My money is riding on Modi staying, never mind the odds

AHMEDABAD: Bookies in Mumbai and Gujarat are betting on the ouster of Indian Premier League commissioner Lalit Modi, who faces allegations of corruption and match-fixing, with rates climbing up to 16 paise from 35 paise by Monday evening. Bets on Modi’s continuation in office were at Rs 1.25.

While bets worth Rs 300 crore have been laid in Mumbai alone, an additional Rs 350-400 crore is expected from Gujarat, a Mumbai-based bookie said.

The way the reward system works is that those in favour of Modi’s ouster will receive Rs 1.16 for every rupee they bet. With Modi’s fate likely to be decided soon, betting will be on through Tuesday night, the bookie added.

In Gujarat, bookies are active in Surat, Rajkot, Ahmedabad, Amreli, Bhuj, Jasdan and Vadodara. An Ahmedabad-based bookie told ET late on Tuesday evening, however, that betting rates on Modi’s ouster were at 20 paise in the city.

Interest in betting circles has moved from IPL matches to former external affairs minister Shashi Tharoor’s resignation, Modi continuing as IPL commissioner and now, the outcome of the crucial BCCI meeting scheduled for May 2.

The current favourite is Vijay Mallya’s team Royal Challengers Bangalore, which is slated to play its semi-finals against Mukesh Ambani-owned Mumbai Indians on Wednesday. The team is commanding 83 paise against 1.15 paise on Mumbai Indians.

While each IPL match beings in bets worth Rs 500-600 crore, two semi-finals and the finals alone rake in Rs 6,000 crore.