Cricket betting isn’t all about the right prediction. Shopping around for the right cricket odds is equally important. Otherwise, your earnings suffer and so would your passion for wagering.
Cricket Betting Odds Defined:
Bookmakers utilize betting odds to present the possibility of a certain outcome and decide your profits. To calculate odds for a specific match, bookmakers compute the number of events that favour the outcome to the number of events that don’t. Imagine rolling a dice with six sides. The chance of rolling a “1” is 1:5, as only one event favours “1” while five events are against it. The odds of rolling “1” and “2” are 2:4, as two events favour “1” and “2” and four are against it.
How to Read Odds:
Odds are presented as ratios (3:1), decimals (2.0) or with a plus or minus prefix (+200). Making sense of odds is difficult unless you get accustomed. Let’s learn to read odds with an example.
Suppose India and England face each other in a test. The odds read something like this:
- India – 1.90
- England – 17.00
- Draw – 2.25
As the odds suggest, India’s win is the best possible outcome, followed by a draw. England’s win is the least expected outcome. Now, you wager INR100 on all outcomes, your winnings will be:
- India wins: 1.90 x INR 100 = INR 190
- England wins: 17 x INR 100 = INR 1700
- Draw: 2.25 x INR 100 = INR 225
Thus, your total payouts on England (the outsider) would be the highest if it pulls off a win. Since India is the favourite, its payouts would be the least. So, it pays to root for the underdog.
The betting systems use betting odds and cricket jargon that you must know to bet effectively.
- Favourites: The team that’s more likely to win a given match.
- Outsiders: The team with a lesser chance of pulling off a win.
- Futures: Betting on an event taking place in future.
- Even Money: When you tend to lose or win the same amount.
- Pre-game bet: A wager placed before the game gets underway.
- Live bets: A wager placed during the match. The odds fluctuate as the game progresses.
- Hedging: Placing a wager on the opposite team to minimize losses if the main bet fails.
- Batsman Matches: it’s a market involving fictitious duels between two batsmen.
- Odds-on Favourites: The team, which is profoundly tipped to succeed in an encounter.
- Draw no Bet: A market available when the draw isn’t a reality. Only win or loss is possible.
Why do they Matter?
Odds determine profits, pure and simple. The better the odds, the higher your payouts would be. You could lose potential profits when failing to capitalize on the best cricket odds. Suppose, both you and your friend win 75 of all 100 wagers placed, each beat worth INR 10000. You opt for 2.00 odds while your friend went with 2.50 odds. Now, the payouts would be like this:
- Your payouts: INR 10000 x 2.20 x 0.70 = INR 17500
- Your friend’s payouts: INR 10000 x 2.00 x 0.70 = INR 14000
You earn INR 3500 more profits than your friend for the same bets but different odds.
How to Find the Best Odds?
Mind you, odds are specific to the book, meaning they vary from one book to another. A book factors in several aspects, including its profits before presenting odds for a given match. Some books keep a lower profit margin, offering competitive odds. You are better off researching the market for the best cricket odds or else, leave money on the table.