As the highly anticipated Indian Premier League (IPL) 2025 final approaches, a growing wave of belief is sweeping through the fan base — not just in stadiums and on social media, but also on digital opinion trading platforms, where millions are putting their money where their heart is.
This trading frenzy is unfolding despite a strong warning from the Securities and Exchange Board of India (SEBI), which has flagged such platforms for their speculative nature and .
The IPL is a professional Twenty20 cricket league in India organised by the Board of Control for Cricket in India (BCCI). This year, the grand finale of the league’s 18th edition will see Royal Challengers Bengaluru (RCB) face off against Punjab Kings (PBKS) on Tuesday, June 3, at the Narendra Modi Stadium in Ahmedabad.
Over a million bets placed on IPL final outcomes
A massive surge in participation is being seen on opinion trading platforms such as Probo and MPL Opinio, where users are actively trading on predictions tied to the final outcome. Over one million users have already taken part in contracts predicting a Bengaluru win against Punjab, with trades ranging from less than ₹1 to ₹10 on “Yes” and “No” outcomes.
On MPL Opinio, the question “Will Bengaluru win the final vs Punjab?” alone has seen over 9 lakh users placing trades. Meanwhile, Probo has attracted more than 33,000 bets on the same query. Across platforms, the total number of trades related to the IPL final has crossed the one-million mark, with the count rising as fans continue to engage.
Some platforms plan to keep trading open during the match itself, offering live opinion trading on toss outcomes, who bats or bowls first, and over-by-over run predictions. This real-time engagement mirrors the live sports betting experience, further intensifying user involvement.
Drake places bet on RCB
Canadian rapper Drake revealed that he had placed a ₹6.41 crore ($750,000) bet on RCB to win their first-ever IPL title. The bet was placed via the crypto-betting platform Stake, with potential winnings of over $1.3 million (₹11.11 crore) if RCB clinch the trophy.
Drake shared a screenshot of the bet on his Instagram post, captioned with RCB’s popular chant, “Ee Sala Cup Namde” — a phrase widely used by fans to express hope for the team’s first title.
SEBI raises red flags on speculative nature
Despite the buzz, regulatory scrutiny over opinion trading has intensified. The SEBI has issued a strong advisory warning users against participating on such platforms, citing their speculative nature and lack of regulatory oversight.
SEBI clarified that these platforms are not registered exchanges or intermediaries, and financial transactions conducted on them may be considered illegal under existing laws. The lack of investor protection raises significant concerns for both participants and regulators.
Experts warn of long-term impact on financial habits
Financial experts have raised alarms over the potential behavioural impact of such platforms. Sohil Jain, Senior Executive and Qualified Financial Advisor, told SiGMA News, “With 5 crore users already engaged, these platforms are reshaping financial behaviour, particularly among young adults. The gamification elements create dopamine-driven engagement patterns that sideline proper financial planning. This short-circuit of financial education could have generational consequences as fundamentally unsound money habits become normalised.”
While regulatory bodies express concern, some within the industry see potential in opinion trading. George John, an iGaming expert, noted in an exclusive chat with SiGMA News, “If platforms improve trust and transparency, opinion trading could evolve into a fintech-gaming hybrid — similar to how fantasy sports reshaped digital engagement.”
ASCI demands regulatory clarity
The Advertising Standards Council of India (ASCI) has also weighed in on the issue. In a recent whitepaper titled “Examining Opinion Trading in India,” ASCI called for urgent regulatory clarity. It also stated that any future advertising by these platforms must carry appropriate disclaimers.
The council warned that misleading or questionable advertisements will be flagged and forwarded to the appropriate authorities for further action.
Legal challenges prompt platform withdrawals
Amid rising regulatory heat, several platforms have begun withdrawing from certain Indian states. SportsBaazi, a popular sports-based opinion trading platform, has officially ceased operations in Haryana following the enactment of the Prevention of Public Gambling Act, 2025. This new law criminalises online gambling, sports betting, and match-fixing.
SportsBaazi quietly updated its website to reflect Haryana as a restricted region, joining Assam, Sikkim, Andhra Pradesh, Telangana, Chhattisgarh, and Nagaland — states with pre-existing restrictions.
Other platforms have followed suit. MPL Opinio has exited Haryana, and TradeX has halted all Real Money Gaming (RMG) services across India in response to mounting regulatory pressures.
