When you bet on cricket online, there are many permutations that you need to keep in mind. Be it managing your bankroll, choosing the best cricket match odds site, or finding the best online cricket betting rates – your decisions should be focused and well-informed. Landing the best possible cricket odds can be tricky, especially if you don’t understand the fundamentals of match odds. Before you dive into the betting arena, acquaint yourself with match odds and how they can be used to get the most profits. So here is an exhaustive guide explaining the different cricket betting rates and how to get their best.
Explanation of Cricket Betting Rates
It is very crucial to understand how cricket odds work. Cricket betting rates or cricket match odds can come in various forms. Most of the cricket betting sites allow bettors to choose the format in which odds are displayed. The match odds may be represented in decimal, fractional, or American odds format. However, irrespective of how they are displayed, the odds carry the same meaning. Getting a hold over cricket betting match odds may seem a bit challenging at the start. But once you are familiar with the odds formats, betting will become a cakewalk. So here is a detailed explanation of the most common types of cricket betting rates that one may come across on a cricket match odds site.
- Fractional Odds or English Odds: This type of cricket odds format is expressed as a fraction. Let us describe a hypothetical example to understand the concept better. Suppose, team India is assigned a 25% chance to win against England in a particular cricket match. In this case, the fractional odds would be expressed as 3/1. The notation means that, out of every four events (3+1), there will be three negative outcomes and one positive outcome. Alternatively, it can be said that the fraction is a ratio of the losses to wins. Similarly, if India had a 20% chance of an outright victory, the fractional odds would be expressed as 4/1.
- Decimal Odds or European Odds: It is the simplest format of representing sports and cricket odds. In this form of odds, all you have to do is divide 100 by the percentage chance of a specific outcome. So the decimal odds are calculated as:
Decimal odds = 100 % (% chance of an outcome)
Let’s make the math clear with an example. Say, for instance, in a particular match, India has a 50% chance to win against England. Then, the decimal odds for such an event would be 2.00 (since 100/50 =2). Likewise, if India had a 25% chance of winning, the decimal odds would come out to be 4.00 (since 100/25 =4).
- US or American Odds: The US odds or American odds are a popular odds notation in the United States. The odds for favourites carry a minus (-) sign, whereas those for the underdogs come with a plus (+) sign. The ‘-‘ sign indicates the amount you need to stake to win 100 units, whereas the ‘+’ sign indicates the amount you will win if you make a bet of 100 units. Let’s explain this using the same example of a match between India and England. Say, the Moneyline odds for the game is represented as:
In this case, the ‘+’ sign indicates that England is an underdog, and you will win INR 130 if you bet INR 100 for England to win. The ‘-‘ sign means that India is the favourites and you need to stake INR 150 on India to win to get a profit of INR 100.
How to Use Cricket Match Rates
Cricket betting is not just about predicting who will win and calculating the odds. In the end, betting is all about taking the winnings home. We just discussed the different types of cricket betting match odds. But how do you use them to make real money? Well, it is all about some simple calculations based on mathematical equations. So here is an elaborate description of how you can use the cricket match rates to calculate your final payout.
- The payout for Fractional Odds: Say, you have placed a bet on team India to win at odds of 3/1. So if you win this bet, your profit would be three units, and your total payout would be four units (3 + your initial unit bet). The profit and payout calculation can be done by using the following formula:
Profit = Initial Bet x Fractional Odds and Total Payout = Initial Bet + Profit
Now let’s use a betting example to explain the payout structure. So if you had placed a wager of INR 1000 at odds of 3/1, your profit would be INR 3000 (since 3×1000 = 3000), and your total payout would be INR 4000 (since 1000 + 3000 = 4000). Similarly, if the odds were, say, 4/1, you would gain INR 4000, with a total payout of INR 5000.
- The payout for Decimal Odds: The calculation is quite simple here. Say, you have placed a bet for team India to win at odds of 2.00. So if you win this particular bet, you would receive a 2 to 1 payout. In other words, for every 1 unit of currency wagered, the bettor will receive a total payout of 2 units. The formula used for the calculation is:
Total Payout = Initial Bet x Decimal Odds
Therefore, a bet of INR 1000 at odds of 2.00 will fetch a total payout of INR 2000. The final sum includes both the initial bet and the profit. Likewise, a bet of INR 1000 at odds of 4.00 will bring a total of INR 4000.
- The payout for American Odds: Let’s assume that the money line odds for team India is -200 and that for England is +150. Let’s explain the payout structure using the following scenarios:
- If you bet INR 100 on +150 American odds and win, your profit would be INR 150 for a total payout of INR 250 (initial bet amount + profit). Therefore, on a bet of INR 1000 at +150 odds, the gain would be INR 1500 with a total payout amounting to INR 2500.
