Why Real Matka King, Ratan Khatri Retired From Gambling? True Story Behind Vijay Varma's Series

Vijay Varma and Kritika Kamra's series, Matka King has been dominating the news and public discussion forums lately. Since the show's premiere on Amazon Prime Video on April 17, 2026, it has been making significant waves. Created and directed by Nagraj Popatrao Manjule, it has quickly become one of the most-watched Indian series on the OTT platform in recent years. Set in the 1960s and 70s Bombay, 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 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, turned into a nationwide craze. However, he had to give up everything and retire early due to several unavoidable circumstances.

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

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, Ratan Khatri. 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 decided to retire from Matka gambling and lived a quiet life in South Mumbai, occasionally visiting the Mahalaxmi Race Course to place legal bets on horses. He passed away quietly on May 9, 2020, at the age of 88 due to a cardiac arrest.

What made Ratan Khatri's Matka different from other forms of gambling?

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). He removed the Jack, King and Queen from the deck and placed the remaining cards inside a matka. Then he asked three people to each pick a card, and the figures on the cards were declared the lucky numbers for the day. Ratan's reputation for conducting these draws publicly, without any treachery, helped build trust among punters. His betting operations attracted everyone from mill workers and small traders to Bollywood actors and wealthy businessmen.

By simplifying illegal betting in Mumbai, Ratan built a massive network and a source of income. By the 1970s, his gambling empire, known as Ratan Matka or Main Bazaar Matka, reportedly reached a staggering daily turnover of nearly Rs. 1 crore. That was an immense sum for that era, and will be equivalent to approximately Rs. 40 to Rs. 45 crore in 2026. He built an empire for himself in Mumbai, taking over the cotton betting scene by sidelining the other big players of the market. However, things went downhill in 1977, and by 1999, Ratan had to bid farewell to the business he'd spent his entire youth building.

What are your thoughts on Ratan Khatri's downfall and eventual retirement from the Matka business? Let us know.

Also Read: Deepika Padukone Shot For 'High Energy Action Sequence' With Shah Rukh Amid Her Second Pregnancy

AWESOME NEWS! Now you can download BollywoodShaadis app and never miss a story. Get App

AWESOME NEWS! Now you can download BollywoodShaadis app and never miss a story. Choose your device Android or IOS (Apple)