Cricket betting is very lucrative, and it is very difficult to stop yourself from dreaming about winning big in the upcoming matches. But before you bet on cricket or any other sport, you should get used to the term ‘odds’.
Do you feel ‘odds’ make betting complicated, and difficult to understand? Well, it doesn’t.
The term odds might look foreign to a lot of people and you might wonder how to understand betting odds in cricket?
In this article, we are going to explain online cricket betting odds in detail. Once you have a basic understanding you can then test your knowledge on various apps and sites for live cricket betting.
By the time you complete reading this article, you will know all about odds in cricket betting, how to read and compare them to calculate your wins.
In addition to making, you understand how are offs calculated in cricket, we will also be explaining how to bet on cricket and win. Winning in online betting requires the application of some smart strategy.
Cricket Betting Odds Explained
So, what do odds represent? Let’s find this out through an example.
For instance, India is playing against Australia in a one-day series where the odds of India winning the match are 1.67.
What does this signify?
Betting odd is the possibility of a specific outcome occurring. So, as per this example, the odds of India winning the match stand at 1.67. The odd is set by the bookmaker.
Now, you might be wondering how to decide if India at 1.67 odds is going to win the match? We will answer this using a simple formula of implied probability.
- Implied probability = 1/decimal odds
So, according to our example, the winning chances for India are at the odds of 1.67
- 1/1.67= 0.5988
If you convert it into a percentage, India has 59.88% winning chances. Thus, India is the favourite to win the match.
To be a successful cricket bettor, you need to understand the probability expressed through betting odds. This improves your chances of making a profit on a game.
Cricket Betting Explained
So, we already have explained how to understand cricket betting odds.
Now you have checked the odds set by the bookmaker, and you think it’s good enough to make a profit. But how do you really know how much you win if India comes out victorious?
Let us say you have bet INR 2000 to win. That means
- 2000 x 1.67= 3340
Your total profit would be the returns minus the bet you place. Thus, the profit, in this case, will be INR 3340 – 2000 = INR 1340.
Therefore, if you want to get higher returns on your stake, you need to understand cricket betting odds.
You can check the cricket betting odds live on the betting sites when the match is in progress.
Don’t shut your eyes to betting odds as it will cause you to lose money.
Types of Odds in Cricket
Now you must have got an idea of how the are odds calculated in cricket, but you should also know about the different types of odds. We’ll explain that now.
There are three common odds mostly used in online betting. These are:
- Decimal odds
- Fractional odds
- Moneyline odds
All of them represent one thing, your winning probability, but in various ways.
How about we check them in detail to understand them more clearly.
European or Decimal Odds
Decimal odds also called European odds is the most commonly used format in Canada, Australia, and New Zealand. It’s pretty simple. This demonstrates the amount of the base bet that is multiplied when you win on a stake.
For instance, the odds for Australia are 2.50 and you bet INR 1,000 on it.
If Australia wins, you will receive the bet money, as well the base amount multiplied by the odd. Thus, you receive a total of INR 3,500. Your profit will be 3,500 – 1,000 (Your bet amount) = INR 2,500. Isn’t that great?
The UK or Fractional Odds
As the name suggests, the odds are presented in fractional format. It shows the amount of profit you can make for the winning stake per unit of the stake made.
So, if a team has odds 6/1, it means if you win, you receive 6 units for each 1 unit you have bet.
Here’s an example clearly illustrating how the profit is calculated.
You bet INR 1000 on an odd of 6/1 and you win. You are going to receive a payout of INR 7000. You might be thinking, how did this happen?
It is simple. You are receiving INR 1,000 that you have bet, plus 6 times the bet value. So, your total payout is INR 7,000. Similarly, if you bet INR 2,000, you are going to receive INR 14,000.
American or Moneyline Odds
This format is usually followed within the United States. In this type of betting odds, there are two different categories you should know about:
- Underdogs
- Favourites
The player or the favourite team is differentiated by a minus sign before the odds. So, it’s -200.
But if the odds are represented using a plus sign before the odd, it’s an underdog Moneyline odd.
Regardless of the category, the odd’s absolute value points out the profit for each INR 100 you bet.
For instance, if any favourite team has odds -200, you will have to bet INR 100 to receive a payout of INR 300, if you win.
Are you wondering how do I know which betting odd is better? That’s what we are going to explain in the next section.
Finding the Best Cricket Betting Odds
How to bet on cricket and win? The answer is to find the best odds for each bet.
Find an odd that is least costly and offers a high return on investment. To make sure you are wagering on the best betting odd, you need to look around and check different sportsbooks for the best cricket odds.
Let’s Clear Your Doubts
Cricket betting is easy. You can either search for an online guide to give you a step-by-step overview or you can just register yourself at a bookmaker and practice to learn all by yourself. You can start by placing smaller bets. We would suggest you first read some tips for successful cricket betting and then try out your hand at the activity.
There is no sure way to win a cricket bet every time. However, you need to have a good knowledge of cricket and the teams participating. Also, you should check odds predictions at various websites before making a bet. When you combine all the knowledge and place your bet, you will have a higher chance of winning.
Odds are simply considered the probability of any win to happen. They are just a way for you to determine how much money you will win when you place a bet. So, let’s say you have an odd of 3/1 so for every INR100 you bet, you will win INR300. So, there is a 25% chance of winning. This is calculated by the formula 1/3+1= .25.
+200 is the American odds where 200 is the winning % that the player has. So, if the winning odds are +200, it means that the player has a chance to make a 200% profit. For example, if you bet INR100 on a +200 odd then you will win INR200 alongside the 100 you have already invested. Your payout will be INR300.
Bottom Line
Did you understand what odds in cricket betting are? Are you ready to put your betting odds knowledge into practice?
Betting odds are everything in sports betting. However, knowing them doesn’t mean you are guaranteed to win. But if you follow the cricket betting odds tips, you are more likely to win the bets you have placed. Whatever you do, make sure you have fun betting.
