Ratan Khatri - Originations of Matka

Originations of Matka

The root of Matka gambling dates back to the time before independence. However, in those days it was not known as Matka. It was known as Ankada Jugar(gambling on figures i.e. digits in Gujarati).

In the early days it depended on opening and closing rates of cotton traded on New York wholesale cotton market. The punters would bet their money on these numbers and the winning number would receive a return of 9 times the sum betted. The cotton rates were quoted in three digits. Once it so happened that for days together the open and close figures turned out to be 0, thus making the gamblers and their bookies lose heavily. Eventually this shook the faith of the people in NY cotton figures. And thus was born the idea of gambling on indigenous open and close rates of wholesale cotton traded on Bombay's cotton exchange at Siwri (cotton exchange on harbour line). For many years Siwri cotton figures were reliably used by the betting community. Probably because of government interference, the idea of punting on Bombay cotton figures was given up in favour of Khatri's quick, clever and convenient Matka system.