But wagers refuse to give up: Rs 4.50 to one are the odds on it raining today
But wagers refuse to give up: Rs 4.50 to one are the odds on it raining today
The heat is not the only thing that has upset Mumbaikars. The city has lost over Rs 500 crore to bookies with rains refusing to visit Mumbai. However, the loss has not deterred betters.
Bets on whether it rains today have been laid at a price of Rs 4.50, which means for every one rupee, bookies will pay winners Rs 4.50.
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The onset of the rains on June 25 is priced at 70 paise and Rs 10 for June 30, which is the most-likely date.
Earlier, thundershowers and rains on June 5 were priced at Rs 1.20 paise. The rate for June 10 as the likely date was 60 paise with a depreciation of 10 paise each day in case of delay.
For a June 1 prediction, bookies were ready to pay Rs 10 lakh on a Rs 1 lakh bet, as they did not expect rains and thundershowers in Mumbai then. The daily betting on rains is estimated to be Rs 50 crore, according to sources.
Betting spree
With the rains arriving in Kerala a week before the predicted date of June 1, Mumbai went on a betting spree. Bookies were sure that it would rain in Mumbai on June 10.
But the bookies profited, as all the predictions proved to be wrong. Many new bookies are gambling in the city this year. The names include Kushal, Dharmesh Vashi, Surendra Vashi, Lalji Indore, Veena and Bebli.
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However, full-time bookies, including Dawood's lieutenant Chote Mian, have kept out of the betting circle. They are expected to bet on cricket matches in other countries.
Betting on rains depends on data available from meteorological departments across the country, say insiders.
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Top bookies usually have sources in the meteorological departments. Total betting during the monsoon season is estimated at around Rs 10,000 crore across India.
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