Champions Trophy; Punters lose up to Rs. 2500 crore as India loses in the final match.

The sad loss of Indian Cricket team in the final match of the ICC Champions Trophy against arch-rivals Pakistan, in London, not only left millions of cricket fans devastated but also broke hearts of hundreds of bettors and bookmakers. 

As per the estimate, there was around 80-90% of Indian punters who staked their bet on the men in blue. There were high chances that the firm favorites with an incredible record of 12-2, against the neighbors, would definitely win. 

The eye-popping media covered to match, which transfixed the entire population of the two countries had around Rs. 2000- Rs. 2500 crore riding. There is no legal provision for betting in India except Horse Racing and casinos in some states. Sikkim is the only state to allow legal betting on cricket in India. However, the underground betting market in India is observed to be strong and worth thousands of pof crores. 

There was no betting on Hockey Match: 

The bookies confirmed that there was huge money riding on the match on India’s win, not only in the nation but in many countries abroad. This primarily included Gulf countries as India Vs. Pakistan is one major sports event. 

However, the Hockey World League semi-final game on Sunday had no bettors interested. "When the (cricket) match started, the odds were in favor of India. If the Men in Blue would have won the match, then punters would have earned 80 paise for every rupee while Pakistan's rate was around Rs 3.40," said a Delhi-based bookie to a reporter. 

The bets witnessed patriotism: 

"It is certain that most of the Indian punters burnt their fingers in the match. The Indian team was stronger and had also defeated Pakistan in the tournament earlier, so huge money was riding on it. Even patriotism was at an all- time high and maximum bets were placed on Team India," said Jay Sayta, founder of GLaws.in, a gaming laws' web portal. 

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India will participate in Champions Trophy, confirms BCCI

BCCI released latest national news confirming that India would participate in the Chanmpions trophy. The BCCI was retaliating the decision of ICC to dissolve the ‘Big three’ and thus lower the participation and revenue sharing of India with the Board.

The final playing team would be declared on Monday that will represent India in England for Champion’s Trophy.

BCCI made the decision after the Supreme Court-appointed Committee of Administrators (CoA) met them to discuss the issue and advised to stay prudent while taking general body meeting decisions.

After the special general meeting in Delhi, BCCI released an official statement on Monday stating, “The BCCI SGM unanimously decided that the Indian cricket team will participate in the upcoming ICC Champions Trophy. The All-India Senior Selection Meeting will be held tomorrow, May 8, in New Delhi to pick the team,”

The statement quotes the decision to be a “unanimous” one. However, the former BCCI & ICC Chief, N Srinivasan, who was a part of the meeting through a video call, has quoted a more hawkish line on the International board.

It is learned that Srinivasan has suggested that India must send a written notice to ICC stating that India would revoke the 2014 Members Partnership Agreement and will also pull out of all the cricket events organized by the Board during 2015-2023. This would be in case ICC does not resume the profit sharing model. 

In an interview with a leading news daily, Maharashtra Cricket Association (MCA) president Abhay Apte said, “Mr. Srinivasan said that we should send the notice. But then, Shuklaji (Rajeev Shukla) spoke, I spoke and we said that we want to protect national interests. But at the same time, we should talk to them (ICC) and see what best can be achieved for India, not only from the new financial model but the new governance model as well, which is equally important”.

“We said we have many other tournaments till 2023 and rather than taking a drastic step at the moment, we should talk to them. It (this opinion) gathered momentum… I think in the end, even Mr. Srinivasan said, ‘I will go with the sentiment of the house’,” said Apte.

Meanwhile, acting secretary to CoA and BCCI, Amitabh Choudhary is negotiating with the ICC to find a solution on the middle grounds.

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