- If you bet on -200 odds to win INR 100, you would need to stake INR 200. If you win this bet, you will profit INR 100. Adding your original bet of INR 200, the total payout will be INR 300. Thus, if you bet INR 1000 on the same odds of -200, you would profit INR 500 and receive a total payout of INR 1500 (initial investment + profit).
Why Are Cricket Match Odds So Important?
Be it cricket, tennis, football, or any other sport; every punter should understand the importance of comparing the odds. But why at all are cricket betting match odds so important? Well, the answer is quite apparent – the better the odds, the better are your payouts. Whenever you think of placing a bet with an online bookie, the first thing you should look out for is the odds they offer. If the odds are not high or competitive, you will earn a pretty meager sum when you win a bet. After all, who would want to bet with a bookmaker where you win less? Once you get the right cricket match odds, your battle is half won!
Here is an example of two different punters X and Y to further highlight the importance of earning the highest possible cricket odds. Let’s say that both X and Y can select winning bets at a rate of 75%. Bettor X receives odds of 1.80 on an average. But bettor Y does some thorough research and lands a higher average betting rate of around 2.50. If they both bet on 100 games a year, their winning bets will be around 75 in number with 25 losing bets. If they are betting INR 1000 on each game, their net winnings will look like something as follows:
Net win of bettor X:
(75 x 0.80) + 25 x (-1) = 35 x INR 1000 = INR 35000
Net win of bettor Y:
(75 x 1.50) + 25 x (-1) = 87.5 x INR 1000 = INR 87500
Bettor Y with higher odds gets a winning that is INR 52500 more than that of bettor X. A bit of extra effort put into online line shopping can make a huge difference in your betting outcome. In conclusion, getting the highest possible odds on your online cricket bets should be your top priority while choosing a bookie.
When selecting odds, you should also know that odds carry the bookmaker’s margin too. This is the reason why different operators have different odds.
How Do You Find Out The Best Cricket Betting Odds?
When you want to purchase a new product online, do you straightaway buy it from the first seller that you come across? Most will say – no! You usually browse through different sites, compare the prices, and then settle on the best deal. Getting the best possible cricket betting rates entails a similar strategy. But in the betting world, you should compare odds and do some “line shopping.” In simple terms, it means that you compare the odds of different sportsbooks and choose the one that offers the best price on your bets.
Comparing odds is relatively straightforward. All you need to do is choose the bookie that offers the highest odds for your selection. The difference between odds may not seem much. But when you select a site with higher odds, the extra winnings accumulate overtime to give you a substantial profit. However, line shopping requires more detailed consideration. During line shopping, first, you have to pick a line, say – total, spread, or moneyline. Then, you have to compare your chosen line across two or more betting sites. The bookie that gives the best odds is the one from which you will get the maximum returns. Hence, you should ideally bet that line. Here is a simple example to clarify the basic concept of line shopping.
Consider a hypothetical match between India and England. There are two betting sites, A and B, offering the following lines:
Betting site A: India -2.5(-120), England +2.5(+100); India is the favourite and must win by at least 3 points. Here, England is the underdog and has been given 2.5 points. If you bet on India to win, you have to stake INR 120 to win an extra INR 100. But if you bet on England to win, your profit will be INR 100 on a bet of INR 100.
Betting site B: India -3.5(+100), England +3.5(-120); India is the favourite and must win by at least 4 points. Here, England is the underdog and thus, given 3.5 points. If you bet on India to win, you will win an extra INR 100 on a bet of INR 100. A bet of INR 120 on England to win will fetch a profit of INR 100.
Let’s say that you back India for a win. Site B offers better odds where you only stake INR 100 to make an equivalent profit. However, India is giving away 3.5 points on this line. At site A, India is giving away only 2.5 points. You can get a better possible return by betting with site B. But a wager at site A is easier to win. It’s up to you on which site you will choose. But it’s better to try and increase the chances of your winning than hoping to increase the size of any likely payout. Odds are generally high if the operator does not take a lot of bookmaker’s margin from the odds.
Cricket betting can be tricky if you are unaware of the rules. But if you get it right, you can make huge profits and have fun at the same time. A significant factor that determines your fate in cricket betting is the match rates. Seemingly tough to follow, these cricket betting rates are what dictate your loss and victory. But the trick is to do some odds shopping and choosing a betting platform that is reliable and maximizes returns. After all, it’s always better to explore all the options before diving into betting straightaway.