Cock fighting stunted by currency demonetization

The demonetization of high currency notes by the NDA government will likely have an impact on cock fighting betting revenues.

Industry sources speaking to Times of India, said the sport normally begins to pick up in the first week of December, peaks in January before concluding in the week leading to Sankranti.

However, the sources  representing the cock fighting industry in coastal Andhra said there has been no activity this time around.

Cock fighting revenue usually crosses near Rs 600 crore (US$87.8 million) each year, but the industry would be lucky to get Rs 200 crore, said sources.

The cock fighting industry isn’t the only ones to be burned by Prime Minister Narendra Modi’s move to scrap 500 and 1,000 rupee notes.

According to local media, Goa’s offshore casinos have seen fewer gamblers since the announcement, causing many to close shop temporarily.

“The business has been low ever since the announcement was made and has not improved till now,” said one casino employee last week, adding that management has rolled back the decision to allow payments in the demonetized currency which was allowed initially.

“As the crux of the operations is based on exchange of currency in cash, there are not many customers now. Also, there is a short of 100 notes and even if one has a 2000 note, we are facing a problem in giving change,” the employee added.