UP elections: Several crores to change hands on results day

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The satta markets have reported seeing frenzied betting on the upcoming election results scheduled on March 10. This assembly election season includes Uttar Pradesh which sends 80 MPs to the Lok Sabha. These elections are taunted as a semi-final to the general elections in 2024. “Satta” is the Hindi translation of the word “gambling” which is illegal in the country.

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Those betting largely constitute traders of cotton, commodities, hardware, textile, steel, etc. “This time, the investment size is small. The losses from Covid have reduced bets. Otherwise, upwards of Rs 10,000 crore is up for grabs in the satta bazaar,” a punter from Mumbai told Outlook.

According to Outlook, an estimated Rs 1,000 crore has been “invested” in the satta bazaar on the political outcomes of elections in Uttar Pradesh, Punjab, Goa, Uttarakhand, and Manipur. Reports indicate that punters sided with BJP as the party going to win Uttar Pradesh. Expectedly, Uttar Pradesh received the highest number of bets with Manipur receiving the least interest. The final phase of polling concluded on Monday.

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According to reports, the BJP is expected to win 225-230 seats in UP, while the satta bazaar gives Samajwadi Party (SP) 120. Both Bahujan Samaj Party (BSP) and Congress are expected to get around 5-7 seats each.  

Farmers have played a crucial role to divide, the votes otherwise the BJP will get more seats. In the last phase the situation has again turned… our calculation is saying that the BJP is getting 220 seats,” a bookie, who did not want to be named, told IANS.

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This time, the operators are taking the help of professionals and technology to run their operations, and are dealing only with trusted customers, to avoid scrutiny from law enforcement. The satta bazaar predicts BJP will have lesser seats but will breach the majority mark in Uttar Pradesh. The satta market rate for a change of CM in UP is at 30 paise reported Outlook.