Betting takes over speculative market

June 12, 2012 14:56
Betting takes over speculative market

Betting seems to be slowly emerging prominence in this ever inventing markets. Though betting is illegal reports that surface in the media claim that the game is played in full length across the length and breadth of the nation.  Initially the punters were infuencing the bookie's who intun influenced the country's most solicted game,cricket. Betting had creeped into such an extent that the game has been affected much. But as of the present context , betting seems to have found its interest in political predictions. And with the by-polls  out as a prestegeous issue in the Andhra Pradesh, the scene has gained prominence out here.

A media source claims that with the state getting polled for 18 assembly seats betting is in full swing. The rich delta basin of the state Godavari districts have seen turnover that could capsize speulations. In the rich Bhimavaram town where the aqua culture prevails rough estimates have it that close to Rs 100 Cr has been staked with the six individuals/groups operating in town. The last ten days tumultous activity with the YSR Congress (YSRC)  Cheif YS Jagan Mohan Reddy  arrested by the CBI. His emergence in the political arena made the contest a tri-party contes with the ruling Congress and opposition TDP on a backfoot. After the arrest YSRC hopes slid but gained momentum after YS Vijayamma and Sharmila took over the megaphone. Huge betting seems to on the upswing on YSRC gaining 12- 15 seats. While the YSRC protogonists claim all the 18 in thier kitty. Anyway the cat will be out of the bag in about 72 hours with many punters rejoicing or remorsing over the results. However the situation is similar in the political circles too and their life is being betted upon by street punters.

As per a report, “The betting market in the country is estimated to be worth around US $60 billion. Legal gambling (at horse races and casinos in the above mentioned two states) gives rise to a turnover of $20 billion in India every year. Illegal gambling, however (which is done only on the black market), contributes to $40 billion of bets made every year. Default rates are high (around 40 percent), with one of the parties involved in a betting transaction refusing to pay. Payment cannot be enforced through legal means, as the transaction itself is illegal.” (With inputs from internet-AarKay)

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