Cricket Betting Odds 101: How Do Cricket Betting Odds Work? (2023)

Match Betting Odds Meaning

Anyone who enjoys betting should take the effort to learn how to read and evaluate match odds. Betting odds indicate how likely your selection is to win in the eyes of the bookmaker and how much money you stand to gain if your wager succeeds.

Even though betting odds may seem complicated at first, our comprehensive explanation will ensure that you understand how these odds work so you can make better decisions when betting online.

What Are Cricket Betting Odds?

Bookmakers set betting odds in a way that reflect what they think is the likelihood of an event.
In India the UK and other parts of Europe, these odds are often expressed as either a fraction (2/1) or a decimal (3.0). The American approach, also known as the ‘moneyline' system, places a plus or minus sign in front of the number (+200).

Every event that bookies are accepting bets on, including cricket, horse racing, and football, will have betting odds.

How Do Cricket Betting Odds Work?

In the decimal system (most commonly used in India), your potential winnings also include the original stake. So all you must do is simply multiply the bet amount (or the ‘stake') by the odds. This is how cricket betting odds work in the decimal format:

Comparing Cricket Betting Odds

For the best cricket betting odds available online, the top five bookmakers we recommend are Bet365, Parimatch, 10Cric, Dafabet, and Betway.

These operators have made a mark for themselves by providing reliable and consistent wagering experience over the years. They also offer a range of markets, catering to both the seasoned and amateur bettor. Some even have their own cricket betting apps for those who enjoy placing bets on the go.

We will also compare the overrounds (explained in the next section) for the match-winner (and final result) market for five of the world’s top cricket tournaments, including IPL betting.

This is not a one-off thing. Starting here, we will carry out these checks at regular intervals so that you have an overall idea about where to get the best cricket betting odds.

What is overround?

To make life easier, we recommend using one of the simplest overround & probability calculators available online. Simply enter the odds (fraction, decimal) to calculate the value of the odds at a particular bookmaker.

Best Cricket Betting Odds & Overround Comparison

All odds as of March 18, 2021, 12:22 PM (IST)

West Indies vs England

South Africa vs Bangladesh

CSK vs KKR

The Ashes (Outrights)

2022 T20 World Cup (Outrights)

Although not many betting sites have released the outright odds for the upcoming T20 World Cup just yet, we’re going with Betway, bet365, 10CRIC, Parimatch, and Casumo for now.

What Do You Get Out of the Best Cricket Betting Odds?

When it comes to wagering on any sport – including cricket — nothing is as vital as searching for the most competitive odds. In fact, that’s the cornerstone, really, of how to bet on cricket. That’s because only when you get long odds do you realistically stand a chance of making a good profit. The longer the odds, the more the reason (and the benefits) of actually going through with that wager.

Remember:

Check out what India’s top-ranked new betting sites have to offer!

To sum up: sure, finding the best cricket betting odds isn’t the be-all and end-all, but it’s still really important, the significance of which one just can’t overemphasize.

How To Understand Cricket Betting Rates

Understanding how odds in cricket betting work out is easier than you may think. We'll go ahead and illustrate this further with an example.

Suppose India is taking on Sri Lanka at home, and you’re backing the Men in Blue to win the match. The odds line in the match result (1×2) market could look something like this:

So you have it – that’s how odds in cricket betting (and on every other sport) work.

Cricket Betting Odds: Fraction vs Decimal

While you can also choose to see odds in the fraction format, working with decimals is easier. That’s because in the latter, your stake is included in the odds you see. But in the fractional format, you have to add it yourself. Taking the above example, odds of 1.40 = 2/5. Similarly, odds of 5.00 = 4/1 and 12.00 = 11/1.

If you choose your odds to be displayed as fractions, you’d have to add your stake to the winnings. Taking the same example above, let's say you win at odds of 2/5. Therefore, winnings = (₹1,000 x 2/5) + ₹1,000 = ₹1,400.

We recommend using an online cricket betting odds calculator so you can do away with converting and calculating the odds manually.

Why Cricket Betting Odds Are So Important

We shall demonstrate this point using an example of two punters to underscore the significance of getting the best cricket betting odds, as well as how to understand cricket betting rates a bit better.

