Betting big on Lok Sabha polls: Bookies predict BJP’s win, eye Rs 2.5 lakh crore turnover

Mumbai: The Election Commission of India may still take some time to announce the Lok Sabha polls schedule, but bookies in the country are already overworked.

They have been busy accepting bets on the elections, the results of which will take a couple of months to come out. The bookies currently are busy predicting the number of seats to two major political parties even as the latter are still in the process of finalising the candidates for constituencies across the country.

What is intriguing is that bookies have cloned some websites that operate legally abroad. In India, betting is illegal except on horse racing. Most websites abroad do not accept bets if placed using India-based servers.

Cloned websites, secret buttons

A bookie, requesting anonymity, said there are around 300 cloned websites where bets are currently being accepted. These are the websites owned by big bookies in the country who give their further control to other smaller ones.

“It works like a franchise store and every cloned website follows the same rate,” the bookie said. The entire clandestine online business works systematically. The bookies give what they call in their code language ‘buttons’ to the punters who want to place bets. The button is the link to access the website. Further, the bookies give login and password to their respective punters to allow them to place bets.

Bets on Congress, BJP

The bookies have kept Rs 10,000 as the minimum amount that can be placed on bets, while there is no upper limit. If a punter starts losing, the minimum amount goes down proportionately. Similarly, if a punter keeps winning, the minimum amount increases proportionately.

Bookies said that no money is exchanged in advance and the system works on trust. The settlement will take place on the Monday that falls after the results are declared. Sources in the betting circle said that currently bets are being accepted for the total number of seats to Bharatiya Janata Party (BJP) and Congress besides the two parties winning the number of seats in different states.

As per the ongoing rates, bookies predict the BJP to win around 330 seats while they have given the Congress 40 seats. Lok Sabha has a total number of 543 seats and to form government, a party or alliance needs a minimum of 272 seats.

Keen eye for political developments

The bookies also pause accepting bets from time to time to monitor political developments in the country that could impact the popularity of parties and candidates. “Depending on the developments, the rates for the number of seats are changed,” the bookie said adding, the rates are updated manually on the websites.

The bookies expect the overall turnover on betting on elections to reach around Rs 2.5 lakh crores. “It’s not only general punters, but even some associated with politics also place bets,” the bookie said.