Real Matka King, Ratan Khatri's Life After Retirement From Gambling, Inspo For Vijay Varma's Series

Matka King, the series starring Vijay Varma and Kritika Kamra has been dominating the news and public discussion ever since its premiere on Amazon Prime Video on April 17, 2026. Created and directed by Nagraj Popatrao Manjule, the show has quickly become one of the most-watched Indian series on the OTT platform in recent years. Set in the 1960s and 70s Bombay (now Mumbai), the story takes us back to the era of Matka gambling. The protagonist, 'Brij Bhatti' (played by Vijay Varma), is the heart of the story and is based on the real-life 'Matka king', Ratan Khatri.

Ratan had humble beginnings and went on to become the nation's gambling kingpin. He was a cotton trader who democratised gambling by introducing the Matka system. He gained the trust of the masses through his method, which brought the much-needed transparency to gambling. His honest game with guaranteed payouts became a nationwide craze. However, he had to give up everything and retire early due to several unavoidable circumstances. Here's an exploration of what Ratan was up to from stepping down from his Matka business until his death.

What was Ratan Khatri's life like after retiring from Matka gambling?

Ratan Khatri decided to retire from Matka gambling in 1993 after about two decades of domination in the betting scene. A combination of police crackdowns, changing political scenarios and shifting dynamics within Mumbai's underworld led to the downfall and eventual retirement of India's Matka king. Even after stepping away from Matka, Ratan kept his passion for numbers alive and began betting legally. He occasionally visited the Mahalaxmi Race Course to place bets on horses.

Aside from totalizator betting, it is not known whether Ratan Khatri had any other interests or a new career. Regarding his lifestyle, the former Matka king opted for a quiet life in Mumbai over flamboyance. He reportedly moved into a residence in the Mumbai Central or Tardeo area and chose to stay away from the limelight. According to available information, Ratan led a low-key life until he quietly passed away on May 9, 2020. He died at the age of 88 due to a cardiac arrest.

What led to Ratan Khatri's downfall and eventual retirement?

The first major blow to Ratan's empire occurred when the then-Prime Minister, Indira Gandhi declared a state of Emergency (1975–1977). In 1977, he was imprisoned for 19 months, which severely disrupted his gambling operations. By the 1980s and 1990s, Matka was no longer just a local betting venture. It reportedly faced heavy mafia intervention, which led to violence and internal disputes within the gambling community.

Due to the disorderly situation, there were continuous police crackdowns in the gambling dens in the early 1990s, making their smooth running increasingly difficult. After Ratan was released from jail around 1996, he realised that the business was less profitable than it had been in the 1970s. Additionally, new and modern forms of gambling came onto the scene, which made it even more difficult for Matka to survive. Hence, in 1993, Ratan Khatri had to step away from Matka permanently.

Why was Ratan Khatri's Matka gambling so popular in the 70s?

Ratan Khatri revolutionised the gambling scene by replacing complex cotton-rate betting with a simpler system involving drawing three cards from an earthen pot (matka) right in front of the punters. This honest and fair betting system earned Ratan the public's trust and a staggering daily turnover of up to Rs. 1 crore. His betting operations attracted everyone from mill workers and small traders to Bollywood actors and wealthy businessmen. In that way, he built his own empire in Mumbai, taking over the cotton betting scene by sidelining other big players of the market.

What are your thoughts on Ratan Khatri's life after retirement from the Matka business? Let us know.

Also Read: Matka King Ending Explained: Did Vijay Varma's 'Brij Bhatti' Die? He Won Or Lost? Hints On Season 2

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