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How to strike it rich? A trip to Yaowaraj could be the answer. Betting on the election results, р╕Юр╕Щр╕▒р╕Щр╕Ьр╕ер╣Ар╕ер╕╖р╕нр╕Бр╕Хр╕▒р╣Йр╕З, is now rampant in the run-up to the election. Indeed, it is the latest favoured pastime for many Thais, and Yaowaraj is one of several districts in Bangkok where illegal betting houses can be found.
This list of betting odds is from a betting office in Yaowaraj. The bookmakers form odds or prices to reflect the potential winning and losing positions of the competing candidates.
Let me explain a little bit more. This betting list reflects the traditional fractional odds which are often used in Britain. See item 9, the factional odds are 10/9. Fractional odds are saying that, if you bet on Puea Thai winning 235 seats nationwide, for every 9 time you win then 10 times you will lose. This is the same as saying you have a 90% chance of winning and a 100% chance of losing! In other words, the Puea Thai is likely to win 220 seats nationwide, rather than 235 seats.
Say you wish to place a bet on an outcome which has odds of 5/4. If you win, for every Bt4 you stake you will win Bt5 and you will receive your Bt4 stake back, giving you a total return of Bt9. If you place a bet of Bt10 at 5/4, then you will win Bt12.5 and have your Bt10 returned, giving a total return of Bt22.5 (although I could be wrong in these betting calculations).
Moving away from “betting technicalities”, the bookmakers seem to follow closely the many recent polls that suggest that Puea Thai is streaking ahead of the ruling Democrat Party.
According to Ajarn Pasuk’s study on gambling in Thailand, an estimated 70% of adults gamble regularly, and the total value added involved is huge.
As the Thai voters are feeling the heat of the ongoing election campaign, so are the Thai gamblers.