News: US prediction market platforms Polymarket and Kalshi are attracting Indian IPL fans, offering betting on match winners, tournament champions, and player performance. Users bet 'for' or 'against' outcomes, with prices fluctuating in real-time. The platforms use cryptocurrency for transactions, presenting legal challenges under Indian law (FEMA) and difficulties in funding, often relying on peer-to-peer networks. Despite a recent ban on real-money gaming in India, offshore platforms continue to target Indian users. Mumbai Indians are currently favored to win the 2026 title on Polymarket, with a 26% implied probability.
AI Analysis: The rise of these platforms highlights a potential shift in the Indian betting market following the RMG ban. However, significant legal and logistical hurdles remain, limiting adoption to a niche, crypto-savvy audience. Regulatory action could disrupt this emerging trend.
