Cricket is one game that does not have a particular season. Matches happen all year round in different locations. Several tournaments, like the Big Bash League
, happen simultaneously, giving various stakeholders an opportunity to make a profit from these. This also includes the viewers if they decide to put their knowledge of the game to test and try their luck with cricket betting.
If you do decide to join many others who have chosen to bet on cricket online, it will not be sufficient to know all about cricket. You would need a deeper understanding of the betting game and how it works. The most important aspect of betting is to understand what the odds are, how they are decided, and how they are to be read to place an effectively profitable bet.
What Are Odds in Betting?
The odds in Cricket Betting tell you what your rewards will be per unit of your wager. For every rupee you bet, the odds determine how much you will get in return if you win the bet. If you lose, you lose it all, anyways.
How Does One Read the Odds?
The odds for a bet are presented in either a decimal format or a fraction format. It is quite simple to understand each of them and you can be clear about the connection between outcome and reward.
If an outcome has the odds of ½, it indicates that you will get 1+ ½ as your returns on the bet. This can also be written as: the odds of that particular outcome are 1.5. A bet of 10 units here will give you a return of 15 units
Similarly, odds of 7/4 indicate a return of 1+7/4 i.e., 2.75. In this case, ten units will reward you with 27.5 units if you win the bet i.e., you get the desired outcome from the game.
What Exactly Goes into Deciding the Odds?
These depend on the probability of the team winning and the profit margin of the bookmaker. As the action in favor of a team changes, the odds get adjusted to ensure that the bookmaker does not go into a loss. The odds are also dependent on the number of outcomes of the bet.
Let’s try and understand this with an example:
If you have a tri-series tournament and you wish to bet on the winner with the following teams and their chances of winning:
Team A is the favorite with 60% chances of winning, while team B and C both have a 20% chance. The total probability is 100. Without any profit margin, the returns of the bet would be:
● Team A – 100/60 =1.666
● Team B and Team C – 100/20 = 5.0
If we add the bookmaker’s profit of 7%, the total probability would need to move to 107% and the figures would look something like this:
● Team A – the probability of win – 65% with odds 1.54
● Team B – the probability of win – 24% with odds 4.12
● Team C – the probability of win – 18% with odds 5.55
This shows that you are never in a position to make the optimal profit based on actual probability.
How Does a Bookmaker Ensure Profit?
Let’s look at a scenario where there are two possible outcomes – result A is more likely than result B. When the action is in favor of result A, and the outcome is as expected, the bookmaker is safe as at the most he would break even and not face a loss.
If there is an unexpected result i.e., result B with the action in favor of result A, the profit is assured.
The risk is when the action is heavier for result B. To ensure that this does not affect his profits, he shifts the odds in favor of result A, which attracts more action and keeps him safe.
Hence, when it comes to betting, odds are the primary factor to look at. You also have to look at other factors such as the members in the teams, their form, the pitch and weather conditions, the crowd support, etc. But most times, these have already been incorporated into the odds. When placing your bet, comparing the odds on different websites should give you an idea of the best bet.