Cricket betting is a game that involves wagering on the probability of a result or a group of outcomes that occur throughout a match. Therefore, the probability of a certain event to happen, is defined as the odds of the outcome, which has a critical influence on the profitability of a punter. Professional bettors use the game odds as their primary yardstick to determine their wagers and profit potential, all the while assessing their risks in the market through other forms of market research and game analysis.
Every punter must have a sound understanding of the way probability works in the world of cricket betting. While the appeal of making huge sums of money from sports betting can lure in punters from all corners of the market, a lack of knowledge of cricketing odds can prove to be disastrous for newbies and amateur bettors. Therefore, for the purpose our readers, we have created a detailed cricket betting odds guide to help you decipher the various formats that are currently offered by a majority of the online bookmakers operating in the market.
Understanding the Different Versions of the Game
The rates available in cricket betting is mostly similar across different sports categories, but the game of cricket is considered to be quite elaborate when compared to other sporting events. Cricket is one of the very few sports disciplines in the market, where the duration of the match, the individual performances, and the match outcomes are determined by the type of cricket being played. For instance, there are four different categories in cricket, such as the One Day International (ODI), the Test match, the T20 International and First-Class Cricket.
The smallest format, known as T20 matches, is the most popular type of cricket format among fans across the globe, which is followed by ODIs and Test matches. T20 matches are typically played over three hours, while ODIs can take up to 6-7 hours. Test matches have the most extended format in the game, where it is played over five days, with each day witnessing around six hours of playing time. In cricket betting, T20 leagues are highly prominent among ardent fans and cricket punters, where high-profile leagues such as the Indian Premier League, the Big Bash League, and the T20 World Cup being the top betting markets by a considerable margin. It is estimated that the cricket betting market sees multi-billion dollars annual turnover, with a majority of all legal betting volumes being wagered through online bookmakers.
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A Short Explanation of Cricket Odds
The main betting opportunity for punters is provided in the form of three different game outcomes, a Win, a Loss, and a Draw, irrespective of the type of cricket match. Aside from the wagers offered on the result of a game, bookmakers also provide several other iterations of cricket betting odds in a match. These include the outcome of a toss, the runs scored in a match by each side, the number of boundaries (sixes and fours), individual scores, wickets taken, run rate, maximum runs in an over, number of centuries/half centuries, and other related performance statistics. Bookmakers may also provide some exotic cricket betting options such as an unexpectedly high performance from an inferior player, exceptional runs rates, and any other low-probability events, where the profit payouts can reach up to 300 times of the money invested on that particular outcome.
The rules of probability state that every outcome has a maximum probability of 100%. Therefore, in the best-case scenario, the rates of a match should depend on its probability of occurrence. However, there can be several improbable events that have the least likelihood of happening in a game, but the margins for these can be quite massive, which is why it is possible for punters to wager on outcomes that promise incredibly high payouts. Bookmakers also tend to add their profit margins, commissions, and any other expenses to their odds, which can increase the probability of an event (which is an impossibility in mathematical terms). Therefore, it is incredibly complicated to describe the rates in cricket in absolute percentage terms, and every sportsbook will have different wagering specifications in relation with each other.
The concept of profit and loss in a cricket wager is pretty straightforward. For instance, the payout for a bet depends on the outcome of a specific event, while the punter stands to lose his/her wagering amount in case of an adverse outcome. Therefore, cricket betting can be considered as binary in its concept, but there is undoubtedly an element of luck, skill, and experience, which can make the ultimate difference between winning and losing.
The Different Online Cricket Betting Odds Formats
There are primarily three different types of formats offered by online bookmakers, which include the Decimal, Fraction and American odds. Punters are free to choose any one system that suits their preferences, as sportsbooks usually provide an option to select any format through their betting interface. It is also possible to switch between the odds format without any restrictions, which means that bettors can experiment with the different formats and choose one according to their convenience.
Decimal rates are the simplest of all formats, thereby making it the most widely adopted odds format in the entire sports betting market. The decimal format is the easiest to understand, as a 2.0 rate for an event means that there is a 50% probability for the event to occur, which is calculated as (1/2*100). Therefore, for every $10 wagered with a 2.0 odd, punters will receive a total of $20 (10*2.0) in payouts, out of which, $10 is the winning amount. Decimal odds are usually offered anywhere from 1.01 to 300.0 for a majority of events, but it is not uncommon for bookmakers to provide even higher figures for more exotic outcomes.
