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Rattan Khatri, known as the Matka King, from the early 1960s to mid-1990s controlled a nationwide illegal gambling network with international connections which involved several lakh punters and dealt with crores of rupess.

Khatri's matka started in the bustling business area of Dhanji Street in Mumbadevi where idlers used to wager on the daily trickle of the fluctuating cotton rates from the New York market. Gradually, it became a big gambling hub as the quantum of bets and betters increased. Due to a row over a winning number plus the New York market’s five-day week schedule, compulsive betters began looking for alternatives. Based on the requests of his friends, Khatri started his own syndicate and started drawing three cards to decide the day’s number. Khatri's betting was considered more genuine as the cards were reportedly Satta Matka opened in the presence of the patron. During the emergency in India, Khatri was jailed and served 19 months behind bars. He has retired from the gambling business and lives near Tardeo; however, he still does visit the Mahalaxmi Racecourse to bet on his favorite horses.