MUMBAI: As the world watched the US presidential election results unfolding through Tuesday night and Wednesday morning on their television screens, one man in a Mumbai suburb almost wailed in despair as Donald Trump pulled off an unexpected victory. He’d been hoping and praying that Hillary Clinton would win, especially after Prime Minister Narendra Modi had already spoiled the party for him by scrapping Rs 500 and Rs 1,000 notes on Tuesday night.It wasn’t that he cared overmuch about a man described as a misogynist, racist and xenophobe had won the election, the Mumbai bookmaker had just lost Rs 6 crore taking bets on Trump losing. The US presidential elections and demonetisation have together driven many Indian bookies underground— many may never return to the illegal gambling business.Trump defeating Clinton to become the 45th president of the US and Modi banning currency notes may be completely unrelated developments at opposite ends of the earth but not if you’re a bookie in India.Many bookies who accepted bets on the US elections now face an existential issue. Not only have they suffered massive losses as they had favoured Clinton to win, they now have to return money to people who bet on the other guy but the notes they hold aren’t legal tender.“All transactions are done in Rs 500 and Rs 1,000 currency notes,” said the Mumbai-based bookie from an undisclosed location.“Now I have to return the money to those who placed bets on Trump, but I just have Rs 500 and 1,000 notes, and they (clients) won’t accept that.”India’s bookies are caught between a rock and hard place—they can’t collect nor can they pay out. Until Tuesday, November 8, Indian bookies were offering odds of 0.38 for Clinton and 2.7 for Trump. Anyone placing a Rs 1 lakh bet on Clinton winning would have got Rs 1.38 lakh. A Trump better on the other hand nets a windfall of Rs 3.7 lakh.Bets worth Rs 500-800 crore were estimated to have been placed on the outcome with about 80% of this riding on Clinton winning the race. That means those who put money on Trump made a killing.Gambling is illegal in India but the grey market provides a platform for betting on an outcome. Bookies take bets across India on wagers in pursuits ranging from cricket to elections. Anyone placing a bet needs to make an initial cash payment upfront. Depending on the outcome, what’s owed is either paid out or collected by the bookies.Bookies lower down on the food chain hedge positions by placing bets on the outcome with bigger bookies. “Most of the people I accepted placed their money on Hillary to win. I bet on Trump’s win with a Mumbai-based book keeper,” said an Ahmedabad-based bookie. He has to collect money from the bigger bookie before he can pay out to those below.Even if the money was forthcoming, the unexpectedness of the outcome will mean bookies losing big time or even going bust. Now it looks like the government’s decision to stop Rs 500 and Rs 1000 currency notes may have the unintentional side effect of killing off some of these betting rings.“Many bookies have gone underground as they don’t know how to deal with the situation. Most of them will go out of business,” said an Ahmedabad-based bookie. Making a return will be difficult because betting, like many other black market businesses, is based on trust—an irony if there ever was one. Defaulting on a bet is the kiss of death for a bookmaker.