For anyone looking to bet on cricket, they must have an understanding of how the bookmakers work. And one of the most basic things that one should know about is betting odds. So let’s understand what are cricket betting odds, and how do they work.
This is important as you need to understand what various events are before placing a bet. Sites such as OnlineCricketBetting.net with their IPL Prediction and Analysis makes it easier to do so.
But before getting to cricket odds, let’s understand what `odds´ mean.
Odds in sports betting
In the simplest of terms, odds represent the probability or possibility of an event to occur, according to the bookmaker. If an event has a higher likelihood of happening, then the odds for them will be set pretty low, whereas if an event is less likely to happen, the odds offered are higher.
How to read the odds
Odds are usually represented in one of three popular ways, decimals, fractions, and moneyline odds. Decimals represent how much return you will get for each unit of currency wagered, which includes your initial stake. Fractional odds show the profit for each unit wagered, while Moneyline shows the amount won on wagering 100 units, or the number of units that one would need to bet in order to win 100 units.
For novices, the decimal odds are the easiest to understand as they show you the total amount that you get back if you win your bet.
Traditionally, bets on cricket were placed only for the outcomes of a match. In a match between team A and team B, punters would predict which team would win, and place their wagers accordingly. Test matches may also carry the option of wagering on a draw. If there is no draw option, the initial stakes are returned in case there is a draw.
Over the years, many `betting markets´ have been added in cricket betting, with punters being able to bet on toss winners or players of the match, etc. But now, with the increasing popularity of online cricket betting, there are endless possibilities in terms of betting markets.
Live betting function available on all top betting sites enables bettors to wager on virtually all aspects of the game, including ball by ball betting.
One can bet on Power play scores, methods of dismissal, number of extras, individual player performances, etc. with the help of online sportsbooks.
How are cricket odds set?
Each bookmaker has its own set of researchers or `odds makers´, who factor in various variables to determine the odds for a particular event. Cricket being a dynamic team sport that is played outdoors, gets affected by various individual factors.
Oddsmakers take into account individual player form, team form, team balance, past head-to-head performances, the pitch conditions, and even the weather before settling on the odds to be offered.
Since different bookmakers may arrive at different odds for the same match, it is always advisable for punters to create accounts on multiple betting sites and shop for the best odds that they can get to match their prediction.
How do bookmakers profit
As with gambling, over the long run, the bookie always has an upper hand, and always ends up winning money, no matter what the outcome of a match is. And one of the commonest techniques they use to ensure this is by charging a `vigorish´ on each bet. So rather than offering the true odds, the odds offered are skewed in such a way that there is always a small `margin´ built-in for the bookie to ensure that there are no losses.
Betting on cricket is no rocket science, and with the widespread and easy availability of online sportsbooks, it is easier to bet on cricket than ever before. If you have a basic understanding of how odds work and are passionate about the game, you can definitely try your hands at betting, and turn a decent profit out of it.