What’s more demonetisation has led to a cash crunch and so gold and property could be used as stakes, say police sources and insiders in the business.
The bets are expected to gross more than Rs 2000 crore for the entire tournament with the Virat Kohli led RCB team being followed by Rising Pune Supergiants, Mumbai Indians and Gujarat Lions as favourites.
Sources said some 35 apps could be used to place bets and view matches live. Many of the apps such as betfair and bet365 are easily available as betting/gambling is legal in several countries.
Bookies, who spoke on condition of anonymity, said that once the tournament progresses there would be changes depending on the form of players, injuries and performances.
Currently, RCB has a rate of 3.75 for Rs 100 (for every 100 rupees a person bets on RCB he or she will get Rs 375 if it wins), while Rising Pune Supergiants have a rate of 6.10, Mumbai Indians 6.30, and Gujarat Lions of 6.40. Bringing up the rear are Sunrisers Hyderabad at 7.20, Delhi Daredevils at 7.60, Kolkata Knight riders at 8 and Kings XI Punjab at 11.
Apart from the results of the match, bets would also be placed on the numbers of fifties, sixes hit, runs scored, wickets and runs per over.
Police officials said they were on high alert and working to break the betting rings. Some officials said there was a need to bring in stricter laws as getting bail under the present laws covering gambling was easy and the IPC sections of cheating and forgery which police apply after raids do not stand the test in courts.
Bookies in the past few years have been avoiding operating from Mumbai because of police pressure and raids but police added this year they could be back in the city as they are using apps to place bets and can easily operate even from public places without attracting attention.
- On May 17, crime branch raided a flat in Lokhandwala, Kandivli and arrested several bookies.
- During investigations it was found that the bookies had links with Pakistani bookies and were supported by the Mumbai underworld.
- Name of a top bookie of Dawood Ibrahim gang had come up then. It was also found that the bookies had invested in Bollywood.
- A crime branch team on May 16 raided an office in Kalbadevi and arrested three bookies for placing and accepting bets.
- They were also in touch with their counterparts in Pakistan.
- Later in the case, actor Vindoo Dara Singh and CSK team Principal Gurunath Meiyappan apart from big bookies were arrested in the case.