Punters filled pockets as rain lashed city
When the city witnessed heavy downpours in July, the wettest in five years, it also showered money on punters who made money by the raindrop.Updated: Aug 04, 2011 00:32 IST
When the city witnessed heavy downpours in July, the wettest in five years, it also showered money on punters who made money by the raindrop.
Bookies said that in June and July, Colaba witnessed 1,746 mm of rainfall, crossing the expected mark. “With July recording the highest rainfall in the past five years, punters earned Rs450 crore during June-July. This means that every millimetre of rain fetched them more than Rs25 lakh,” a Mumbai-based bookie said.
Bookies betting on the monthly rainfall have accepted bets on the amount of rain recorded in Colaba.
For seasonal rainfall, bookies consider rainfall recorded at Santacruz and Colaba (total rainfall received between June and September).
The bookie said that in June, punters who had placed bets on 300mm-400 mm rainfall earned a good amount as Colaba witnessed 461mm of rainfall. “But it was July when punters minted money. In July, we had placed bets for a maximum rainfall of 900mm and Colaba witnessed 1,285 mm of rainfall,” he said.
“When we opened rates in May end, we placed bets for a maximum of 2,100 mm of seasonal rain in Colaba and 2,300 mm in Santacruz,” the bookie said. But heavy rain in July led bookies to raise bets for seasonal rain to 2,500 mm rain in Colaba and 2,800 mm in Santacruz. Between May and July end, bookies saw a turnover of Rs1,600 crore.