Bookies back BJP in Gujarat, but here is why the betting amount is down
The bets are down, but the Gujarat assembly elections have generated a lot of interest among the bookies in Gujarat. The Satta market as it is called is betting that the BJP would win anything between 107-110 seats in Gujarat.
The amount being placed on the bets is down this time. The bookies had during the UP assembly elections predicted that the BJP would win 192 to 200 seats, but the party went on to bag 235. Owing to this miscalculation, the bookies lost a lot of money.
They are more cautious this time around. While they still back the BJP to win up to 110 seats, the bets being placed are lower. The bet amount during the UP polls had soared to almost Rs 4,000 crore. This time the amount is down to Rs 1,000 crore.
Bookies have offered Rs 1.25 for every Rs 1 placed on a BJP win. They are offering Rs 2 for every Rs 1 placed on a Congress win. With the Congress campaign stepping up, the bookies have also upped the ante in favour of the party. Bookies had in November offered Rs 7 for every Rs 1 placed on a Congress win.
Meanwhile, bookmakers say that a BJP win is certain. While one section feels that the BJP may end up with 118 seats there is another which feels that the party could win just 100 of the Congress bagging 80. In 2012, the party won 119 seats.
One bookie that OneIndia spoke with say that it would be the Modi magic which would ensure a BJP win. He continues to remain the most popular figure in the state and the people would vote only for him said the bookie.
He further said that there has been a Congress resurgence no doubt. The party would gain due to the Patidar issue and also its campaign against the GST. Competition would be tough in the urban areas, but in the rural parts of Gujarat, the BJP would win big, he also said.