Govt in crisis, bookies eye Rs 2,000 cr
The bookies expect to rake in more than Rs 2,000 crore in the next 11 days when the Govt would seek a trust vote in the specially convened session. The UPA, however, is not alone in believing that it would survive. The bookies support its belief but are of the view that the Govt would survive the trust marginally, reports Manish Pachouly.business Updated: Jul 11, 2008 00:05 IST
Crisis at the Centre has turned out to be a business opportunity for some. Bookies all over the country have, for the first time, decided to accept bets on whether the government would survive the vote of trust.
The bookies expect to rake in more than Rs 2,000 crore in the next 11 days when the government would seek a trust vote in the specially convened session. The United Progressive Alliance (UPA), however, is not alone in believing that it would survive. The bookies support its belief but are of the view that the government would survive the trust marginally.
The bookies, on Thursday, opened rates for the government getting 272 to 278 votes. The UPA which has 224 seats would need at least 48 more votes to survive. Bookies believe that the government might get 284 votes with the help of Samajwadi Party and others but they are not taking chance with six rebels of the former (Samajwadi Party). “That is the reason why we have opened rates for only up to 278 seats,” said a bookie.
As per the odds, if the government gets 272 votes, a rupee placed on bet would earn 30 paise. This means a person would not only get his rupee back, but would also earn 30 paise on it.
If the government gets 273 votes, a rupee on bet would give 55 paise gain. Similarly, the odds on government getting 274 votes is 80 paise for a rupee on bet. Further, if the government gets 275 votes, the return for a rupee on bet would be Rs 1.10 while for 276 votes it would be Rs 1.65. If the government manages 277 seats, a rupee on bet would give Rs 2 while 278 seats would get a punter Rs 2.6 for a rupee placed on bet.
The bookies don’t believe that the government would lose the vote of trust and the same reflects in the odds for this. Government losing support is quoted at Rs 3.5 for every rupee on bet.
The rates were opened by five bookies in Kolkata on Thursday afternoon and immediately circulated to all their counterparts across the country. A Mumbai-based bookie said that only 22 of them all over the country would run the betting business on this crisis. Otherwise, in cricket and rain betting, around 500 bookies accept bets.