Moneycontrol News
With just a day to go before the first phase of voting for Gujarat state assembly begins, punters are betting that the ruling Bharatiya Janata Party (BJP) will once again form the government in the state despite a tough fight from the Congress.
Around Rs 500-600 crore of bets have been placed on the Gujarat Assembly election 2017, according to reports.
As per the odds, the BJP is likely to form the next government but would get fewer number of seats compared to the last election. As per the most prevalent odds, the ruling party's tally is expected to fall to 101-103 seats, from 115 in the last elections.
A single rupee bet on the BJP winning 110 seats would get Rs 1.50 paisa, Rs 3.50 paisa for 125 seats and Rs 7 for 150 seats, a bookie told Moneycontrol.
If the betting market is to go by, the BJP could be staring a modest victory -- and a far cry from BJP President Amit Shah’s claim that the party could secure 150 plus seats.
Despite the improvement in its chances, the satta market thinks that Congress would end up getting anywhere between 71-73 seats (61 in 2012) while others will get 5-7 seats.
The betting market is more optimistic about the Congress' fortunes compared to 2012 but don't expect it to come close to a majority mark. Bookies are offering Rs 3 for Congress getting 99-100 seats and Rs 1.10 paise for winning 75 seats.
Vijay Rupani has emerged as the hot favourite amongst the bookie to once again become the chief minister of the state with Deputy Chief Minister Nitin Patel coming in close second. For Rupani 0.40 paise has been offered for every Rupee and 0.55 paise for Patel.
No bets have been placed on any Congress candidates as it has not announced its chief minister candidate.
Though betting is illegal in the country, the business flourishes underground during the cricket matches and election season.
The Gujarat Assembly has 182 seats. The first phase will go to poll on December 9 in 89 assembly constituencies. The second phase polling will take place on December 14 in 93 assembly constituencies.
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