Understanding Cricket Betting Odds: The What and How

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What are Betting Odds?

As a newcomer to the betting world, your first question must be, what are odds?

The betting odds of the bookmakers reflect the probability of a result occurring. Let’s assume that a team or a player will with a high degree of certainty emerge as a winner, the odds will be very low. The less likely the result, the higher the betting odds.

The odds are commonly expressed in the form of fractions (2/1) or decimals (3.0). Also, they can also be described as Moneyline or American odds. You can spot a Moneyline or American odds by their writing method. They are written with a plus or minus in front of a number (+200). In several cases, cricket betting markets can supply you with numerous possible outcomes for a single event.

What are the Odds in Cricket Betting?

When you visit a sports betting website, you will find that bookmakers will present you with multiple odds for a single cricket match. New punters often get overwhelmed by the myriad odds. To make things easier, you need to know that there are many types of odds like who will score the most runs, take most wickets, be the man of the match, and many more.

But the most common odds you will find is the choice of Team A or Team B winning the match. Bookmakers will give the two outcomes a value based on their probability. Betting odds differ from one bookmaker to another for the same match. So, before you start betting on cricket, especially on the top cricket tournaments, it is imperative to learn how to read the cricket betting odds.

Major Types of Sports Odds

  1. Decimal odds/European odds

A screenshot showing Decimal Odds

      2. Moneyline or American odds
      3. Fractional or UK odds

Decimal Odds/ European Odds

Match Betting on Betway

Decimal odds are the most common and widely used expression of odds worldwide, especially in Europe, Canada, and Australia. As a result, decimal odds are often known as European odds.

Moneyline or American Odds

Betway Moneyline odds

In the United States, American odds (sometimes known as Moneyline Odds or US Odds) are pretty popular. Therefore, a negative (-) sign will be included next to the odds for favorites, showing the minimum bet required to win ₹100. Underdogs, on the other hand, have a positive (+) symbol next to their odds, showing the amount gained for every ₹100 placed. Little confusing, isn’t it? Don’t worry; we will discuss it in complete detail in the latter part of this article.

Fractional or UK Odds

Betway fractional oddsBritish and Irish bookmakers favor fractional odds (also known as UK odds or traditional odds). These odds are written with a “slash (/)” or a “hyphen (-).” For example, 8/1 or 8-1 and stated as “eight-to-one.” Some of the world's top bookmakers use fractional odds, making them one of the world's most popular types of odds.

Who Decides the Cricket Betting Odds?

Bookmakers decide what odds they will offer to the punters. That is why you will notice that the odds offered often vary from one bookmaker to another. But these odds are not just random numbers. These are all meticulously calculated. There is a lot of work behind deciding the cricket betting odds.

How do Bookmakers Determine Odds?

Deciding on the cricket betting odds takes a lot of work. The bookmakers hire oddsmakers for this job. Oddsmaker is a bookmaker's employee who forecasts the outcome of a match by going through various determining elements and sets the betting odds. Every oddsmaker has different views and opinions regarding the final outcome of the match. For this reason, odds often vary across different bookmakers. But how do they make a profit out of it?

Bookies include a profit margin (bookies margin) in their prices, which is understandable given that they are a company and want to make money. That is referred to as the overround in betting terms. They can operate at a profit because their margin in their prices covers their overheads and more. By now, you must be wondering about the deciding factors we mentioned earlier.

The deciding factors for cricket betting odds are explained below:

  1. History of the team and each player
  2. Performance according to weather and ground
  3. Player strengths and weaknesses

The oddsmakers consider all the previous matches played by the team and players to determine the odds. They even check if the team performs well on the home ground or not. In addition, they pay attention to every detail, like the strengths and weaknesses of the players. For example, some batsmen don't play spinners well – all of this information and more is considered while creating the odds for a particular match.

Why do odds change?

Even if the odds values are known, the variables used to calculate them will almost always change. Things like injury to players, restructured teams, and occurrences beyond anyone's control can all affect the outcome of an event. As a result, odds adjustment should always be expected.

Another reason is that no one is flawless, and scenarios can emerge when the odds are stacked in favor of the bettors. So, to offset their losses from an expected final win, bookies will engage in something called “book balancing.” Bookmakers then change the odds in a way that favors them.

Important Cricket Betting Odds Terms to Keep in Mind

TermDefinition
Even moneyA wager with even odds is when the bettor stands to lose or earn the same amount of money.
Odds againstWhen the chance of an event happening is lower than the chance of it not happening, the odds are "against" that event happening.
Odds onThe meaning of "odds on" is the opposite of "odds against". Thus, it implies that the occurrence of the event is more probable than not to occur.
FavoriteThe team marked as the favorite is considered most likely to win an event and has the lowest odds.
Each-way bettingAn each-way bet comprises two wagers: one for the selection to win and another for the selected team placement.
OverroundA term used to describe a bookmaker's way of earning money from betting. They hide their bookie's margin in the final price to make money from it.

How to Calculate Potential Winnings with Cricket Odds

Before calculating the earnings, let us look at the most popular cricket betting markets.

