Online betting has become a favorite for sports fans and has added a new dimension and excitement to watching sports. In India, cricket is like a religion, and almost everyone follows it at some level. After football, the second most followed sport in the world is cricket. Most cricket betting websites offer opportunities to bet on domestic to international cricket matches. However, if you are new to cricket betting, you need to understand how cricket odds work. These odds are offered by cricket betting websites in the form of a ratio or decimal. Let’s learn more about the role of odds in cricket predictions.
What are Cricket Betting Odds?
Usually, betting odds are numerical ways of indicating the probability of a cricket match’s outcome based on the bets already placed in the online betting market. Here the terms like favorites and underdogs come into the picture, and the team which is less likely to win is given higher odds. However, a favorite team doesn’t mean it consistently wins the match. It just means most bettors place the bets on the favored team out of sentiments. If you place the bets on underdogs, the odds of winning are low. But, if your team wins, you will win multiple folds on the initial bet.
Suppose a cricket betting website puts odds-on India and Australia matches as 50-55.
Here the cricket odds say 50-55. It means the odds on India is 50, and that of Australia is 55. If you place a wager of Rs. 100 on India and if they win, you will get 100+55=Rs. 155 as winnings. If India loses, you will lose your entire bet of Rs. 100. Similarly, if you place your bet on Australia and they win, you will get 100+55=Rs. 155. If Australia loses, the bettor will lose the entire betting amount. There are betting odds where you can place the bets on the probability of a team losing the match. Ex: If you place a bet of Rs. 100 on India losing the match, and if it happens, you will get 100+55=Rs. 155. However, if India is victorious, the user will lose only Rs. 55.
Some cricket betting websites keep the odds in the form of decimals. For example, suppose a match is taking place between India and England. The betting site places odds as 1.2-3.1.
If you place a wager of Rs 100 on India winning, then you will get Rs. 120 (100+ (100x 1.2)) if India wins.
Different Types of cricket odds
Decimal or European odds: These are very simple. It indicates the base bet amount being multiplied if you win the bet. Ex: A team has winning odds of 2.5. If you place a bet of Rs. 100 and win the bet, you will get the base amount plus odds multiplied, which is Rs. 100 +2.5*100= Rs. 350.
Moneyline or American Odds: These are usually used in the USA and include two categories, favorites, and underdogs. The favorite team or the player is assigned a minus sign preceding their odds value. On the other hand, the underdog team and players are assigned positive signs beside the odds value. Ex: +200 and -200. Whether minus or plus sign. The odds value multiplies in the same way if you win. Ex: If you bet Rs. 100 and the odd is -200, the final pay-out if you win Rs. 300.
Fractional or UK odds: As the name suggests, these online betting cricket odds are represented in the form of a fraction. Fractional odds portray how much profit you can make per unit of bets made. Ex: If the odds say 6/1, then if you win the bet, you will get 6 times the unit bet wagered.
Important Cricket Betting Odds Terms
Even money: A wager where the bettor can earn or lose the same betting amount is known as even money.
Odds against: When the probability of an event happening is lesser than the chance of it not happening, the odds are stacked against that event happening.
Favorite: The team most likely to win the cricket match and set lower odds is called a favorite.
Odds on: It is opposite to odds against, and the odds are stacked in favor of an event happening.
Each-way betting: It comprises two wagers: one is for the selection of winners, and the other is for the selected team placement.
Understanding the different types of cricket odds and how it is used is crucial to increasing your chances of winning in cricket betting. However, choosing websites that offer a variety of cricket odds and betting markets is equally important to maximize the pay-outs. Once you clearly understand how cricket odds work, experiment with them and find out which earns you big prizes and stick with it for a while before moving to a different odds category. Don’t waste your cricketing knowledge; use it well in online betting and earn a big payout and have fun at the same time.
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