Betting on rainfall!!

So its all about risk, and making money out of it. Lottery is already
a big time business. On the suburban stations of Mumbai you find these
people making brisk cash, with fools around trying their luck. The
government has even legalized this business, and so it has gone high
tech. computers adorn these little lottery shops, and they have
automated lotteries, meant to be "fair".

Looking at a larger perspective, isn't betting the same thing? Betting
for cricket or politics is one thing; the punters can actually change
the rules of the game. But betting for weather? Or are they a form of
weather derivatives? If they are, why not legalize them? The ET report
today states that some Rs 2500 crore has already been put in, with the
mm of rainfall being the prime indicator. The government could
actually fill its coffers by taxing this new form of business.