Popular Cricket Betting Markets

These days, bookmakers provide a diverse range of cricket betting options to punters. Match outcomes, series winners, the greatest number of wickets taken, highest runs, the man of the match and total number of boundaries are some of the most popular cricket betting markets. But, of course, the most popular one is the match odds. So, you must be wondering what are match odds and what meaning it holds in cricket?

Match odds means odds for the team who will win the match. Besides, bookmakers provide different odds for each of these markets. So, you can bet on these to start winning. To do this, you will need to understand the cricket betting odds and calculate the winnings.

Potential Winning Calculations from Decimal Odds

For every 1 unit staked, decimal odds represent the entire amount you will get if your wager wins. Unlike other types of odds, decimal odds always include the starting stake in the return rather than just the profit. If a unit costs ₹10, you would receive ₹25 if the decimal odds were 2.50.

The profit would be ₹15, and the initial stake would be ₹10, for a total return of ₹25. 2.00 is considered even in decimal odds. That means that if you choose to place a bet at 2.00, you will get back your initial amount and the amount you staked as profit.

Potential Winnings from American Odds

Suppose a bookmaker is offering odds for India vs England one-day match. Then, the odds might look like this:

India: -700
England: +400

The bookmaker has given England odds of +400, implying they believe England is the underdog here. Therefore, to make a potential win of ₹400, one must wager ₹100 on England. Therefore, if England wins, the total payout will be:

Original wager (₹100) + Winning amount (₹400) = ₹500. (Profit ₹400)

On the other hand, to earn ₹100, you would have to bet ₹700 on India, rated as the favorite team. So, if India wins, the total payout will be:

Original wager (₹700) + Winning amount (₹100) = ₹800. (Profit ₹100)

Potential Winnings from Fractional Odds

A fractional listing of 8/1 (eight-to-one) odds means you'll win ₹8 for every ₹1 you gamble, plus you'll get your money back (i.e., the amount you wagered). To put it another way, this is the ratio of the amount (profit) gained to the initial bet, which implies you'll get your stake (₹1) plus the profit (₹8) for a total payout of ₹9. As a result, if you bet ₹10 at 8/1, you will receive a total of ₹90 (₹80 profit + ₹10 bets). Here is a simple formula for you to find out your total payout:

Total Payout = [Stake x (Numerator/Denominator)] + Stake

Now that you know how to calculate your final payout, it’s time you move to the next step. Now, you need to find the best odds for placing your bet. You need to understand betting rates for finding the best odds. You must be wondering how to understand cricket betting rates? Cricket betting rates refers to the process of shopping around for the best odds on a wager at various bookmakers (also known as line shopping).

How to Select the Best Cricket Betting Odds

Mainly there are two ways to find the best cricket betting odds/rates. These are as follows:

Line shopping

Line shopping is the process of creating multiple accounts with different bookmakers. Then you use them to compare and find the best cricket betting odds possible. Sometimes, the process can become lengthy and tiresome for some punters. Nevertheless, it is the most accurate way of finding the best cricket betting odds. But if you find this technique cumbersome, you will love the following method of finding the best odds.

3rd Party Websites

The concept of third-party websites is to minimize time visiting each sportsbook and look for the best odds. When you can view them all in one place, it can save a lot of time and energy. Third-party websites like Oddschecker compile all the cricket betting odds from all bookmakers and display those enormous chunks of data in a very well managed way for you to compare easily.

It is the perfect way to compare odds if you are new to the sports betting industry and do not know where to look for odds. But remember, this technique is not 100% accurate. The data you see on these websites is input by their employees. So there is no guarantee that there will not be a human mistake and delay in updating odds.

Cricket Betting Tools to Ace Your Game

Cricbuzz

Cricbuzz should be your go-to website for cricket news, also for free information and predictions of cricket matches. It is an excellent tool for those who are looking for betting tips and match prediction insights before placing bets.

Social Media

These days, we get all of our news through social media. Anything that occurs in the world is first discussed on social media, and sports are no exception. Experts and fans analyze team news, toss news, circumstances, and pitch reports in great detail.

APIs

APIs allow you to see different prices in a ‘ladder' structure. The prices are updated numerous times per second, so you can view every bet that has been placed in the market. That is especially critical in the fast-paced T20 cricket industry.

Cricket Betting Odds FAQs

Which are the best cricket betting sites in India?

While we have already mentioned the top five best cricket betting sites above, if we further rank websites based on features like cricket live streaming, payment options, and ease of IPL betting online, the top three sites are bet365, 10CRIC, and Melbet.

Can I open multiple accounts on different cricket betting sites?

Having multiple accounts with different bookies is a clever idea. It will provide you with a better understanding of the best cricket betting odds.

What are the odds in cricket betting?

Cricket odds measure how much money a punter stands to win or lose on a given wager.

How long will it take to withdraw my cricket betting winnings?

It depends on the payment method you choose. If you choose e-wallets like PayPal or Skrill; then you can withdraw instantly. On the other hand, a bank transfer will take 3-5 days.

CricketBettingAdvice Final Say

The cricket betting industry is one of the biggest sports betting industries in the world. With millions worth of bets taking place every day, it is trendy among the masses. This detailed guide has covered all the information on cricket betting odds, such as what are odds in cricket betting and what are cricket betting rates. We are very confident that this guide will prove to be helpful for both beginners and experts.

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