially vulnerable users.

Globally, these markets are regulated either as financial instruments or as betting operations. In India, however, stock market watchdog Sebi has already washed its hands off, stating in its 29 April 2025 advisory that “opinion trading does not fall within Sebi's regulatory purview... as what is traded is not a security.”

Meanwhile, courts are mulling over public interest litigations, and the legal status remains fuzzy. Amid this uncertainty, Asci has flagged influencer-driven ads that sell these platforms as knowledge games—without any disclaimers or warnings.

“Opinion trading platforms raise serious concerns as their structure and mechanics closely resemble betting in some instances, and can expose consumers to significant financial risk,” said Asci CEO & secretary general Manisha Kapoor. “The advertising that accompanies these platforms often heightens the risk, with exaggerated claims of easy winnings and false assurances of reliability.  No disclaimers cautioning consumers are provided. Asci's whitepaper highlights these risks and urges urgent regulatory clarity so appropriate steps can be taken to protect consumers from potential harm.”

Asci is now calling for one of two outcomes: either formalise opinion trading with tight advertising guidelines, or outlaw it and clamp down on rogue promotions. The whitepaper also dives into global approaches, existing Indian laws, and highlights how current ads may be skating on thin legal ice.

Until then, it’s a gamble—one that consumers may be taking without knowing the odds. Read the whitepaper here.