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Ratan Khatri

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Ratan Khatri (c. 1932 – 9 May 2020) was an Indian gambling kingpin and film producer, widely regarded as the "Matka King" for his central role in transforming matka, a form of betting, into one of the most lucrative underground industries in India. Born in Karachi, British India (now Pakistan), Khatri migrated to Mumbai during the Partition of 1947. Over several decades, he established a nationwide gambling network that became synonymous with his name and legacy.[1][2]

Early life

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Ratan Khatri was born into a Sindhi Hindu family in Karachi, British India. Following the Partition in 1947, his family relocated to Mumbai (then Bombay). As a teenager, Khatri began working in Mumbai's bustling textile markets and mill areas where he was introduced to gambling on cotton exchange numbers.[3]

Career

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A Kutchi trader Kalyanji Bhagat had introduced Worli Matka, a form of betting on cotton prices transmitted from the New York Cotton Exchange. Khatri and his friends used to allegedly bet on those cotton market prices. In 1962, Khatri’s friends asked him to start his own syndicate and he then established "Ratan Matka," or “Main Bazaar” Matka which soon became a household name.[4] He simplified the game by introducing 3 card draws using playing cards (from 1-10) from an earthen pot (matka), which added transparency and credibility to the process.[5]

By the 1970s, Ratan Matka had become a nationwide phenomenon with daily turnovers reportedly reaching ₹1 crore. His clientele included people from all walks of life, including Bollywood celebrities and high-profile businessmen.[1][2] However, his business faced challenges during India's Emergency period (1975–1977), when he was imprisoned for 19 months.[3]

Decline and retirement

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The matka business began to decline in the 1990s due to increased police action due to mafia involvement and internal disputes within the gambling community. Khatri even ventured into film financing, distribution and producing for some time. In 1993, Khatri retired from active involvement in matka betting after an incident where he was placed on a no-fly list during a family vacation.[4][2] Following his retirement, other operators attempted to take over the trade, but none could replicate his success or influence.

Legacy

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Ratan Khatri is remembered as India’s first legitimate bookmaker and a betting pioneer who transformed matka into an organized and highly profitable industry. Despite its illegal status, matka became deeply ingrained in Mumbai's social and cultural fabric under his leadership. His methods of conducting his daily draws openly in public settings earned him a reputation for transparency and fairness among big betters across India and foreign countries.[2]

Khatri died on 9th May 2020 at his residence in Tardeo, South Mumbai following a brain stroke. He was 88 years old.[6][5]

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Khatri's life has inspired numerous portrayals in popular media including the film Dharmatma. A fictionalised biopic series inspired by his life is being directed by Nagraj Manjule and is reportedly under development by Amazon Prime Video, highlighting his rise as the "Matka King" and his impact on Indian society.[3]

References

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  1. ^ a b "'Matka King' Ratan Khatri passes away". Retrieved 2024-12-04.
  2. ^ a b c d "Who is Ratan Khatri? All about the legendary 'Matka King'". Retrieved 2024-12-04.
  3. ^ a b c "Who is Ratan Khatri from Chandu Champion?". Retrieved 2024-12-04.
  4. ^ a b "Mumbai: Ratan Khatri, the 'matka king', dies at 88". Retrieved 2024-12-04.
  5. ^ a b "Ratan Khatri passes away: Five lesser-known facts about India's Matka King". Retrieved 2024-12-04.
  6. ^ "Ratan Khatri, Mumbai's Matka King of 60s–90s, dead at 88". Retrieved 2024-12-04.

Additional sources

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