HYDERABAD: As the Telangana elections near, the betting mafia in Delhi and Mumbai has sprung into action and is reportedly taking wagers. Bookies, known for their involvement in high-stakes gambling, are now also taking wagers on elections in Rajasthan, Madhya Pradesh and Chhattisgarh.
Political enthusiasts, including leaders from the neighbouring Andhra Pradesh, are actively participating in these wagers which centre on the prospects of political parties, especially on the BRS and the Congress.
According to sources, the wagers offered are as high as 1:10. Bets are being accepted on the next chief minister of Telangana and on which party will secure a majority to form the government.
The battle seems to be primarily between BRS and Congress, with many expecting fierce competition between the two in the upcoming polls. They said that wagers are also being taken on who will be the next chief minister and the chief ministerial candidates from the Congress — Revanth Reddy or Mallu Bhatti Vikramarka.
Similarly, several gamblers are placing hefty bets on BRS chief K Chandrasekhar Rao becoming the chief minister for the third consecutive term.The betting frenzy has even caught some political leaders in its grip, and they are actively placing bets based on their latest survey reports.
According to sources, the stakes are high, with participants investing amounts ranging from Rs 1 lakh to Rs 10 crore.The payout is straightforward and the incentive lucrative for those willing to take a risk — if a person bets on the winning party, he or she stands to gain tenfold, or 1:10 in simpler terms.
Sources say that the total betting pool for the Telangana Assembly elections is expected to range between Rs 1,500 crore to Rs 2,500 crore with wagers coming in from within the state, across the country and even from international participants. The process involves participants paying a sum upfront and receiving a coin or token, which can be encashed upon the declaration of election results.
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The total betting pool for the TS elections is expected to range between Rs 1,500 crore to Rs 2,500 crore with wagers coming in from within the state, across the country and also international participants