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In the early 1960s, people used to bet on the prices of cotton. These prices came from the New York Cotton Exchange. Workers and traders in Mumbai started guessing what the closing prices would be. This guessing game soon became very popular among the locals.

As time passed, the link to cotton prices was cut off. People wanted a local way to continue the game. This is when the real form of Satta Matka began. Instead of cotton prices, numbers were drawn from a matka, which means "a pot" in Hindi. Numbers were written on small pieces of paper, folded, and put into a matka. A person would then draw a paper to declare the winning number.

Ref. Link: https://tinyurl.com/mrx84pd5