If you are new to sports betting in India, then understanding match odds is one of the most important aspects of betting to learn. If you think that Moneyline odds, decimal odds and fractional odds are only used to calculate how much money you get back from winning a bet, you would be wrong.
Betting Odds are closely associated with understanding the probability of an event to happen. Apart from that, odds also reveal whether a bookmaker presents proper value with their odds or not. Since the odds are so important, it is also necessary for a punter to interpret these odds. Odds are generally presented in three ways – Moneyline or American Odds, Decimal Odds, or Fractional Odds. So, if you want to interpret the cricket match odds, you have to identify the format in which these odds are presented and then work with it.
Moneyline (American) betting Odds
Moneyline odds are also referred to American odds since it is popular in the United States. It can be quite a complicated system for a layman to crack, but it reveals a lot of useful information in one go. Moneyline odds format can be either positive or negative. Any underdogs in a game are represented with a + or positive sign, for example, +200. If the odd is preceded by – sign, then it indicates the favourites of the match, for example, -150.
Positive Moneyline odds illustrate how much profit a winning wage would make. Let’s say that there is a match between India and Bangladesh with odds -150 and +120 respectively. So, if any individual backs Bangladesh with odds of +120, it means a bet of Rs. 100 could win Rs. 120. So the total return would stand at Rs. 220. On the other hand, negative Moneyline odds illustrate how much money you need to spend to profit from Rs. 100. If you back to India with odds of -150, you have to make an Rs. 150 bet to win Rs. 100. Hence, the total return would be Rs. 250 as you get your stake back.
The calculation required to find the potential profit you will make while using Positive Moneyline odds (underdog) is quite straightforward:
Bet placed * (odds/ 100) = Potential profit
The calculation to find the potential profit you will make from Negative Moneyline odds (favourites):
Bet placed/ (odds/ 100) = Potential profit
Apart from positive and negative, there is a third sign associated with Moneyline odds, namely –PK. It stands for Pick, signifying that neither team is an underdog or favourite.
Decimal betting Odds
This is the most straightforward odd format. Decimal odds are commonly used in betting sites. Decimal odds are represented as decimal numbers such as 1.80, which illustrate the amount you get paid out if you win. It allows the punters to understand the competition for prices better by acknowledging smaller increments. It can sometimes get difficult for the players to know which is a higher price among 4/7 and 8/1. Decimal odds signify the price one can win for every Rs. 1 bet placed. In this odd format, the number corresponds to the total payout instead of profit. To be precise, the profit you earned is already included in the decimal odd. A variation of decimal odds is the Hong Kong odds or HK odds where the stake is not added.
The calculation required to find the potential return you will make while using decimal odds is quite simple:
Bet placed x decimal odds = Potential returns
For instance, let’s say there is a match between India and Australia, and the odds in favour of India is 1.80. If you put a bet of Rs. 100 backing India with the decimal odds of 1.80, you will get a total payout of Rs. 100 x 1.80= Rs. 180.
Fractional betting Odds
If you are a new punter in India, you might come across the common fractional odds, also known as UK odds. These odds are demonstrated in the form of a/b, that is, ½ or 2/1. Generally, the numbers are separated by a hyphen (-) like 2-1, or a slash like 2/1 (two-to-one). The first number or numerator in the odd fractional format shows the profit that you will gain after betting the amount represented by the second number.
Since this is a popular format, one can often see it when you are engaged with in-play match odds. The following calculation is useful for finding the potential profit you will make by using fractional odds format:
Bet placed x (a/b) = Profit earned
In the above equation, “a” refers to the first number, and “b” refers to the second number in the fraction.
For instance, if you bet Rs. 50 on India to win a match against Pakistan at odds of 2/1 implies that you are going to get a payout of Rs. 50 x 2 = Rs. 100.
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2/4, 7/5, 11/2 and 6/4 Betting Odds Explanation
These are some of the common examples of popular fractional odds:
The fractional odd 2/4 means that for every Rs. 4 bet, you will make a profit of Rs. 2 if the bet lands. Hence, you get a total of Rs. 6 with each win (The profit + your stake). Converting 2/4 odds to decimal odds format, you will get a result of 1.50. In Moneyline format odds, it’s -200.
For example, if there is a match between India and Bangladesh and you bet Rs. 100 on India beating Bangladesh. If your bet wins, you get Rs. 150 in which Rs. 50 is the profit, the Rs. 100 is the original stake.
Fractional format odds of 7/5 shows that you will get Rs. 7 in return for every Rs. 5 you bet. By converting 7/5 odds into decimal odds format, you will get 2.40.
For instance, if you put an Rs. 100 bet on 7/5 odds, then you will get Rs. 240 in return. It implies that the total profit earned on an Rs. 100 bet is Rs. 140. Generally, odds of 7/5 signify a slight underdog (+ve sign) unless it is a close match.
Wagering on fractional odds of 11/2 indicates that you will be making a profit of Rs. 11 when you stake only Rs. 2. Generally, these fractional odds are available on long shots. However, your prediction needs to come out right if you want to make a high profit.
For example, if you bet Rs. 100 on odds of 11/2, you will make a profit of Rs. 550. It means you will get a total of Rs. 650 in return.
In this fractional odd, you get Rs. 6 as profit on betting Rs. 4. By converting fractional online betting odds of 6/4 into decimal odds format, it comes out to be 2.50.
For example, if you wager Rs. 100 at odds of 6/4, then it would bring you Rs. 250 in return. It means you will earn a profit of Rs. 150.
Some Indian punters prefer to convert fractional odds format into decimal odds before calculating payouts. For converting fractional odds into an odd decimal number, you need first to add 1 in the output. So, 7/5 fractional odds will become (7/5) + 1 = 1.4+1 = 2.4 as decimal odds. If you want to enter the world of betting, it’s crucial to interpret betting odds in different formats. While fractional odds and decimal odds are the most common ones, understanding the different kinds of cricket odds is always beneficial to make strategies. These odd formats will also make it easier for you to browse different operators and go for the operator offering the best odds.