AAP leader Arvind Kejriwal during a seminar in Delhi last year.IANS File

In the upcoming Assembly elections in New Delhi, Bharatiya Janata Party may be the favourite among the bookies but Arvind Kejriwal's Aam Aadmi Party has much more value in terms of money than BJP in the illegal betting market.

While a bookie betting on AAP will get more than the double of the betting amount, those betting on BJP will get a mere one-third of what he bets. The rate for BJP on Saturday was 1:36 and it was 1:2.5 for AAP.

"This means that if one places ₹ 1 lakh on BJP, he or she would get only ₹ 36,000 if the party wins the Delhi election. However, placing the same amount on Aam Aadmi Party will fetch them ₹ 2.5 lakh," The Times of India quoted a bookie as saying.

The bookies are trying their luck on parties as well as candidates, mostly the strong ones. Former IPS officer and CM candidate Kiran Bedi is lagging behind in the betting race against Kejriwal.

Betting on Bedi will fetch a bookie a mere ₹ 36,000, while someone who bets on Kejriwal's victory will make ₹2.5 lakh. "Most people are playing safe by betting on Bedi as she is the candidate from what seems to be the strongest party," another bookie from the New Delhi area said.

The value for BJP and Bedi is less as there is a bigger possibility of the party winning the assembly polls with AAP second in the race.