Modi magic in Gujarat makes gamblers win big

The Bharatiya Janata Party's win in Gujarat and Himachal Pradesh has not only left the party workers jubilant but has also made punters cash in on the victory - they made huge money by placing their bets on BJP's win.

Satta Bazzar insiders claim a whopping Rs 1,000 crore was riding on Gujarat election alone and most of the punters had placed their bets on the BJP in its sixth consecutive victory in the state as they expected the party to bag 100-105 seats, while they tipped Congress to gain 78-100 seats.

As all exit polls had predicted a BJP win in Gujarat, the prediction by the punters was no different either.

"The bookies had placed bets to the tune of Rs 1,000 crore on the Gujarat assembly elections having predicted 103 seats for the BJP. The Congress, on the other hand, was given between 78 and 100 seats," said punters.

Ahmedabad-based bookie told Mail Today that bookies at Satta Bazaar placed their money on Modi magic despite anti-incumbency factor, GST and other odds against the party.

"BJP, which has been ruling in Gujarat for over 22 years, did not expect to win more seats than it did in 2012. But punters here believed that it would be a cakewalk for the BJP," they added.

The odds on the BJP winning 100 seats to form the government was 0.32 paise over every rupee bet which meant if a punter bet on the BJP winning at least 100 seats, he would win Rs 1.32.

The odds on the BJP winning 115 seats were pegged at 1:2.15. The odds on Congress winning even 80 seats were 1:2.15, and the bookies would pay Rs 2.15 over every rupee.

Typically, the odds are the lowest on the most likely outcome of the match. Satta Bazaar trends are widely followed as the betting market usually gets it right on India's elections.

Several reports have suggested that rates were divided into several segments as the rates were higher for BJP's possibility to win over 110 seats.

A bookie told Mail Today that the rates were Rs 1.50 for 110 seats, Rs 3.50 for 125, and Rs 7 for 150 seats.

Bookies say punters from other states did place their money on Congress as it showed a strong sign of improving its vote share but among Gujarati punters Congress gains were not seen as a serious challenge to the Modi-Amit Shah duo in their home state.

Also, in Himachal Pradesh, bookies expected the BJP to form the government with a simple majority.

Bookies said the HP electorate flips the government in the state in every election.

HP was being ruled by the Congress. The odds on the BJP winning 35 seats in the 68-seat HP Assembly were 0.22 paise on a rupee; the odds on the Congress winning 30 seats were 1:2.75.