The explanation below can help you understand the meaning of cricket betting odds more clearly. What’s more, they might be able to increase your winning chance in online cricket betting.
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What are Betting Odds & Probability?
Basically, sport betting odds convey the chance of getting a certain result in a match. Probabilities then show us estimation of matches in specific numbers.
For example, if you are going to bet on your favourite cricket team in a certain match, the probability will reveal how possible for this team to win based on stats, ranking, or other conditions. And the sport odds will specify how much money you might win from your bet.
What Do Different Types of Betting Odds Mean?
There are 3 different systems of indicating betting odds, and they have been used in not only cricket but a lot more others like football, tennis or horse racing:
1.Decimal odds (ex. 3.50)
Decimal odds (aka “European” odds, “digital” odds, or “continental” odds) are popular in continental Europe, Australia, New Zealand, and Canada. These are a bit easier to work with and understand.
For decimal odds, the number represents the total payout, rather than the profit. In other words, your stake is already included in the decimal number (no need to add back your stake), which makes its total payout calculation easier. Most online cricket betting sites prefer this for its simple and space-saving.
The total (potential) return on a stake can be calculated as:
The decimal odds number represents the amount one wins for every ₹1 wagered.
2.Fractional odds (ex. 5/2)
Fractional odds (aka “British” odds, “U.K.” odds, or “traditional” odds) are popular among British and Irish bookies. They are typically written with a slash (/) or hyphen (-) and are used by some of the world’s largest bookmakers online.
You can calculate like this:
A fractional listing of 7/1 (seven-to-one) odds would mean that you win ₹7 against every ₹1 you wager, in addition to receiving your dollar back. In other words, this is the ratio of the amount (profit) won to the initial bet, which means that you will receive your original stake (₹1) and the profit (₹7), resulting in a total payout of ₹8. Therefore, if you stake ₹100 at 7/1 and win, you get a total payout of ₹800 (₹700 profit + ₹100 stake).
Fractional odds are the ratio of the amount (profit) won to the stake.
3.American odds (ex. +150, -280)
American odds (aka “Money line” odds or “U.S.” odds) are popular in the United States. The odds for favourites are accompanied by a minus (-) sign and indicate the amount you need to stake to win ₹100. The odds for underdogs, on the other hand, are accompanied by a positive (+) sign and indicate the amount won for every ₹100 staked.
In both cases, winners get their initial wager back in addition to the amount won.
The formulas to calculate profit with American odds will differ depending on the sign before the number, and we can explain this with an example:
The bookmaker has offered odds of +585 for Team A, which indicates that the bookmaker has placed a much lower probability (about 15%) that Team A will win the game. You need to risk ₹100 on Team A to make a potential win of ₹585. If Team A can pull off the upset, you get back your initial stake of ₹100 in addition to the ₹585 won, giving you a total payout of ₹685.
If you decide to bet on Team B—the team that, according to the bookmaker, has a higher implied probability of winning the game—you would need to bet ₹760 to win ₹100. If Team B are victorious, you win ₹100 with a total payout of ₹860 (initial stake of ₹760 + profit of ₹100).
American odds, depending on the negative or positive sign, either indicate the amount one needs to wager to win ₹100 or the amount one would win for every ₹100 staked.
Comparing Different Betting Odds
So, how would the practical application of all those types of sports betting odds look? Let’s consider an example of a fictional cricket match: Super Tiger vs. Fast Cobra. The cricket betting odds as you see online for Super Tiger to win are as follows:
Let’s suppose that our stake is ₹75.
Using the formulas mentioned above, we can calculate the winning profit in 3 different ways:
(100/125) x 75 = ₹60
(0,8+1) x (75) = ₹135
8 x 75 – 75 = ₹60
Since the second result (fractional odds) includes ₹75 of the initial stake, all the results are equal (₹135-₹75=₹60). You can switch between the types of odds using formulas or online converters.
How Do Bookmakers Set Their Odds?
There are 2 basic factors that online sportsbooks consider when setting odds:
- Statistical probability
- Bookmakers’ profit
That is to say, among real sporting odds, every probability is changed by using a specific margin rate. For example, in a match, the winning chance of team A is 85%, and 15% for team B. We suppose the margin of sportsbook rate is 5%, the implied probability in the betting odds will be 90% and 20%.
How to use betting odds?
Betting on cricket does not only involve the prospect of trying to pick the winning team or the potential proposition bet, it depends on a lot more if you have any ambitions of earning money over the long run. Here’s to tell you how to make good use of your cricket betting odds.
If all your bets are done at just one bookmaker, you are most likely missing out on a lot of value. You see, even though you were able to pick who the winner would be 100% correct on every game getting the highest odds would still matter a great deal. The return would be greater in the short run, and this will be compounded into the future. Getting the right cricket betting odds is more than just a basic element, but actually a key factor of winning money.
How to find the best cricket betting odds?
Searching the best cricket betting odds is like a typical shopping process. You are likely to compare the prize among the different stores, selecting a best one depends on your conditions. So does the cricket betting odds work. Therefore, check the revealed odds from different bookmakers will definitely very helpful.
You don’t have to check ALL of the sportsbook, but we suggest you deposit at least 2~3 bookmakers in order to check 2~3 versions of cricket betting odds. You won’t have the best odds of the whole cricket betting world, but at least you have the flexibility to choose a relatively better one.