Fractions are used in the UK betting markets, but it is a bit more complex than the other formats. Fractional rates are usually denoted as 10/1 or 1/5, where the first figure is the winning amount and the second figure is the betting amount. Therefore, for an odd of 10/1, a punter will win $10 for every $1 wagered, while in a 1/5 odd, punters stand to earn $1 for every $5 wagered. It may take some time for punters to get comfortable with the idea of a fractional odd, but betslips do provide the details of the wager, the odds, and the final payout, to make it comfortable and convenient for the bettor.
US odds or money line odds are highly prevalent in the US, where the format is denoted either as a positive or a negative number. For example, a -125.0 odd represents the fact that a punter must wager $125 for a $100 profit. On the contrary, +150.0 odd means that for a wager of $100, the winning payout is $250 ($100 betting amount + $150 winning amount). The winning amounts for each bet are calculated according to the money at stake, but such US rates format represents more direct information about the stake, the risk, and the payout on offer.
Finding the Value of Online Cricket Betting Odds
The value of a bet can vary as per the circumstances of a match, the prevailing cricket betting rates in the market, odds offered by a bookmaker, and the effects of the research performed by the analyst/punter. Cricket value betting is a parameter that is usually analysed by experienced punters, primarily to find out if the rates provided by a bookmaker offers any positive value under the market conditions. In simpler terms, the value of a wager is calculated according to the following formula:
Value of the bet = (Probability of the event * Odds offered by the sportsbook in Decimal Format) – 1
The value of a betting odd should be in the positive and greater than zero (0), in which case, it would be termed as a ‘value bet’. Value bets represent an odd that is tangible with the probability of the event, as there can be cases where bookmakers will quote extremely low rates that may not be in direct relation with the actual probability of a scenario. The only arbitrary value in the formula mentioned above is the probability of an event, which is either derived from the bookmaker’s research, or through independent analysis performed by the punter.
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How Does an Online Bookmaker Set the Betting Rates for an Event?
Odds are generated to reflect the various events, individual performances and match results, thereby presenting a platform for punters to select their favourite markets and place a wager. Bookmakers usually generate the rates for a game by analysing the various performance indexes of the teams, their recent form, playing conditions and other factors such as home/away environment. There are tons of data to evaluate for any given match, which necessitates the need for professional oddsmakers, who must have excellent knowledge and experience to create a sportsbook that reflects the odds of the game quite accurately. Oddsmakers work relentlessly and around the clock, in order to develop a sportsbook that satisfies their clients’ preferences.
Bookmakers mainly offer two types of rates, which directly correlate with the match fixture. The main category of betting odds is generated way ahead of schedule, where punters have an option to place a bet for a specific event even before the match starts. These betting options are usually fixed for a particular period, and punters may be offered the choice of placing/exiting the wager before a set time of expiry. Some betting operators also provide a cash-out feature, where punters can take an early profit by closing the bet, while the match is in progress. The other category of rates is provided for live in-play betting, which changes according to the progression of the match. In-play betting has a more direct approach towards generating the odds for an outcome, as the match conditions can have a more significant impact on the wagers and their outcome.
Bookmakers take special care to factor in reasonably lower margins in their sportsbooks, as lower odds can often result in losing clients to other more established competitors. We would always recommend our readers to compare the rates of different bookmakers, as even the slightest difference can make a substantial impact on your betting results.
Comparing Bookmaker Odds for the Best Payouts
The cricket match betting rates are always changing over the course of a match, which means that it is difficult to pinpoint the exact differences between odds offered by online bookmakers. However, punters may be able to compare the rates available for all future match fixtures, or open two sportsbooks side-by-side to analyse the live in-play odds displayed for similar events. It is always recommended to start betting small amounts in the market, as it will offer a much better option to get a perspective of the different sportsbooks, without losing your entire betting capital.
Additionally, we provide comprehensive bookmaker reviews on our website, which covers all the aspects of the odds offered by leading bookmakers in the market. You can also read our cricket betting guide to know more about the industry, and to adopt safe practices for safeguarding your money from scam operators.