India, April 21 -- Despite the illegality in India, prediction markets are the new craze

When the new law on money-based online gaming came into play last year, the so-called prediction markets (PMs) were banned in India. Yet, across major cities, within select sections, people have got around it. It is a new craze, which is as addictive as money-based gaming. More importantly, PMs go beyond sports, and extend to politics, elections, business, and national security. For example, Indians are already betting illegally on the results of the forthcoming assembly elections in West Bengal and Tamil Nadu. Although the bet amounts are low, a few million dollars, the interest seems high, and growing.

According to a media report, despite the inte...