Probo Advocates for Skill-Based Recognition of Opinion Trading in India's Gaming Legislation

Probo, a leading opinion trading platform, supports India's Online Gaming Bill but calls for the recognition of opinion trading as a skill-based activity. The company emphasizes its socio-economic benefits, urging differentiated regulation rather than blanket prohibition to unlock digital economy opportunities while safeguarding users.

Probo, India's premier opinion trading platform, has voiced its support for the recently unveiled Online Gaming Bill, commending the government's efforts to create a safer and more transparent digital ecosystem. However, the company is advocating for the explicit recognition of opinion trading as a permissible skill-based activity. It urges the government to consider a differentiated regulatory approach instead of imposing a blanket ban. The company positions opinion trading, also known globally as prediction markets, as a vital tool for economic insight, information gathering, and forecasting that surpasses mere gaming.

With over 50 million registered users, Probo facilitates trading across diverse event contracts. Anurag Dhandhi, Probo's Business Head, explained that while opinion trading is often dismissed as a game in India, it is regulated as a financial market by the Commodity Futures Trading Commission in the United States. Dhandhi highlighted that opinion trading promotes financial literacy, data-driven decision-making, and robust digital economy contributions by fostering informed participation. Probo urges the government to explicitly recognize this sector to enhance user protection and harness its socio-economic gains.

The company further accentuated the socio-economic merits of prediction markets, emphasizing its role in enhancing digital inclusion, employment, and innovation. Probo believes formal acknowledgment would unlock new opportunities within India's digital economy while ensuring stringent consumer safeguards. The company remains committed to collaborating with regulators to establish opinion trading as a recognized, skill-based format. By adopting a balanced regulatory approach, Probo argues, India could pioneer a transformative tech sector while securing substantial economic benefits and protecting consumers.

(With inputs from agencies.)