INSUBCONTINENT EXCLUSIVE:
MUMBAI: The
satta bazaar is shortening the odds on a BJP win in Karnataka, even though a third party may eventually feature in the
victorious combine.
Largely,
ek-pe-ek (one against one) trades offering punters the opportunity to double their investments are more
But there is enough incentive for those willing to bet more of their skin in the game: Much like stocks, multi-bagger returns are also
promised at the riskier end of the betting spectrum.
Results for the elections held Saturday are expected Tuesday
Exits polls have suggested a hung assembly, with the BJP emerging as the single largest party
Such forecasts, in particular, have made bets a bit more conservative than otherwise.
Bookies expect the BJP to win 96-98 seats in the
Karnataka assembly, while the Congress may get 85-87 seats
In market parlance, this means bid price is 96 or 85, while the ask price is 98 or 87.
Ek-pe-ek trades suggest that if one puts Rs 1 lakh
Deve Gowda, could emerge as the kingmaker with 32-35 seats.
If one places a bet for 125 seats out of 224 assembly segments in Karnataka, one
can earn as much as Rs 5 lakh against one lakh investment if the assessment comes true
But this rate has come down to Rs 3 lakh after exit poll predictions.
Other rates would include Rs 2 for every rupee against expected 100 or
110 seats for the BJP.
Betting is illegal in India, unlike overseas, where Web sites such as Ladbrokes, Royal Panda, and Netbet offer
punters several legal opportunities.
Back home, it is an informal market that turns active during any big political or sporting event
factors include full capital erosion and the lack of a dispute-resolution mechanism, as the punter has no legal recourse.
