Using opinion trading apps might become difficult in Haryana
What's the story
Opinion trading platforms like Probo, SportsBaazi, and MPL Opinio might stop working in Haryana under the newly enacted Prevention of Public Gambling Act, 2025, as per Mint. The Act was prompted by a public interest litigation and an intervention by the Punjab and Haryana High Court. The law makes the operation of these apps in the state a public gambling activity.
Legal implications
Act imposes strict penalties for match-fixing
The Prevention of Public Gambling Act, 2025, comes with strict provisions to tackle match-fixing and spot-fixing in sports. The act prescribes a minimum sentence of three years (extendable to five) and fines starting from ₹5 lakh. Repeat offenders could be sentenced to up to seven years in prison. However, despite this, legal ambiguity continues to loom over fantasy sports and opinion trading as the act doesn't explicitly mention them.
Compliance action
MPL Opinio halts operations in Haryana
In anticipation of the regulations, MPL Opinio had already shut shop in Haryana. The action was taken before the law was officially notified and came into effect. A similar order was passed by the Chhattisgarh High Court this month, ordering geo-blocking of such platforms in the state, but it did not impose a country-wide ban on these opinion trading apps.
Regulatory clarification
SEBI clarifies its stance on opinion trading apps
The Securities and Exchange Board of India (SEBI) has clarified that these apps fall outside its regulatory oversight. Despite increasing scrutiny from authorities, the opinion trading industry shows resilience with over 50 million users and transactions worth nearly ₹50,000 crore. Industry estimates project revenues nearing ₹1,000 crore in FY25 for this sector.