Despite the economic slowdown, betting market had a Rs 3,500-crore turnover!
Despite the economic slowdown, betting market had a Rs 3,500-crore turnover!
Punters across the country seem to have backed the right horse in this Lok Sabha polls. With over Rs 3,500 crore riding on the betting market, most punters played it safe by backing the Congress as the favourite (Rs 1.10) to sweep the polls. Though many were surprised with the astounding success of the Congress, it did not result in losses for the bookies.
According to a bookie, "It was a major turnaround for the Congress to win with such huge margins, especially in Mumbai and UP. We expected some of the Congress candidates to win, but not so many."
Shocking results
However, the big bets on the favourite candidates left the bookies red-faced. The victory of Sanjay Patil (NCP) against BJP's Kirit Somaiya came as the biggest shocker on the betting scene. Somaiya was a favourite with odds of 65 paise, while Patil had an outside chance at Rs 1.50, yet the NCP leader managed to turn the tables.
Similarly, BJP's Ram Naik, a favourite at 60 paise, lost to Sanjay Nirupam from the Congress, (Rs 1.60) in Mumbai North.
A well-known bookie added, "Congress was always a favourite, but a huge margin between the two parties was not expected. A clean sweep by the Congress was a surprise. We never expected (Sanjay) Patil to defeat Ram Naik. Even Somaiya's loss was shocking."
According to a bookie, the money riding on the betting market is always an approximate amount, and could always be higher than their calculation. He added that during the 2004 elections, nearly Rs 2,500 crore changed hands on the betting circuit.
Rs 2,500 cr
The total betting amount during the 2004 elections
The money spinners
Congress
Rate: Rs 1.10
Odds: Favourite
Result: Won
Ram Naik (BJP)
odds: Favourite
Rate: 60 paise
Result: Lost
Kirit Somaiya (BJP)
Odds: Favourite
Rate: 65 paise
Result: Lost
BJP
Rate: Rs 2.10
Odds: Dark Horse
Result: Lost
Sanjay nirupam (Cong)
Odds: Dark horse Rate: Rs 1.60
Result: Won
Sanjay Patil (NCP)
Odds: Dark horse
Rate: Rs 1.50
Result: Won
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