At its centre is Brij Bhatti, played by Vijay Varma, a small-time cotton trader whose sharp instinct for numbers evolves into something far more dangerous. What begins as a modest betting idea soon snowballs into the sprawling Matka empire, pulling in people across class lines and transforming gambling into a mass obsession.

The series draws clear inspiration from the real-life Matka phenomenon, particularly figures like Ratan Khatri, who popularised the game in Mumbai. But rather than functioning as a biopic, Matka King uses fiction to explore a broader social shift, how an informal, illicit system can become a parallel economy, offering both aspiration and ruin. In this world, risk is currency, and ambition often outruns consequence.

Varma’s Bhatti is less a conventional gangster and more a man chasing legitimacy in a rigid, hierarchical society. His ascent is mirrored by a richly layered ensemble that includes Kritika Kamra as Gulrukh, a wealthy Parsi widow negotiating her own agency within a patriarchal structure, alongside performers like Sai Tamhankar, who plays his wife, Barkha, Gulshan Grover, who plays his nemesis Laljibhai, Siddharth Jadhav, who plays his right hand man Dagdu Vichare, and Bhupendra Jadawat, who plays his younger brother Lachu.

Their intersecting trajectories make for a narrative that moves beyond a single rise-and-fall arc into something more expansive and socio-politically aware. Barkha is tired of being just a housewife and a mother and wants her own identity, Lachu isn't as upright as his brother and ridicules him for being honest in a dishonest profession. Laljibhai is the stock corrupt businessman who just wants to fill his own coffers while Dagdu starts off as a loyal lieutenant who later begins to rethink his options. For Gulrukh, Bhatti is a piece of exotica. She introduces his matka to high society and soon her ambitions skyrocket. Girish Kulkarni as a dedicated journalist TP D’Souza and Bharat Jadhav as the honest cop Eknath Tumbade also make their presence felt. One wishes they had more to do.

Manjule’s storytelling, known for its grounded realism, lends the series a textured sense of place. Bombay here is not just a backdrop but a living organism. Its chawls, markets and shifting aspirations reflect a country still finding its economic footing. Within this setting, Matka becomes a metaphor for a restless India, willing to gamble in the absence of opportunity.

Ultimately, Matka King situates itself at the intersection of crime and commentary. It examines the democratisation of vice, the seduction of power, and the cost of ambition, while tracing how systems of authority emerge outside the law. If it delivers on its promise, the series could stand alongside the more compelling Indian long-form dramas that fuse history with character-driven storytelling, offering not just a tale of a kingpin, but of a society in flux.

The series portrays Bhatti as a sort of Nayakan like figure. But unlike a Varadarajan, he isn't into smuggling but gambling. He's somewhere between a mafia don and a local corporator. One wonders how he moves around without an entourage of goons. He's strangely also very aloof from both the politicians and the police. He's not shown giving them any protection money and that's well nigh unbelievable. You can't run a parallel economy without greasing the right palms. Why Manjule and his writers were shy about showcasing this aspect is baffling. The ’70s Bombay saw the rise of the underworld and that's hastily drawn in during the latter part of the series. They are shown trying to take over his operation.

Lyrical realism aside, Matka King feels like a homage to Deewaar, to the Salim-Javed brand of cinema. The anti-hero is presented as a misunderstood man wronged at every turn. And in some portions, Vijay Varma is peak Bachchan, especially in his confrontation scenes, be it with Kritika Kamra or Siddharth Jadhav. The smoldering intensity in his eyes is bang on. The actor lives every facet of his character with natural ease. Kamra is aptly cast as the forbidden fruit who happens to have a ruthless side to her as well. Sai Tamhankar also gives the role her all. One can sense her angst even as her husband remains immune to it. It's the women characters who seem to be better written. While Munjale has given them free reign, he seems to be holding on to the reins of the men. Bhatti isn't shown going all out against his enemies when he has nothing left to lose, both D’Souza and Tumbade make much noise against the unjust system but don't really rebel against it. Siddharth Jadhav is excellent as Dagdu. One roots for him as he slowly loses his hold on loyalty.

Matka King ironically comes at a time when illegal betting apps are in full swing. It tells you that nothing has changed. People want to make a quick buck at any cost. It's both a period piece on one hand and a mirror to the present society on the other. The series is currently streaming on Amazon Prime Video.