Cricket betting is getting popular day by day because of the increasing popularity of the game cricket worldwide. When you place informed bets, you also need to know how betting odds work. Betting odds reflect the probability of a particular outcome in a match and determine the potential payout for a winning bet. If you don’t know as a punter how these betting odds work, as a player you can never make an informed decision.
This blog from Betpost will help you to know how to calculate cricket betting odds so that you can make more strategic cricket betting choices.
Understanding The Basics of Betting Odds
Betting odds represent the likelihood of a particular outcome in a cricket match and it determines how much a bettor stands to win based on their stake.
These odds are typically represented in three formats:
Decimal
Fractional
Moneyline
Decimal Odds
If you ask what is the most common types of odds that are used in Europe and Australia, Decimal odds are one of them. They represent the total return of every unit bet, which includes the initial stake too. For example, if the odds are 2.50 and you bet Rs 1000, if your bet becomes successful, you can win Rs. 2500.
Fractional Odds
These types of bets are more common in Europe and Ireland. These odds show the profit as a percentage of the bet. For example, the odds 3/1 means every Rs 1000 you bet, you could win Rs 3000 along with your initial stake.
Moneyline Odds
It can be both positive and negative and it is commonly used in US. A positive number +150 shows how much profit you could make from a 1000 Rs bet whereas on the other hand, a negative number indicates (-150) how much you need to stake to win Rs. 1000.
How Cricket Betting Odds Are Set
Role of Bookmakers
Cricket betting odds are set by bookmakers who use a combination of statistical analysis and historical data. Bookmakers set odds to match the likelihood of an outcome and make sure that they make a profit. They consider numerous factors like team form, player fitness, head to head etc to assess the probability of the match.
Factors Influencing Odds
Several external and internal factors come into account when you set cricket betting odds. There are some external factors like weather conditions and pitch behaviour, that can impact the game. For example, if the match is played on a dry spin-friendly pitch, it would help the spinners, on the other hand, if the match is played overseas, it can help the pace bowlers. Internal factors such as team selection, and recent performance can also make a big impact in calculating the odds.
Bookmaker Margins
Bookmakers include a margin or Vig in their odds, which guarantees that they could make a profit regardless of the match outcome. This margin makes the total implied possibilities of all match outcomes add up to more than 100%. The bookmakers adjust odds based on the betting patterns. If many bets are placed on the same team, that may lower the odds for that team to lower the risk. At the same time, they increase the odds for the other team to attract more bets.
Step By Step Guide to Calculating Betting Odds
Assessing Probability
Assessing probability is needed to calculate the betting odds in a cricket match. There are several factors included in this such as team form, player performance and historical data. In a match, if you believe team A has a 60% chance of winning and team B has a 40% chance of winning you can asses this probability.
Converting Probability to Decimal Odds
Converting probability to decimal odds is a straightforward process. The formula is
Decimal Odds= (1/ Probability)
Let’s say a team has 60% chance of winning, then the probability would be 0.60%.
Then the decimal odds will be
(1/0.60)= 1.67
This means if you bet Rs 1, you will receive 1.67 Rs if your team wins.
Converting Decimal Odds to Fractional Odds
Subtract 1 from the decimal odds and then express the result as a fraction. Suppose, if the decimal odds is 1.67
Then Fractional Odds= (1.67-1)=0.67 Fractional odds or = 67/100=⅔
So the fractional odds are ⅔.
That means if your bet is successful, for every Rs 100 you bet you will win Rs 67 in profit and your Rs 100 Stake.
Converting Decimal Odds to MoneyLine Odds
The formula is
Moneyline odds (Positive)= (Decimal odds-1)/100.
If the decimal odds is 1.67
Moneyline odds= (1.67-1)/100= 67
So, the moneyline odds is +67.
Decimal odds< 2.00
Moneyline Odds(Negative)= (100/ 2.00-Decimal Odds)
Let’s say the decimal odds is 1.50
Moneyline Odds= (100/2.00-1.50) = 200.
So the Moneyline odds will be -200
Spot Value Bets in Cricket Betting Odds
Spotting value in cricket betting means finding bets where the actual outcome bookmakers odd are higher than the true chance of an outcome. You can compare the bookmaker’s odds with your own calculated possibilities. For example, if you think a team has 40% chance of winning the fair odds should be (1/0.40) 2.50. If the bookmaker offers odds of 3.00 you have found value because you get a better return than the actual chance.
Parlay Betting In Indian Cricket
Parlay betting in Indian cricket means combining multiple bets into one for a higher payout. To be successful choose bets on strong insights like team performance, player form and pitch conditions. Don’t add too many bets to your parlay as this raises the risk of losing.
Conclusion
Making wise and well-informed betting decisions requires knowing how to calculate cricket betting odds. Your chances of winning can be greatly increased by understanding how to evaluate probability and identify value bets, regardless of whether you’re working with moneyline, fractional, or decimal odds. Because bookmakers take into account a number of internal and external factors, knowing the odds and how they are calculated can give you the advantage you need to place wiser wagers. Keep in mind, that strategic risks and an understanding of the game can help you handle the betting field efficiently.