HYDERABAD: Astronomical sums are reportedly at stake ahead of the high-profile Jubilee Hills byelection, with punters taking wagers in crores on Congress candidate Naveen Yadav and his BRS opponent Maganti Sunitha.
According to sources, betting networks involving politicians from Telangana and Andhra Pradesh have become active, with several current and former AP legislators allegedly wagering large sums. The volume of bets from AP leaders is reportedly higher than that from Telangana.
Some AP leaders are said to have bet on BRS candidate Sunitha at 1:4 odds, where a Rs 1 crore wager could yield Rs 4 crore, while others backed Congress candidate Naveen Yadav at 1:2 odds, expecting Rs 2 crore returns for every Rs 1 crore if Congress wins.
The betting operations are reportedly being managed from a prominent club in Jubilee Hills, where organisers conduct their own surveys and accept bets late in the evening, after 9.30 pm, when high-profile campaigners wrap up their day’s events.
Meanwhile in Hyderabad, sources claimed that individual bets range between Rs 2 crore and Rs 10 crore. Wagers placed on the BRS candidate could return four times the investment, while those on the Congress candidate could double the original amount.
A few former MLAs and MPs from AP are said to be staying in Hyderabad and plan to do so until polling concludes.
Some participants are also betting on victory margins, with wagers on either candidate winning by fewer than 5,000 or 3,000 votes. These bets, too, are reportedly being offered at a 1:2 ratio.
Sources estimated that the overall betting volume could exceed Rs 500 crore by polling day and continue until exit polls are released by leading survey agencies.