They Have Registered With A UK Online Site And Will Give Their Passwords To Clients To Bet Online
Mumbai : Bookies have come out with the innovative idea of going online to dodge law enforcement agencies while betting on World Cup cricket scheduled to start next month.
They expect business to the tune of over Rs 50,000 crore during the event. Betting is illegal in India.
Many big time bookies have registered themselves with the UK-based online betting site “betfair” and they will give their passwords to clients so they can bet online. They will charge 2% to 3% commission on the amount placed by their clients on online bets.
Bookies say a person registering on the site has to, in advance, deposit money equivalent to the amount he intends to bet on the matches.
“Suppose a person intends to place Rs 10 lakh on the World Cup matches, he has to deposit same amount in advance,” a Mumbai bookie said adding that in case of losing, the lost amount will be deducted from the deposit.
In case of win, the winning amount will be added to the deposit.
Bookies say that since many of their clients do not register on the online site, as it requires deposit of huge amounts, they register themselves and provide their passwords to their clients for a commission.
“We not only earn money by way of commission, but it is also safe, as there is no need to be constantly in touch with the clients
on phone that may be traced by police,” the bookie said.
In the conservative method of betting, bookies and the punters (their clients) are in touch on phone on ball-to-ball or over-to-over basis for change of betting rates.
“However, in online mode, the rates keep changing automatically after every ball and a punter can see that on the computer,” the bookie said.
However, the new idea is only at initial stage and bookies say only a few punters will use the online mode.
“Of the Rs 50,000 crore worth expected bets, we expect about 10% of the turnover to come through the use of online mode,” the bookie said.
Meanwhile, for betting with the conservative method, city bookies have decided to move out of Mumbai when the World Cup begins.
“In Mumbai, the police are extra vigilant and keep tight watch. However, we plan to move to small villages or towns where there is no fear of us being traced,” the bookie said.
MANISH PACHOULY
