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Cricket betting odds are the betting odds which determines the winning chances. It is the backbone of betting exercises. As a bettor, it is good for you to know the importance and use of betting odds. Hence you can make the correct choice and increase your chances to win.
Here, we will give you all the details about the odds which will be very helpful for you. It will not only help you in analyzing the game but also to make correct choice. It means in order to win a bet you need to have perfect knowledge of all the cricket odds.
Let’s go through it in detail:
What are Cricket Odds?
While placing a bet you might see few numbers represented either in decimal or fractional format. These numbers are called the betting odds for example Team A: 1.4 and Team B: 4.3 etc.
Cricket odds play dual roles in online cricket betting. Firstly, they find out the chances of winning. When you place a bet on the betting site, these odds are the major factor as how much you will earn. According to laymen, the higher the odd is more will be the chances to win money.
Secondly, they tell the possibility of an event to happen. In this case, the reverse rule is applied as lower the odds the more possibility of an outcome.
This can be put in simple ways as follows:
Types of Odds
After knowing about the odds, let’s go through the format of odds. The most common format of cricket odds are as follows:
How Do Decimal Odds Work?
Decimal odds are the commonly used format by majority of the sites as it is quite simple. These types of odds are represented as one positive number up to two decimal places. This single positive number indicates the total amount a punter will get, including the real stake per unit.
Example: A winning bet at 4.5 odd indicates that the total return amount would be Rs4.5 for each Rs1 that you stake.
Total Return = Stake x Decimal Odd Number
The total winnings is calculated by the above formulae and includes your stake, return amount is calculated using the odds. For more clarification, you can say if the odds is 9.00 you will win Rs8 for every Rs1 which you bet. You will also get the amount which you wagered, so the total amount you will get will be Rs9.
Take another example: Where your total return will be Rs 2 if you bet Rs 1 at the odds of 2.00. This is because for every Rs 1 you apply bet you will win Rs 1. The total amount will be Rs2 as you will get the amount you wagered also.
These types of odds are called European odds, continental odds or digital odds. The best thing of this type of format is you can easily recognize the favorites and undergoes.
How Do Fractional Odds Work?
American odds are also called as moneyline odds. Here, the minus(-) sign defines the favorites which you need to bet the given amount to win Rs100. On the other hand, the plus point is it indicates the competitor who has less chance to win as well as the amount you win for each Rs100 wagered.
In this format, you will get the initial bet amount back, along with the winning amount.
Let us take an example: Team A: +685 | Team B: -660
With odds of +685, the bookmakers has cleared that Team A has a very less chance of winning the match. You need to bet Rs100 to win Rs685. If you win the bet, you will get Rs785 (100+685).
With odds of -660, the bookmakers consider that Team B will be the winner of match and you need to bet Rs660 to win Rs100. If you win, you will get Rs100 with a whole payout of Rs760 (Rs660 + profit won Rs100).
All the three formats of odds that is Fractional, decimal and American odds are used by the bookmaker’s one after the other. These are just the various ways to reflect the same thing, and the payouts are same in all the categories.
How Do American Odds Work?
American odds also known as moneyline odds or US odds are most commonly used in the United States. The minus sign indicates the favorites which means that you need to stake the mentioned amount to win $100. On the other hand, the positive sign is an indicator of the competitor who has a less chance of winning and the amount you win for every $100 wagered.
Under this format, you get your initial wager back, in addition to the winning amount.
Let us take an example: Team A: +585 | Team B: -760
With odds of +585, the sportsbook has clearly indicated that Team A has a very less probability of winning the match. You need to stake $100 to win $585. If your bet wins, you will take home $685 (100+585).
With odds of -760, the sportsbook considers Team B to win the match and you will have to wager $760 to win $100. If you win, you get $100 with a total payout of $860 ( $760 + profit won $100).
The above mentioned three odds format of fractional (British) odds, decimal (European) odds, and American (moneyline) odds are used interchangeably by the sportsbooks. Simply put, they are just different ways of presenting the same thing, and have no difference in terms of payouts.
How To Find The Best Cricket Odds?
It is all about the choice of punters when it comes to a bookmaker providing competitive odds. Since, all the bookmakers offers the best odds possible, the one fond of cricket betting should try as much as options possible in order to choose the correct one.
The process to select the cricket betting sites offering best odds is like the act of shopping. If you want to purchase any item you go through various stores and check the prices and quality offered by different stores.In the same way you should acknowledge multiple bookmakers and analyze which one is best for you to place the bet by knowing about the odds and yielding freater return each time.
How To Use Cricket Betting Odds?
Cricket betting is not only to select the betting market winner but also depends on various other factors if you want it for long time.
If you are stuck on one bookmakers to place all the bet then you might miss lots of profit. The reason behind it is that the other sites can offer profitable odds to give good returns. Therefore, it’s not just to place the winning bet while it is all about the highest and competitive odds which make the difference.
So you should use the odds which provide you good return in long run rather than the short run.
In short ensure you choose the cricket odds judiciously so that you can make maximum money in cricket betting with whichever bookmaker you select to proceed with.
Importance of Odds
If you are unable to identify the reason we are focusing on the odds, their use and importance, go through the given example to understand it. It will help you to in making the decision to finalise the odds.
Suppose there are two bettors such as A and B. Both of them have a good rate of placing winning bets, let us say 75%.
If at an average bettor A gets 1.90 odds rate while bettor B gets the average odds rate at 2.00 as he keeps on doing researches and explore various bookmakers to find the appropriate possible odds.
Let us consider that they place bet on 1000 games in a year that is they have 750 winning bets and 150 losing bets. If they bet Rs1000 on every match then the results would be as given:
- Bettor A: 750*0.90+ 250*(-1)= 425* $1000= $425000
- Bettor B: 750*1.00+ 250*(-1)= 500* $1000= $500000
With a big variance of Rs75000, so you should not miss out the process of exploring various cricket betting sites in order to get the best odds. This example clearly tells about the importance of odds in betting exercise. Therefore, you should explore and do good researches to get more profit by the choosing the best odds.
With an above explanation of odds you must have understood well about the fact of cricket betting.
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