It is hard to be a serious sport betting investor if you have little knowledge about betting odds. To make a profit from any type of sports betting, it is important to know the main types of betting odds, how they work and how to play them correctly. Without the knowledge of odds, it’s like throwing money into fire. Fortunately, cricket betting odds are not a difficult term to understand.
Types of betting odds:
There are three types of odds such as fractional, decimal and American. These names describe how the odds should be written. From these three types of odds, fractional and decimal odds are used frequently in cricket betting. Understanding these two type of odds will make you easier to compare bets return and place bets properly.
Decimal odds are the most well-liked odds currently in use for any type of sports betting. It is used by almost all bookmakers around the world except UK. The decimal odds states that how much money you will gain if you bet 1 unit. The 1 unit states can $1, $10 or vary from bookmakers to bookmakers. Most decimal odds have 2 decimal points for correctness of the odds. Note that decimal odds include both return and stake. For example: If the odds is 3.00, you invest $10, and then your total return will be $30 which includes $20 profit and $10 stake.
The next most used odds are fractional odds, generally offered by UK bookmakers. These odds follow the same basic rule of 1 unit stake, but unlike, decimal odds they states that how much profit will be returned if you invest 1 unit stake as they don’t follow the total return rule. For example: if the fractional odds are 5/1, you will be paid five times per unit stake.
Why are the odds so important?
Understanding the odds is very important to get the highest possible return on your bets. You may face capital loss if you do not emphasize on betting odds. Let us see this topic by an example: Suppose there are two bettors A and B. Both are the winner in 70 games out of 100, but the average odds are different 1.90 and 2.10. Now if they bet $1000 on betting, after certain period their return would be like this:
$1000* 1.90 * 0.70 = 1330
$1000 * 2.10 * 0.70 = 1470
That is the difference of $ 140 which you will miss if you simply ignoring the odds.
How to find the best cricket betting odds:
Finding the least costly and high return investment is called line shopping. It suggests that you should look around different sportsbook for the best odds. This will help you to get the highest outcome from your betting. So try to check out different boomakers frequently before placing a bet.