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Khatri's matka syndicate started in the bustling business area of Dhanji Street in Mumbadevi where idlers used to wager on the daily trickle of the fluctuating cotton rates from the New York market. Gradually, it became a big gambling hub as the quantum of bets and betters increased. Due to a row over a winning number plus the New York market's five-day week schedule, compulsive betters began looking for alternatives . Khatri used to draw three cards, twice daily at 9.00pm (the 'open') and at midnight (the 'close'). The value of the open and close cards would be totalled to arrive at a winning number. The numbers would be relayed all across the betting hubs in the country and overseas. For a 25 paise bet the returns were atleast Rs. 2.25 or more. Khatri's betting was considered more genuine as the cards were reportedly opened in the presence of patrons.
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