MUMBAI: When Narendra Modi addresses the nation tonight, it is not only the demonitisation-battered common man, but even the bookmakers will lap up every word uttered by the Prime Minister.
The gambling industry has taken a body blow following the crackdown on black money and according to an estimate the betting syndicate on cricket has suffered the most, losing almost 95% of its business.
The bookmakers are now accepting bets only from punters with whom they share a close rapport. “With Rs 1,000 and old Rs 500 notes going out of circulation and curbs on withdrawals in place, there is not enough money to carry on big betting operations as our business is completely cash dependent,” said a bookie, who did not wish to be named. “Our operations have come to a halt because our business deals are chiefly based on credit. If a punter loses, he will not be in a position to pay us. The same holds true for us, how will we pay if the punter wins,” he added.
A big-time punter, who used to bet over 50 lakh on every cricket game, is struggling to satisfy his cravings. “I had about nine crore in old notes lying at my home when demonetisation was announced. I did manage to exchange it for a 30% exchange rate, which left me with Rs 6.3 crores in new notes. But I am scared to bet big because if I lose heavily, how will I pay since I can’t even sell my properties to repay bookies as there are no buyers,” he said on condition of anonymity.
Bookmakers connected with horse-racing, the only legalised gambling in the country, are struggling to make ends meet. At Mumbai, the biggest racing hub in India, when the season started on November 20, bookmakers had refused to operate citing cash crunch. The Royal Western India Turf Club (RWITC), the club that organises racing in Mumbai and Pune, had managed to save the day by agreeing to accept only 35% of regular stall fees from bookmakers. The mounting daily losses have now forced RWITC to ask bookmakers to pay 85% from January 1.
Though there hasn’t been a substantial spurt in betting, bookmakers have still accepted the new demand of RWITC. These bookmakers aren’t expecting much from the PM’s address. “We are still in business because we have been doing it for life. We don’t expect much as we don’t think PM will even think about the betting fraternity,” said one bookie.
