Of late, I have begun to notice a pattern whenever I travel in Mumbai’s local trains.
Needless to say most fellow travellers have their eyes glued to their mobile phones. That should not come as a surprise to you. But there’s a reason why I am writing about it anyway. It’s got to do with what they are actually doing on their phones.
In the first-class compartment, most screens are with market tickers, mutual fund trackers. People are essentially checking stock prices, tracking their portfolios, or reading some business headlines.
Step into the general compartment and the view changes completely.
Here, I see cricket fantasy teams being shuffled minutes before a match begins, Ludo boards flashing with online opponents, and bright “win cash” notifications from contest platforms. The same level of focus, but on something entirely different.
It’s no small trend.
India now has over 20 crore demat accounts, but a single leading fantasy gaming platform claims 23 crore users. Basically, more people “playing” for cash than investing in the stock market.
People might consider this as skill gaming. In reality, it is about putting in money for the chance to win more, and most of the time, walking away with less. What started as a bit of entertainment for some has turned into a daily habit for millions, in my opinion.
Why People Get Pulled In
What makes these platforms so magnetic is how neatly they disguise risk as fun. You are not placing a bet in the conventional sense, you are essentially “joining a contest.” You are not gambling, you are “building your team.” The language is friendly, the visuals are playful, and the entire flow is designed to make you feel in control.
The first hook is the low entry point.
You can start with as little as ₹10 or ₹20. That amount feels harmless, almost like buying a cup of tea on the way to work. But the moment you put in that first payment, you are in the system.
The second is the illusion of skill.
You pick cricket players based on your knowledge, shuffle the order, and maybe use statistics you found online. It feels like your decisions alone will decide whether you win. But no matter how much you know, the match still hinges on things you cannot control: basically the weather, an injury, a lucky shot, or a bad umpire call.
Then comes the early win effect.
Many people, myself included, have seen this happen to friends: win something small in the beginning, and it feels like proof that “this works.”
That one win can be so intoxicating that it changes how you see yourself. I have actually heard someone quote Nawazuddin Siddiqui’s iconic line from Sacred Games “Kabhi kabhi lagta hai apun hi bhagwan hai.” In that moment, the app has convinced you that you are not just lucky, you are gifted.
But the reality hits fast. Once you lose, the psychology flips. Now it is not about fun. It is about getting even.
The ₹200 you lost feels recoverable if you just enter one more contest. That one more turns into two more, and before you know it, you have spent far more than you planned.
The apps know this. They feed you constant notifications such as “last chance to join,” “only 3 spots left,” “your captain is in top form today.” The timing is deliberate. It keeps the loop alive: you see a notification, you join, you play, you hope. And each time, you believe the next game could be the win that makes it all worth it.
This is by design. These platforms understand human bias better than most of us do ourselves with how we overestimate our skill, how we chase losses, and how we value the thrill of the moment over the slow build of long-term gains.
Think Before You Play
If you are reading this and thinking, “This is not me”, pause for a moment.
When was the last time you opened one of these apps? How often do you play “just one contest” because it is already on your phone? How much have you actually spent in the past month, not what you believe you spent, but what your payment history would show?
This habit is completely wrong because it is built on one-sided mathematics.
The platform is created to win more often than you do. The thrill of a win lasts for a very short time. The losses are real and the time you give away does not return. You are not building wealth. You are giving your attention and money to a system that grows stronger every time you click “Join.”
If you want to make sure it does not become a habit, watch for three early signs:
- You check contest results before anything else in the day.
- You play to recover a loss instead of for enjoyment.
- You hide how much time or money you have spent from others.
If you notice any of these signs, you still have a choice. Stop, step away, and put that time or money into something that helps you grow. It could be learning a skill, reading, walking, or spending time with people.
It is fine to enjoy a sport or a game. The problem starts when the game controls you. The scoreboard you should be watching is in your own life. If the numbers there are falling, no win on a screen will repair that.
Before you tap “Join” again, take a second to ask yourself if this is still entertainment or if it has become something else. That single moment of honesty may be worth more than any prize you could win.
Disclaimer
Note: This article relies on data from fund reports, index history, and public disclosures. We have used our own assumptions for analysis and illustrations.
The purpose of this article is to share insights, data points, and thought-provoking perspectives on investing. It is not investment advice. If you wish to act on any investment idea, you are strongly advised to consult a qualified advisor. This article is strictly for educational purposes. The views expressed are personal and do not reflect those of my current or past employers.
Parth Parikh has over a decade of experience in finance and research. He currently heads growth and content strategy at Finsire, where he works on investor education initiatives and products like Loan Against Mutual Funds (LAMF) and financial data solutions for banks and fintechs.