Cricket betting odds or cricket rates play a significant role when deciding what to wager. Besides a punter’s knowledge of the sport, teams, and players, the odds are the most crucial consideration.
This makes betting odds a fundamental concept in sports betting, with every gambling market coming with specific rates that show precisely how likely an event is to happen. With that in mind, let’s look better at cricket odds and rates, how they work, what they mean, and more.
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Sports betting odds in cricket betting apps are the chances of a specific outcome. They are effectively the probability of something happening, translated into numbers that bettors can easily understand and determine potential payouts.
To fully understand betting odds, players need to learn about the three main odds formats:
Decimal odds — This is the main format used in Indian sports betting sites. They are also the simplest types of odds as they are shown in a decimal form that makes it easy for bettors to determine the payout without resorting to more complex calculations. For instance, odds of 2.3 on a ₹100 bet mean you’ll win a total of ₹230, which includes your winnings and the initial stake. This is the format you’ll mostly run into in cricket betting in India.
Fractional odds — Popular in the UK and Ireland, fractional odds are represented as fractions. They represent the most straightforward way of determining winnings, unlike the total payout determined by decimal odds. For example, 3/1 odds on a ₹100 bet lead to ₹300 in winnings plus the initial ₹100 stake. If you get 3/5, on the other hand, you will win ₹60 plus the initial ₹100. The first example is an odds-against bet, one that’s less likely to happen, which is why the numerator is higher than the denominator. The second is an odds-for-bet likely to happen, so the determinator is higher.
American moneyline odds — US odds are primarily used in the US and Canada, displayed in positive and negative numbers. The former determines the underdog and shows how much you’ll win from a ₹100 bet, and the latter indicates the favourite and shows how much you need to bet to win ₹100. So, +250 odds on a ₹100 bet will lead to winnings of ₹250 + ₹100 stake, while -250 lead to ₹40 winnings + ₹100 stakes.
Cricket betting odds and rates explained
In the US, it’s the NFL and the NBA. In Europe, it’s football, and in India, it’s cricket. The popularity of cricket leads to cricket betting being the most common form of sports wagering. That’s precisely why the most widespread sports betting platforms in India are cricket betting sites.
From all of this, it’s clear most Indian punters are looking for cricket odds and cricket rates. As all betting odds do, cricket rates also represent the probability of an event happening.
As for what determines win probability, the algorithm uses various factors, including team performance, the players and their performance and stats, pitch type, weather conditions, and more. Cricket is a complex sport where many factors influence the outcome, and all of these factors are considered to calculate the likelihood of something happening.
Once they take all of this into account, they get the probability that, for example, looks like this in a cricket match between India and England:
India win — 60% chance (1.66 odds)
England win — 40% chance (2.5 odds)
It’s worth mentioning that the final odds are not exactly these because the gambling site needs to add a margin or, better said, its assured profit. That margin is typically determined individually, i.e. for specific sports, events, or matches. Other factors can influence it, too, like public opinion or what the competition is doing.
However, that margin is typically between 5% and 7%.
Once we add a, let’s say, margin of 6% to our examples from before, we get the following:
India win — 66% or 1.51 odds
England win — 46% or 2.17 odds
As you can see, the odds differ slightly from the real ones and the corresponding win probability. Most people betting online from India don’t know the margins, as the betting sites don’t disclose them, so if you can’t find them, make sure you take into account the numbers we’ve given you to determine the likeliest actual odds and chances of winning.
Types of cricket bets, odds, and rates
Cricket betting comes with a wide range of betting markets with different cricket rates, depending on the match and probability of that event occurring. Here’s an overview of the common cricket bets you’re bound to use:
Match winner — This is the most common bet type in cricket. It’s all about betting on the team you believe will win a given match. Odds on these bets are usually good, especially if you combine more to create a parlay bet.
Top batter — A popular cricket bet that requires you to predict the play you think will have the most runs in the match and thus become the top batter of the game. The odds here are often considerable, and if you know your players, you will likely make the right choice.
Top bowler — This bet is similar to the top batter wager. It’s just that this time, you need to pick the player who’ll be the top bowler of the match. Once again, it’s an excellent way to make high payouts if you’re good at gaining proper insights from experience and player statistics.
Toss winner — An extremely popular wager in cricket, the toss winner lets you predict the team to win the toss before the start of the match. As this is a 50/50 thing, the odds will likely be around 2.0 for either choice.
Total or over/under bet — One of the most popular bets in any sport, the over/under in cricket lets you predict the total score going over or under a specific number. Most times, these bets come with good odds either way.
Innings run — The wager involves predicting the number of runs a team will score in the first innings of a given game. This bet often comes as an over/under, and it typically has good odds.
You can easily calculate the win probability just by using the given odds on a betting app. You only need to use the following formula for decimal odds:
1 / odds x 100 = probability
So, if the odds are 1.5, the probability is 1 / 1.5 = 0.66 x 100 = 66%. If they are 2.0, the probability is 1 / 2.0 = 0.5 x 100 = 50%.
As for the other two odds formats, here are the formulas:
For fractional odds — Denominator / (numerator + denominator) x 100.
For moneyline odds — Odds / (odds + 100) with positive moneyline and 100 / (odds + 100) for negative moneyline.
This is essential knowledge to start betting online, as it’s good to learn what the likelihood of something happening is for the simple reason that it will paint a clear picture of what cricket odds represent.
Now that you know that 2.0 odds represent a 50% chance of winning, you effectively know that anything below 2.0 means your selection is favoured to win. If you’re willing to take on a bit of risk, you can always go between 2.0 and 3.0, but the higher you go, the lower the chances.
Understanding cricket rates and betting odds in general is quite simple, especially when you’re using decimal odds, which is what most online cricket betting sites in India are using. With the explanations given here, you can do precisely that. You’ll now know what most odds you run into mean and how they reflect on your chances of winning.
We’ve also covered some other vital points about cricket betting, like the common betting markets you can use and strategies to consider before you place your bets.
All of this knowledge should help you if you’re a beginner to get started, and if you’re already into cricket betting, it will help you have a better understanding of cricket betting, odds, and rates. Either way, you now have the information needed to become a better, more successful, and more responsible cricket punter.