What are the betting odds?
Cricket is one of the most popular games. One of the significant reasons behind its popularity is easy to understand and simple game strategies. For bettors, it is one of the fastest ways to earn money. When it comes to winning cricket bets, you need to perfect in betting odds. Just like betting on other sports, cricket betting odds are presented in a fraction. If you want to win the cricket bets, you have to know how betting odds work. If you don’t know how to read and compare the odds, you cannot win the bets. In this blog, we are going to tell you how cricket betting odds. So, let’s get started.
If you want to understand the betting odds, you need to keep in mind the flip of a coin. When you flip a coin, the probability of heads or tails is 50-50%. If you add both percentages, it will become 100% probability. To put simple, cricket betting odds is the probability of certain outcome.
Bookmakers set the odds on the basis of two things that are mentioned below-
- Probability of each outcome.
- His Profit margin.
Let’s understand the probability with this example-
South Africa: 60%
Total probability is 100%
Now the bookies add his profit margin on the basis of a specific match. Generally, margin lies between 105%-107%. It all depends on which sports bookie you choose to bet.
Here are the total odds for the cricket looks like along with sports bookie profit margin.
South Africa (are at the odds of 1.54)- 65%
India (are at the odds of 4.12 )- 24%
England ( are at the odds of 5.55 ) – 18%
Total probability is 107%
This is the reason why you always at the downside at each bet. As sports bookers add his margin, the bet is no longer at your favor. It is not about 50% win and 50% loss, but in reality, you are in 53-60% to loss. So, always choose the reputable bookies, whose profit margin is less and offer you opportunities to win the match.
How to read the cricket betting odds?
Reading the cricket betting odds is pretty straightforward. Almost all sports bookers let you to read odds in three different ways that are mentioned below-
- American odds.
- Fractional odds.
- Decimal odds.
Now we are going to explain to you each cricket betting odds.
American odds: are written in the whole number with (+) and (-) signs. For example, Team X +100 and Team Y -120
The plus sign implies that the team is an underdog, in this example, you need to spend $80 to win $100
The negative sign implies that you need to bet amount $140 to win $120
Fractional odds: These odds are written in fraction, for instance, 1.5/1 . This implies that you bet $1 to win $1.50. If you are a newbie bettor, than reading a fractional odd is simple for you.
Decimal odds: It is one of the simplest forms of odds to read. All you need is to take just take 100% and divide it with the probability of certain outcomes.
Let’s understand with this example- a certain outcome is 50% and the total is 100%, now divide that, 100% (total)/50% (outcome) = 2
Final Say: We hope this comprehensive guide on the cricket betting odds will help you a lot. Read it carefully and place bets strategically.