The political betting markets are set to open on Friday for Bihar election, as the BJP and Congress both face off in the state.
The markets are expected to offer a mix of short-term and long-term bets as the two political parties look to extend their hold on power.
The BJP’s lead in the polls has shrunk in recent days after an election campaign dominated by Prime Minister Narendra Modi’s “Modigate”, in which the BJP’s election manifesto was attacked as “vicious” and “deceptive”.
The BJP, led by its leader Amit Shah, has now been accused of colluding with the Congress to tamper with the election results in Bihar, in a bid to ensure a win for the ruling party in the traditionally pro-BJP state.
On the other side, the Congress has maintained its lead in polls, after a string of political setbacks in recent weeks, including the death of Bihar Chief Minister Nitish Kumar and a spate of corruption scandals.
The betting markets for the election are set in a few categories of betting styles.
In short, the betting markets will offer short- and long term bets.
For short-to-medium term bets, the markets will give a preference to the BJP, with a minimum margin of 10 per cent.
For long-to, medium-term betting, the market will give the BJP a margin of 50 per cent and the Congress 50 per a 10 per-cent margin.
The price of these bets are set at Rs 5,000 for a single bet, Rs 10,000 to Rs 25,000, Rs 50,000 and Rs 100,000 respectively.
In a brief statement, the BJP said that the betting market for Bihar elections will open on Thursday and will continue till Friday.
The Congress said it will not participate in betting markets.
“Congress is in the process of taking a decision regarding its participation in betting market in Bihar,” it said.