Betting rampant on Modi-backed online portal

Punters have been given the opportunity to bet online on the semi-finals being played at Mumbai on a website owned by IPL's official digital media parter Global Cricket Ventures.

Cricket.com, a global cricket portal controlled by GCV - a company where IPL Commissioner Lalit Modi's step-son-in-law Gaurav Burman holds a major stake, was last offering a rate of 8-to-11 for victory of Mumbai Indians, owned by Mukesh Ambani led RIL, while Royal Challengers Bangalore of Vijay Mallya was placed better at 11-to-10.

For the other semi-final, to be held on Thursday, bets were being offered at 1 to 1 in favour of Deccan Chargers as against 8 to 11 against Chennai Super Kings.

GCV is an online media and broadcast company and holds exclusive licences for digital, mobile and image rights for IPL till 2017.

According to regulatory filings by Elephant Capital, a private equity firm promoted by Burman, it invested $10 million or about Rs 45 crore in GCV in November last year.

GCV runs the official website for IPL, Champions League Twenty20 Tournament and also owns the portal cricket.com.

Besides news and photo contents related to cricket, the portal also provides a platform for online betting or gambling, which is legal in the west.