Sports betting offers an exciting combination of risk and lucrative payouts. Although there’s no sure bet, there are always opportunities to win big. One of the tested strategies that help punters is to understand how cricket betting odds work. When you bet on cricket, odds are everywhere and can affect your payout and how your betting adventure will unfold.
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If you’re aiming for a successful betting experience, it’s best to fully understand the importance of cricket betting odds. It’s important that you know to read them in different formats, compare them, and find the value bets using the information at hand. But don’t worry if you’re just starting and don’t have a solid understanding of the concept. In this brief guide, we help you fully grasp the meaning and benefits of the cricket betting odds. Specifically, we’ll take a look at how these are selected, the different formats, and a few tips on how to use them.
How Sportsbooks Set the Cricket Betting Odds
Cricket odds are determined based on two things- the probability of the outcome and the bookie’s margin. In determining the probability of an outcome, the bookmaker will rely on several factors including but not limited to previous results, players’ form, and current stats. Let’s take the probability of each outcome in a cricket match that involves the Mumbai Indians and Chennai Super Kings in the Indian Premier League.
For this match, the Indians are set at 60%, Super Kings at 20%, and a chance of a draw at 20%. From this hypothetical example, the total probability for all outcomes is set at 100%. In the perfect world, this is how each outcome will pan out. However, it’s the online sport industry, and sportsbooks are still running a business. For this reason, bookies will factor in the margin or profit.
Bookmakers have a default margin that’s added to the odds. In most Indian sportsbooks, the margins range from 105% to 107%. Say a sportsbook uses a standard 107% margin. Here’s how the updated cricket betting odds will look like:
Mumbai Indians (to win at odds 1.54) - 65%
Chennai Super Kings (to win at odds 4.12) - 24%
Tie (to happen at odds 5.55) - 18%
From our example, the total probability for all outcomes is set at 107%.
Sportsbooks Always Add a Margin
As you can see, the sportsbook adds a ‘margin’ in each wagering option. So, in real money cricket betting, you are at a disadvantage even before the start of the cricket match. Your job becomes more challenging if you take part in live cricket betting. Compared to pre-match online cricket betting, live cricket betting displays odds that are updated in real-time. In short, you need to use a live tracker or a streaming tool to check out the latest odds in online cricket betting.
The challenge for smart and responsible punters like you is to learn how these cricket odds are computed. More importantly, it’s your job to compare the betting markets and the odds and look for the sportsbook that offers the lowest margin.
Reading the Cricket Betting Odds
You can only compare the cricket odds if you know how to properly read them. The betting odds are displayed in one of three formats- decimals, fractional, and the Moneyline or American formats. In most Indian sportsbooks, you are given the chance to choose how to display the odds. However, the common practice is to display the cricket betting odds in decimal format.
Let’s use the previous example to fully understand how odds work. As mentioned, the betting odds will tell you the likelihood of an outcome. For example, the odds of 1.54 for Mumbai Indians means that the team has a 64.93% chance of winning the match (odds/1). In short, the published cricket betting odds will tell you that this team is the odds on favorite to win the match.
Also, the cricket betting odds will tell you about your potential payout. When you wager INR 1,000 on the Mumbai Indians to win the match, the potential payout is calculated at INR 1,540. This means that when you bet on cricket using the prevailing odds at that wager, you can collect a profit worth INR 540.
Understanding and reading the cricket betting odds is important if you’re looking to bet successfully online. This is the reason why reading and comparing the available betting odds from several sportsbooks are always part of any list of the best betting tips for beginners.
🤔 What are cricket betting odds?
The betting odds are helpful tools that can tell you the likelihood of an event happening and your potential payout.
🏏 How are the cricket odds displayed in most Indian sportsbooks?
It’s a common practice for Indian sportsbooks to display these odds in decimal format, say 1.54. In real money cricket betting, there’s also a chance to check out sites that offer fractional or American odds.
❓ What is a margin and what’s the typical margin offered by bookies in their odds?
The margin is the profit that’s integrated into the cricket odds. The margin varies by sportsbook, and it often ranges from 105% to 107%.