Cricket is an intriguing sport to watch, but it can also provide us with a wide range of different profit-making opportunities. There are different international and domestic tournaments taking place regularly throughout the year, meaning that there is always money to be made. However, if you are new to online cricket betting, you could find yourself losing more money than you win. This is where we come in as we will show you how to assess the odds and improve your chances of winning more money.
Understanding Cricket Betting Odds
Cricket odds can be a bit confusing at times, especially for those who have never placed a bet on cricket before. Do the odds offer value for money? This is a common question among cricket bettors, but, thankfully, it is possible to work out if the odds are valuable and worth paying attention to. Knowing how to do this can help us to choose the odds that provide the best value.
How do Cricket Odds Work?
Cricket odds, like the odds in any other sport, is just a way of showing the probability that a particular outcome will occur. To make this clearer, we will give you an example. Let us imagine that England are taking on Australia in the Ashes at Lord’s in London, and the bookmaker that you have signed up to has given England odds of 4/1 to win the test.
Example of Cricket Odds in the Ashes
So, what chance are they really giving England? Well, it is relatively easy to work out. The following calculation can be used to determine the implied chance of winning that the bookmaker believes England has.
1 / (4 + 1) x 100 = 20
You simply have to divide 1 by the two numbers present in the odds and then multiply that figure by 100. The above calculation shows that this particular bookmaker gives England just a 20% chance of turning Australia over.
Make Some Research
Now, let us imagine that you have done a bit of research (something you should always do before placing a bet) and have realised that Australia’s two best bowlers are not going to be playing due to having picked up injuries. Furthermore, you studied the recent matches that England have played and have seen that they have scored over 350 runs in their last eight innings (four test matches).
With this information in mind, it is not unreasonable to suggest that England have a better chance of winning than what the bookmaker’s odds are suggesting. In essence, you have found yourself a value bet. In other words, you have found yourself a bet where the probability of a particular event occurring is higher than what the bookmaker believes.
With the above hypothetical example, we feel that the odds for England winning should be shorter than what is being offered. However, rather than complain about it, we would take full advantage of the bookmaker’s generosity (or ignorance) and place a bet on England to be victorious.
This is How Cricket Match Odds Work
Let us take things one step further. So, we have realised that we have found a value bet for an England win. So, if they go on to win like we believe they will, how much would we win? Well, let us say that we placed 2,000 Indian rupees on England to win (remember that you should never bet more than you can afford).
Indian Rupees with Odds
So, 2,000 Indian rupees with odds of 4/1 is easy to figure out. We would win 8,000 Indian rupees (including our stake). But if the odds are, for example, 13/4, it can be a bit trickier to work out.
The best and easiest way to do this is to change those fractional odds into decimal ones. You can do this by simply dividing those numbers in the fraction, and then adding one. See the example below:
13 / 4 + 1 = 4.25
so, now the odds are 4.25 instead of 13/4. So, how much would we win if we stuck 2,000 Indian rupees on an England win? Well, we simply need to multiply the odds by our stake.
2,000 x 4.25 = 8,500
Therefore, if we are successful, we will get a profit of 6,500 Indian rupees.
We’re not saying that you need to be a mathematician to bet wisely, but when you take the time to calculate your own odds and potential returns, it will be easier for you to know whether you have unearthed a hidden gem. You can find many hidden treasures when betting on these foreign cricket events.
When Making a Match Prediction, Look at Handicap Betting
Sometimes you might come across a cricket match where one team is completely dominating, or where the teams are mismatched from the beginning. In these cases, bookmakers will offer handicap odds in order to make things more interesting.
Be Aware of Handicap Betting
Cricket handicaps are quite simple, but they do differ a bit to the handicaps that you will find in other sports like football or rugby. With these sports, the handicap is easily applied before the match has started as games always start at 0-0 and both teams can score at any time.
However, when it comes to 50 and 20 over cricket, a victory can happen in two ways: The team that bats first can win by a number of runs or the team that bats second can be victorious by a number of wickets. The team batting first can make a huge difference to the predicted target score, making it really hard for bookmakers to provide accurate handicap odds.
Therefore, in limited-overs cricket, the bookmakers usually assign a handicap after one team has finished batting. This gives the bookmaker the ability to assign a run-based handicap for the team that is going to bat second.
Let us look at an example
Let us say that Pakistan have batted first against India and have scored 340 runs in their 50 overs. During the break between innings, the bookmaker assigns a handicap of +35.5 for India and -35.5 for Pakistan. Then, if we place a bet on India to win, we would simply need them to score 306 runs in order to win our bet.
When it comes to test match cricket, bookmakers rarely offer a straight handicap. Instead, they offer a similar market which is the margin of victory. Once the fourth and final innings of the match is underway, and the match winning target is known, the bookmaker can create a margin of victory market for both sides. The team that is bowling can win by a number of runs while the team that is betting can win by a number of wickets.
Some Great Cricket Betting Tips
To improve your chances of being successful when betting in the cricket world, keep the following tips in mind. You can then put all this information to good use on these worldwide competitions.
Pay Attention to Player Statistics
It is always good to check the average runs that a player has scored and their strike rate. If they have a very good average and a high strike rate, they are a good bet for highest runscorer in a limited-overs match. However, players with a high strike rate but a low average should be avoided for this type of bet as it shows that they have a tendency to hit a few big shots before getting out.
Furthermore, you can often find stats that will give you a good idea as to how a certain player has performed against spin and seam bowlers in the past. If, for example, you are looking at placing a bet on a batsman to score a half-century, you should check what type of bowling they prefer to face. If they struggle against spin, do the opposition have a quality spinner? If so, place your money on a player that is known to be a quality player of spin bowling.
Don’t forget to check a player’s recent form as well. If they have been struggling as of late, it is best to place your money on someone who is in form and has spent plenty of time at the crease in recent matches.
Know How to Get Value from In-Play Action
In-play cricket betting is a great way to win decent sums of cash, but it is important that you pay close attention to the play so that you choose your bets wisely. There are a number of things that you can think about when betting on live play. For example, is the batsman who has just come into bat known for scoring quick runs? If so, placing a bet on the number of runs that will be scored in the following over could be worth a shout.
Also, are wickets falling in clusters? Batsman are vulnerable when they have just started batting, so if there are two new batsman batting, it might be a good idea to place a bet on a wicket to fall in the next over.