Cricket betting or cricket satta is a booming recession-proof market. It has got its own rules, own payment systems, own processes and own eco-systems and it’s no exaggeration to say that it is run as efficiently as any multi-national corporation!
How much is it worth? Since there are no Nielsen reports on this industry (though we would love to lay our hands on one, if it exists!) we can only make an intelligent guess. From our sources, it can be 15,000 to 20,000 crores per match!
Also, there are lakhs of small bookies in every nook and cranny of India – they accept minimal amounts and they could be anyone from your kirana store wala to your jewellery shop owner. You will be surprised that even in a small nondescript place like Poisar (in Mumbai) you can find more than 6,000 bookies each.
The eco-system is very decentralized and fragmented. For example, a bookie in Kolkata was attracting bets of nearly 100 crores from his punters (A punter is some one who places bets) for a single match in the recent England Austalia series while a solitary big bookie was attracting 110 crores.
With due respect to technology, these bookies have their own time-tested ways of keeping accounts. Instead of computers or the cloud, they manually write down details of each transaction – which might be time-consuming but ensures they are in full control of information.
Typically, in rural areas, the minimum bet size is low, maybe Rs. 1000. Small bookies are comfortable accepting such minimum amounts.
And is there any upper limit for bet? The answer is no! For marquee events like IPL, big bookies will accept bets up from 1 crore all the way to 100 crores.
You also must be wondering how are bets placed. Well, basically, there are two broad formats. You can either bet on the result (what happens in a match) or you can bet on the score (what happens in 6 overs).
You might remember cricketer Sreesanth who was arrested for match-fixing. This was related to the 6 over format where he tried to give away maximum runs in 6 overs.
Now, who are these people who place bets? They are all regular people, from all strata of society. But a bookie will not take bets from someone he doesn’t know. Entry into this hallowed circle can happen only through strong referrals.
Trust is the glue that holds the system together. Now, if someone refuses to pay after losing a big sum of money, the guy who referred him needs to pay. The rules are simple and black and white. On an average, each bet in India is worth Rs. 25,000 to Rs. 50,000. It can be estimated that the number of people who are employed by this industry will be at least couple of million.
As you can see, the whole system is fairly well-entrenched and rigid. This is the reason why punters are now migrating to online betting as it more flexibility, more betting options, increased convenience and a better user experience which is premium and totally secure.