Cricket is now the second most popular sport on the planet, behind football, and there is usually always some type of cricket being played somewhere in the world that cricket fans have the option of betting on. However, before you do, you need to ensure that you have a thorough understanding of how the odds work. This is where this guide comes into play.
Cricket Odds Explained in Detail
What exactly are odds representing? Well, let us take an example to show you. For instance, let us say that England are playing India in the final of the 2023 ICC Cricket World Cup. The bookmaker you are using has provided odds of 1.70 for India to win and odds of 2.00 for an England win, but what exactly does this mean? Well, odds are there to give an indication as to the probability of an event occurring.
Explanation of an Example of Odds
So, in the example that we gave, India are slight favourites to win the game and lift the World Cup. The two teams are quite evenly matched, but India has the advantage of playing at home in front of an expecting crowd.
So, what are the actual chances of India, at odds of 1.70, winning the game?
- Probability = 1/decimal odds
So, for the example that we gave, the chances of India beating England are given at odds of 1.70.
1/1.7 = 0.5882 = 58.82%
If you want to be successful when it comes to cricket betting, it is crucial that you understand the probability of an outcome occurring when expressed using betting odds.
Now Let’s Look At How Cricket Odds Work
So, you liked the odds that the bookmaker provided for an India win, but how much do you stand to win should India be victorious?
- Let’s say that you placed 2,000 Indian rupees on India to win.
2,000 x 1.70 = 3,400
Your overall profit would be your returns minus the stake you placed. So, in this case, your profit would be 1,400 Indian rupees (3,400 returns – 2,000 initial wager).
Why Are the Odds Important?
It is important to be able to find the best odds possible and the example that we are about to provide you with will show you exactly why.
Let’s pretend we have two bettors and, for the sake of this example, they are called Bob and Paul. Both of them are great bettors and get 65% of their bets right. However, on average, Bob finds odds of 1.90, while Paul shops about a bit and finds odds of 2.00. Now, if they both make 1,000 bets each year, they will win 650 and lose 350 of them. If they are betting $100 on every match, their results at the end of the year would like:
- Bob: 650 x 0.90 + 350 x (-1) = 235 x $100 = $23,500
- Paul: 650 x 0.90 + 350 x (-1) = 300 x $100 = $30,000
So, Bob is missing out on $6,500 simply because he does not make an effort to find the best odds for the events that he is betting on.
There really is no excuse for this when you can simply use an odds checker website to help you find the best odds. If you learn only one thing from this article, we hope that it is that you now understand (if you didn’t already) just how important it is to find the best odds possible.
We mean, if you were thinking about buying a new car you would obviously shop around to ensure that you are getting the best price possible, so why wouldn’t you do that when it comes to odds? After, you are still spending money.
In an ideal world, we would have money deposited at all of the best sportsbooks for Indian players so that you check out the best odds whenever you want to make a cricket bet. However, we all know that the world is far from ideal, and a lot of us are restricted by not having an unlimited cash flow.
Therefore, we recommended that you do some research and find and create an account with two sportsbooks that have great odds for cricket betting. If your bankroll then increases, you can feel free to join up with another sportsbook that has great odds.
What about Value Bets?
In order to be successful in your betting life, you need to know how to find value bets.
To calculate the value of a bet, we can use another simple equation. All the equations that can be used are simple, so you don’t need to be some sort of maths genius in order to improve your chances when betting.
- Value = (Decimal odds x assessed probability) -1
Let us take another example here to help make it easier to understand. For instance, let us pretend that we are placing a bet on South Africa to beat Australia in a test match, with South Africa having odds of 3.00 to win. After we have done our research about who is going to be playing for South Africa and what type of pitch they will be playing on, we believe that the Saffers have a 40% chance of winning the game. Are we being offered any value with odds of 3.00?
- (3.00 x 0.40) – 1 = 0.2
Whenever the value is higher than zero, you have what we like to call a value bet. So, as we had odds of 3.00 and a 40% assessed probability, we have 20% value in the bet that South Africa will beat Australia.
So, why should you only bet if you can prove that there is value involved? Well, the key to being a successful gambler is being able to make better assessments of the likely outcome than the bookmaker. If you can do this on a regular basis, you will walk away with a lot of profit.
We believed that South Africa had a 40% chance of beating South Africa, whereas the sportsbook’s odds of 3.00 mean that they believed South Africa had a 33.3% chance of winning.
This is a value bet as we feel that South Africa’s chances of winning are higher than what the bookmaker believes.
Betting Exchange Explained
Some bookmakers allow their customers to bet against other customers instead of betting against the bookmaker. Punters can offer or request odds from fellow gamblers. This is known as a betting exchange. When it comes to bookmakers that offer betting exchanges to those of us living in India, 1xBet and 888Sport are two great choices.
How Does it Work?
The main difference between this type of gambling is that lay betting is allowed. In other words, you can back a team to lose instead of to win. Every single bet that is placed during a betting exchange really has two bets – for example, one bet backing a team to win and another bet backing the same team to lose.
So if you want to make a cricket exchange and stick a 1,000 Indian rupee bet on India to win at 3/1 which returns a profit of 2,000 Indian rupees, you need to find a fellow customer who is willing to risk 2,000 Indian rupees at 1/3 for a return of 1,000 Indian rupees.
As the customers are betting against themselves, the sportsbook doesn’t care who wins the bet. They are still earning money as they charge commission on the winnings.
What Are the Benefits of Using a Betting Exchange?
Using a betting exchange gives you a much greater choice as a punter. Before betting exchanges came into being, if the sportsbook didn’t want to risk the odds or stake that you wanted, you had no possibility of being able to place your bet. With a betting exchange, you simply have to find someone to take the risk, or lay your bet. In other words, betting exchanges have allowed punters to find the exact markets and odds that they are after.
Secondly, in a betting exchange, you get more value. Bookmakers have to take fractions off of any odds that they offer in order to make some money. During an exchange, there is pressure on the layers to offer up fair odds because they risk nobody accepting their bet if they do not.