Bookies expect Rs 3,000 crore bets on monsoon
It is not just you who is looking forward for the rains to relieve you from the water shortage and scorching heat. Bookies too are interested in the monsoon as it will fetch them a business of around Rs 3,000 crore in the next four months.mumbai Updated: May 27, 2010 00:43 IST
It is not just you who is looking forward for the rains to relieve you from the water shortage and scorching heat.
Bookies too are interested in the monsoon as it will fetch them a business of around Rs 3,000 crore in the next four months.
They have already started betting on the amount of rainfall Mumbai would receive in one month — from June to September — and also the total seasonal rainfall.
Heavy bets have been placed on the day of the first showers too — between June 7 and 10.
For results on the amount of rainfall, the bookies will go by the Colaba weather bureau report. “Only rainfall recorded in Colaba will be considered,” said a bookie, requesting anonymity.
He said bets on Mumbai’s monsoon will come from across the country and even from Dubai, Sharjah and Pakistan.
The rates for Mumbai rains were opened by eight outstation bookies from Delhi, Jaipur, Udaipur, Kota, Indore, Bhopal, Ahmedabad and Kolkata.
As per the bookies’ prediction, this entire season Mumbai will receive 1,900 to 2,000 millimetre (mm) rainfall.
According to the rates opened, the odds on 1,700 mm rainfall are 52 paise for every rupee placed on the bet. This means, if a punter wins, he would not only get his Re 1 back, but also an additional 52 paise.
Moreover, in betting terms, the lesser the rate, the more are the chances of that result. For 1,800 mm rain, the odds are 85 paise for a rupee, while for 1,900 mm, it is Rs 1.7 to Re 1.
If it rains 2,000 mm, a punter would earn Rs 2.7 for every rupee, while for 2,100 mm the returns are Rs 4.25.