Throughout the history of free enterprise, many entrepreneurs have leveraged people’s desire to win at gambling to make their fortunes. Of all the types of gambling, the lottery is the easiest to run and poses the least amount of risk for the organizer.
Satta Matka is one of the world’s oldest and most popular lotteries. In this post, we’ll take a look at lotteries in general as well as the history of Satta Matka itself.
What is a Lottery?
A lottery is of community game where all participants pay a fixed amount per entry. The pool of all entry fees is used to pay the winner, with the organizer taking a percentage as their earnings.
All participants make a prediction, typically selecting a series of numbers that they believe will be the winning numbers. If their selection matches the numbers generated by the organizer, they win a share of the prize pool. This interesting format makes lotteries a very popular game for both organizers and players.
Firstly, for the participants, the size of the potential winnings is tied to the number of people playing, not the amount of money wagered. The more people that participate in the game, the bigger the prizes.
Secondly, there is virtually no risk that payout will bankrupt the lottery organizer since the entry fees are used to pay out the winners. Lottery organizers are not affected by the number of winners or the amount of money won.
The Importance of Credibility
Credibility means a lot in the world of lotteries. Since the game’s success is dependent on a number of people playing, lottery organizers don’t want to appear dishonest. It’s in their interest to ensure that players don’t perceive them as unwilling to pay out or manipulating the winning numbers in any way.
This means that the winning numbers must be verified as random and in no way controlled by the organizers or a third party.
State-controlled lotteries do this by involving reputable auditing firms. Smaller lotteries have always needed to think outside the box as far as this is concerned.
Satta Matka’s Interesting Origin
When Kalyanji Bhagat stared India’s first Satta Matka in 1941, he wanted to take advantage of the above reasons for a lottery’s popularity. As an alternative to betting on randomly generated numbers, the young man from Gujarat asked participants to guess the price of cotton in New York City at the start and close of each business day.
Since the lowly errand boy had no way of influencing the price of cotton in the United States, and the “winning numbers” were publicly announced, participants were comfortable that they were not betting into a scam.
The popularity of Satta Matka exploded in Mumbai and soon another businessman would launch a competing game.
Satta Matka Goes National
Rattan Khatri, the first “Matka King”, launched a very popular version of the game in Mumbai’s Dhanji Street. Taking advantage of the Mumbadevi area’s large amounts of commercial traffic, Khatri was able to raise the popularity of Satta Matkka to a national level.
In 1960, as the reputation of Khatri’s gambling network continued to increase, New York stopped transmitting the cotton prices to India. The Matka King saw this as an opportunity. He realized that this situation could be leveraged to run more games per day. He decided to decouple the outcomes from a bi-daily cotton price announcements and started drawing winning numbers from a clay pot.
Satta Matka Today
Today, Satta Matka has embraced the digital revolution. There are many online options for punters who are comfortable performing digital transactions in order to participate in this extremely popular and lucrative game.