Suppose we have two bettors: Ramesh & Suresh. Both are seasoned punters and have the ability to pick out winners at a good rate – for example, 70%. This simply means seven of their 10 wagers are expected to come through.

Now, on an average, Ramesh gets cricket betting odds of 1.80 across markets, while Suresh – who shops around at several bookmakers — bags slightly better odds at 2.20. Suppose both want to start with T20 World Cup betting and will wager on 40 matches over the course of the tournament. So, with their winning rate of 70%, this would leave both with 28 winning bets (70% of 40 games) and 12 losing wagers.

Considering Ramesh and Suresh are betting ₹2,000 on each game, the end result would be something like this:

Ramesh Net Winnings

Suresh Net Winnings

Now, that is a difference of more than ₹20,000, which you could be missing out on simply because you aren’t shopping around enough. Sure, this is opportunity cost – something you cannot help in sports betting. However, if you can get better value (theoretically proven) just by comparing the best cricket betting odds, there’s absolutely no reason not to do it.

What About Betting Exchange Sites?

Betting exchanges allow punters to bet against each other. This means that, essentially, you yourself become the bookmaker, and wager against other users on the exchange. Therefore, there’s a free market principle at work here that contributes to the generous odds (which are, at least in part, determined by the demand of the various markets among players).

Please remember that, unlike a conventional operator, a betting exchange doesn’t make money if you lose. There’s no ‘margin’ or ‘cut’ involved here. Instead, they charge a commission on the total winnings, so the more you play and win, the more betting exchange sites earn. That’s also why so many players prefer them to traditional sportsbooks.

Check out our article on India’s best betting exchange sites to learn more about the benefits that this platform offers.

Best Cricket Betting Odds FAQs

How crucial is it to search for the best odds?

As you might imagine, the cornerstone of betting of any sport, including cricket, is to find the most competitive odds available. Otherwise, there’s no real point in wagering at all. That’s because should your bet not come through, you’ll stand to lose your stake entirely, whatever the amount be. But, if your bet wins, you'll not only receive winnings, but also recover your stake in the process. Therefore, you might as well give yourself the best shot of doing that by comparing operators and taking advantage of the best cricket betting odds around.

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Do odds in cricket betting keep changing?

Yes, odds in cricket betting fluctuate all the time. For example, odds on an overwhelming favourite can keep shortening until the bookmaker feels it has evened out all potential losses and reduced its liabilities. Similarly, prices on the underdogs will be kept high to incentivise the bettor to wager on those.

Cricket betting odds keep changing leading up to the start of the match or until playing conditions (and other team news) are confirmed.

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How are cricket betting odds created? What’s the concept of ‘house edge’?

Cricket betting sites assess the probability of a particular outcome (in the match) happening and accordingly adjust the odds after factoring in their ‘margin’ or ‘juice’. This is how all the betting markets are set. If you convert the odds into percentages, you will see they never equal 100%; there will always be percentage points remaining. That’s because that is the bookmaker’s ‘house edge’ or ‘vigorish’ – that is, the profit guaranteed for a betting site, given that all bets are proportionate to the prices.

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When are cricket betting odds published?

That can vary. For certain top-tier tournaments, bookmakers release the odds months in advance. These are called outright betting odds, and they’re, of course, only available on the tournament/series winner. Specific match odds are typically released only a few days/weeks leading up to the event.

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Do promotions affect odds in cricket betting?

Certain promos like boosted odds definitely do. Another popular promo bookmakers run is the BOG (Best Odds Guaranteed), which does boots the overall odds too. However, BOG is typically limited to horse race betting only.

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CricketBettingAdvice Final Say

If you set aside the security factor of an operator, we don’t think there’s anything more important in cricket betting than finding high-value odds. After all, what everything boils down to is how much you win if your bet comes through, which is precisely why we carried out this best cricket betting odds comparison for your benefit. Rest assured that we’ll keep updating this article regularly so that you know which operators, by and large, offer the most competitive odds.

Cricket Betting Advice

The Cricket Betting Advice team of writers are all defined by one goal: to provide you with the best online cricket betting content on the web.

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