On Saturday, Gujarat will be voting in the first phase of the Gujarat assembly elections 2017, and all eyes are already fixed on the state to know whether Prime Minister Narendra Modi's Bharatiya Janata Party will again sweep his home turf and yield control this time.
The betting market, or the satta bazaar as it is commonly called, sees BJP retaining power in the state. At least Rs 500-600 crore worth of betting has so far taken place on the outcome of the state election, according to an ABP Live report.
The betting market has sees BJP taking away 107-110 seats and the Congress winning 70 to 72 seats.
According to a Times of India report, the punters’ prediction of BJP’s victory may become correct, but the betting market is not ready to play high risks.
This is because in the Uttar Pradesh Assembly election of 2017 all the analysis and algorithm of punters had turned against them. The betting market had suffered a huge loss when it wrongly predicted that BJP would win between 190 and 200 seats. The actual tally showed that the BJP secured 225 seats in the state.
ABP Live writes about the current rates of the bookie who have betted in the Gujarat election. For the BJP, the rates are divided into three predictions: for 110 seats, the rate is Rs 1.50; for 125 seats it is Rs 3.50, and for 150 seats it is Rs 7.
For the Congress, Rs 3 is paid for 99-100 seats and Rs 1.50 for 75 seats.
The rate for a BJP victory is 50 paise and for the Congress it is Rs 2.
The stark variation in the betting rate suggests that the bookies are confident about BJP’s victory in Gujarat.