Cricket is one of the few games that people of India love immensely. The crowd is always trying to predict the winner or loser of any cricket match. So, it’s no wonder that many sports fans would love to go into sports betting. Sports betting relies heavily on predictions.
Modern technology has made online sports betting options available to our mobile devices and computers. You have the option to double your money from your home. However, sports betting is risky, and you need to learn the tricks and tactics to become a successful sports bettor. Winning a bet does not solely rely on a lucky prediction. You need to learn how the betting world works, about odds and value odds, and how to create a budget for betting.
Understand The Concept Of Value
A problem that most punters face is that they are always looking at the odds presented by the bookmaker to make betting decisions. The odds show the probability of an event from happening. The odds presented by the bookmaker generally consists of the bookmaker’s margin.
When a bookmaker presents an odd, it shows how much the bookmaker stakes against the bettor’s stake. For example, 4 to 1 odds mean that the bookmaker stakes 4 times that of the better (1). It is clear that the odds calculation depends on the stake placed by the bettors and can often be faulty. Hence, odds should not be the only way you place your bet. To be a successful punter, you need to be able to spot value in the odds that you are dealing with. If you are spotting consistent high odds, you should examine the situation and on that basis, place your bet.
As an experienced punter, you should go for the best sports odds. Identifying value in the presented odds takes a lot of practice and predictive skills. An undervalued team may have the odds against them at first, but their value may appreciate later on. In that manner, you can find the right value in odds and place your bets accordingly. In cricket betting, it is mandatory that you have the knowledge of the game as well as of the teams playing it. An analysis of the players, their injuries, past performance on the pitch, etc., will help you detect the required value in odds and stake your money. Value spotting is determining the true probability better than the market or the sports betting sportsbook.
Understand Basic Maths of Sports Betting
Most of the punters undervalue the use of mathematics and calculations in their betting process. Every punter should be well-versed with probability so that they can detect value odds and invest in a team with maximum winning possibility.
In general, odds are presented in a fractional format like 9/1. You have to calculate the probability from these odds in the form: Probability (%) = B / (A+B). Hence, the probability can be found by 1 / (9 + 1) = 0.10. Thus, the probability of the event happening is 10%. Similarly, the same betting odds can be used to calculate the earnings. For example, 9/1 means that for every Rs. 1, you win Rs. 9. As a punter, you should also be aware of how the bookmaker can set the odds. The bookmaker can set a margin on the odds, and on that basis, the odds can be different from what your predictions turn out to be. For example, if you win Rs. 100, the bookmaker may charge a margin of 5% on that sum and so, you will be receiving Rs. (100-5) = Rs. 95.
Apart from mathematical knowledge based on odds, it is necessary to examine the capabilities and performance metrics of players and teams. It is necessary to look into graphs and performance indices to judge and predict a specific outcome of the team. It will help you to make your predictions more accurate.
Understand How The Bookmakers Make The Odds
If you wish to be a successful punter, then it is important to understand how the bookmaker sets the odds. If you browse through different bookmakers, then you will realize that each bookmaker sets different odds. That is because bookmakers do not set the odds based on the true odds (the actual probability of an event happening).
Bookmakers analyze the odds by looking into the form of the team, the performance of key players, injury statistics and pitch win statistics. On that basis, they calculate the true odds. True odds are the simple probability using which the bookmaker determines whether an event is going to happen or not. So, in a game with the final outcome being a win, loss, or a draw, the bookmaker can set the odds as 50% on a win, 33.33% on a draw, and 16.67% on a loss. This adds up to 100%.
However, the bookmaker will generally adjust the odds downwards. By using complicated mathematics, the bookmaker sets the odds by using relative probability. In the above case, the relative probability is 3:2:1, and on that basis, the bookmaker can set the odds at 60%, 40%, and 20%. This adds up to 120% and not 100%. The extra 20% is called the bookmaker margin, and it ensures that the bookmaker will receive 20% more than what is being staked.
Start With A Sensible Sports Betting Bankroll
The purpose of betting is to stake money and win more out of it. However, it can be quite challenging in the long run if you do not strategize your stake. You should start with a bankroll that can take initial losses and help you practice so that in the future, you can increase the bankroll immensely.
Even as an experienced gambler, you might require a bit of time to spot values in betting and strategize accordingly. It’s best to keep the bankroll low, at let’s say Rs. 200 per stake. If you bet at 1.90 odds, then you get a strike rate of 54%. If you get 5% returns consistently, you can slowly get an increase to your Rs. 200 stakes. Now, you can stake Rs. 210 after the win and you get a bigger win out of it. The problem, however, is whether you can keep pushing in for consistent wins.
Besides this, professional gamblers keep their emotions controlled even if they win or lose. This is one of the significant factors that need to be understood by recreational gamblers. Don’t let your emotions divert or control your mind, which can result in heavy losses later on. It is important to keep a budget for your betting purposes. Make a budget after putting aside all your monthly expenditure so that you do not go bankrupt in the process. Keeping a budget helps you to identify the best bet on sports without getting too desperate to get more money.
Before you jump into cricket betting, know whether you have enough skills and knowledge to engage in betting online. There are huge numbers of bettors and betting opportunities online, but one cannot undermine the risks involved in it. However, if you are well-versed with the different aspects of cricket betting, then you can bet money on online sports and try it for yourself. Betting is not only about luck, but if you have the skills to detect value odds and mathematical strength to analyze the market and winning probability, you can make easy wins as well.