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Gamblers are the ones who take risks by definition and India is looking to be a side worth the risk to an extent.The odds would be low for India in the WC but they can be formidable darkhorses which is of prime importance to a real gambler.
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My reasoning is that at the moment India are in good form, so their odds are shorter than their real chances of winning the WC.
The other thing is that One Day Cricket is a very random game, and I personally almost never put a bet down on it!