Prominent bookies suffered a record and unprecedented net loss of Rs.1.239 billion when both India and Pakistan qualified for the semi-finals
RAIPUR: Prominent bookies, better known as 'big bulls' or satta kings, of central India suffered a record and unprecedented net loss of Rs.1.239 billion when both India and Pakistan qualified for the semi-finals of the 12-nation Twenty20 World Championships cricket tournament in South Africa.
More than 63,800 punters of central India had placed bets of about Rs.762 million for the tournament till Thursday evening but the top bookies who operate a large illegal betting network have to pay out Rs.1.239 billion to over 41,000 gamblers who had staked Rs.413 million on India and Pakistan making the last four grade.
"This T20 has made us bankrupt. We are in a state of shock as out of the total Rs.762 million staked on the tournament, exactly Rs.413 million was put on India and Pakistan," Akib Bhai said.
Akib Bhai and a senior colleague who goes by the adopted name of Raja are the leading 'big bulls' in the region.
Chhattisgarh state capital Raipur has emerged as one of the favourite grounds for punters, guided and controlled by the Middle East-based big bulls. They run the betting market through a chain of collection centres set up over the past five years in Madhya Pradesh, Maharashtra's Vidarbha region, Gujarat and Chhattisgarh.
"Since we had collected money with a promise to pay four times the amount they have staked if their favourites reach the semi-finals, we have lost Rs.1.652 billion with a net loss of Rs.1.239 billion. The payout becomes five times the bet if their favourites figure in the final and six times if they have backed the tournament winner. The actual collection on both India and Pakistan making the semis was Rs.413 million," disclosed Akib.
"This loss (Rs.1.239 billion) is huge. We had never expected India and Pakistan in the semis. These two nations have shocked big bulls who have been running the satta market for about two decades and never suffered a business upset," chipped in Raja.
Raipur's Sadar Bazar is the hub of the illegal betting. Bookies who collect the stake money during key tournaments in cricket-mad India are hardly ever arrested.
March 2005 was an exception when the police busted a global betting racket worth Rs.1 billion at a Raipur house with the arrest of three bookies ahead of an India-Pakistan Test at Mohali.
"Probably the loss will end the betting career of several successful big bulls who migrated from the Middle East to India in early 2001 to spread gambling market to grass root level," a betting source said.
"India's huge win over South Africa Thursday night has come as a big respite for thousands of small bookies. Majority of these are from Vidarbha and Gujarat who had suffered heavy losses in the past two years," the source stated.
"The big bulls are now gearing up for more shocks as huge amounts of money is being wagered on more surprise wins for India and Pakistan in Saturday's semi-finals," the source added.
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