Karnataka is going to polls in May and this has revived the political betting industry in the state. Many pre-poll surveys done in the state indicate a hung assembly, but the bookies are showing a strong belief in BJP for the assembly elections, a report by Economic Times stated.

The odds offered for BJP in the first round of betting are 11 to 10, which means that for every Rs 10, Rs 11 will be offered if BJP wins 113 seats in the assembly. The takeaway will be of Rs 21.

The second favourite for the bookies is the Congress and the odds for it are 2.5 to 1. The chances of JD(U) achieving that number are less and their odds are running at 6 to 1.

The betting market in Karnataka’s capital Bengaluru is valued roughly at Rs 750 crore-Rs 800 crore. Once the nominations are filed, a candidate-wise betting will also take place.

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An India Today-Karvy Insights opinion poll was held which predicted a hung assembly in the state. Due to this, over the last one week, the odds on BJP dropped down from 11 to 10 to 96 paisa, sources told ET.

An insider explained that while the opening betting saw the odds at 11 to 10, after the hung assembly prediction, more people are favouring the BJP to emerge as the single largest party in Karnataka. This led to the odds dropping down to 96 paise.

The poll predicted that the Congress party will win between 90 and 101 seats, while BJP may secure roughly 78-86 seats. JD(U) is predicted to have 34 to 43 seats.

Once elections in a state are announced, the betting industry comes alive with experts and intelligence channels of its own to analyse the political pulse of a place. With the help of these channels, the bookies arrive at a number, the odds are opened and everyone picks it up. Depending on announcements and news regarding candidates of different parties, the odds change.