Matka kicks off in the late 1950s. Vasu comes to Vizag as a refugee from Burma. Very soon, he gets into the crime world and becomes a top businessman in the region. But a sudden trip to Mumbai introduces him to the game of matka. Fascinated by it, he introduces it in Vizag and becomes the Matka king in no time. But in life, what goes up always comes down. The same happens with Vasu, as his Makta empire is threatened by the Indian government. The rest of the story is all about how Vasu saves his empire and what happens to him in the end.