How To Understand Betting Odds In Cricket

1. How To Understand Betting Odds In Cricket
2. How To Understand Betting Odds In Cricket Score
3. How To Understand Betting Odds In Cricket Match
4. How To Understand Betting Odds In Cricket World Cup

For the novice sports bettor, understanding how sports betting odds work can be one of the most confusing sets of numbers you've ever dealt with. For those who have just started betting on sports, to know how the odds work is of key importance for a profitable and enjoyable betting experience. We are here to give you an overview of the basic styles of betting odds, how you can read the different formats, and how to use them to your favor.

Understanding Cricket Betting Odds Online cricket betting sites use a variety of odds formats. The fact that betting developed independently in several parts of the world may have something to do with this, but worry not, since the payouts are always the same, irrespective of the format. Fractional odds tell you the potential winnings in relation to the stake you place on the bet. For example, if you place a £1 bet on West Ham to beat Tottenham at 4/1, it will pay out £5 if.

While you may still be confused at the end, the only way you are going to learn how to play with odds is by adapting the appropriate information and utilizing it firsthand. To this degree, we have found various sports betting sites where you can utilize these options to the fullest extent. And, if you ever have any questions, please drop us a line at webmaster@explainbettingodds.com where we can answer all of your questions through email.

Different Types Of Betting Odds Explained

Quick Explanation Of How To Read Sports Betting Odds

• Point Spread - If A Football Team Is -7, Then That Team Must Win By 8 Points To Win The Bet.
• Over / Under ' AKA The Total' - If An Over / Under Is 42 In A Football Game, The Combined Total Amount Of Points Both Teams Must Score Needs To Be Over 43 Points To Win The Wager.
• Moneyline Betting Odds - If The Money Line Has “Team A” at -150 Betting Odds Against The Colts, I Must Bet $150 To Win $100 And If Team A Wins, Then I Would Win My Bet.There are three forms of regular betting odds that you will see at every sportsbook that you visit, whether online or in person. These are the ones that you see right off the bat and the ones that really matter when you are betting on sports. If nothing else, you have probably heard them talked about by either your friends or TV broadcast on ESPN or other channels.

How To Read And Understand MoneyLine Betting Odds

First there are the moneyline betting odds , which is the bet on who will win the event outright with no point spreads or other variables. You simply pick the team you think will win and place the bet. However, without using the odds, the payouts are usually much different then they would be with the odds in place.

When betting on the moneyline, the favorite will always have a negative symbol in front of the number and the underdog will always have a plus sign in front of it (an example is -150 favorite or +150 for the underdog).

How To Read The Point Spreads

Next, we come to what may be the most common type of sports betting odds, which is the point spread. They put point spreads up for all of the main sports such as football, basketball, hockey, baseball, and others. This is called 'The Spread' and it basically tells you which team is favored and by how much. When betting the spread, you are betting that a team will win by a certain number of points, runs, or whatever. Here is an example to help you understand point spreads in football.

If you are Betting The Point Spread On 'Team A' in Football - Favored by -6 - This means 'Team A' must beat the other team by 7 points or more to win the bet.

If You Are Betting The Point Spread On 'Team B' in Football Game - Underdog that is getting +6 points - This means as long as 'Team B' does not lose by 7 or more points, then you will win the bet. If Team A wins, but only by 3 points, then you will still win and get paid.

How To Read The Over / Under Betting Odds

There is also the total score or the over/under, and this line lets you bet on whether or not the total score between all competitors will go above or below a predetermined amount. You simply look at what the Over / Under is and then bet on which you think it will be. There are over and under betting odds for pretty much every sport including baseball, football, hockey, UFC, Basketball, Horse racing, and much more.

The over/under betting odds, or the totals, work differently for each sport. If the number is 42 in a football game and you bet the over, you would need 43 points total between the two teams. In baseball betting, it is the number of runs scored that sets the total. The UFC over/under betting odds are which round the fight will end. Hockey totals are how many goals will be scored between both teams.

With the spread and the total, you will occasionally see that the odds are distributed with 'half points,' which are in place to prevent a 'push,' or no one winning or losing the bets. As long as there is a winner or loser, the sportsbooks will make their money on the juice and be happy.

What To Know About Vegas Betting Odds

The truth of the matter is that Vegas pretty much sets all of the sports betting odds for the entire world. All of the world’s leading experts work for the big casino companies in Las Vegas, and all of them work together to set the odds for different sports. Anytime you hear someone asking or talking about Vegas odds, they are simply talking about the odds and nothing specifically related to Vegas. All of the online sportsbooks use services that simply use the Vegas odds as a starting point for events. Then their own systems will adjust the spread depending on how people are betting at their sportsbook. Ultimately a sportsbook wants 50% of the bets on each side of a game so that they can simply make money on the juice.

Exotic Betting Odds Explained

Exotic bets are there to make for a more entertaining betting experience, but they work somewhat differently compared to the straight bets. But, the original point spread is still used in all these bets no matter how you look at it.

Parlays are essentially a combination of two or more bets into one, such as three teams winning their respective matches. These parlays are usually a long shot since so many teams have to win, but in the end, they are also some of the highest paying games. You can pick teams to cover the point spread, over or unders, or moneylines in a parlay and sometimes you can mix in different sports.

Pleasers are some of the highest paying bets, as they take the spread and then subtract points, making it harder to succeed. Then you also have to combine them into another bet of the same type in order to win. The payouts are huge, but it is not likely that these will come in unless you have the utmost luck or some sort of inside knowledge.

Teaser bets bets are the exact opposite, in that you can adjust the spread to be more favorable, thus lowering your payout but increasing your chances of winning. Either way, these are some of the more exciting ways for you to wager.

There are also 'If-Bets', which allow you to combine two bets. The first bet has to win for the second bet to have action. If the first bet fails, the second bet doesn't come through. If you win the first bet, you can then use the winnings on the second bet, essentially building your bankroll.

Different Formats Of Betting Odds

How To Read American Betting Odds

American odds have become incredibly commonplace, despite the fact that they are not as easy to read as other formats. As an example, American Odds read like this:

Odds To Win Super Bowl:

• Team A: -150
• Team B: +200
• Team C: +600
• Team D: +1000

With American odds, the number represented is how much you have to bet to win $100. If the number is preceded with a '+' sign, then you would risk less than $100 to win a wager worth $100. And, the opposite is true when the number is preceded with a '-' where the bettor would have to risk more than $100 just to win $100 of the wager.

In the example above, you can see that Team A has the lowest number of the group and are considered to be the favorite to win this bet. If you wagered on Team A to win the Super Bowl and they end up winning, you are going to need to risk more than $100 to win $100 as indicated by the '-' symbol preceding the payouts. In this particular example, a bettor would need to wager $150 to win $100.

On the opposite side of that, the other 3 teams in contention all pay better than 1 to 1 odds (risk less than $100 to win $100). Team B is at +200: risk $50 to win $100. Team C is at +600: risk $16.67 to win $100. Team D is at +1000: risk $10 to win $100.

These can be a little bit confusing but if you just pay attention to the + or - symbol then you should not have any issues. And, with a little bit of manipulation, you can see how these odds will pay if the wager ends up being a winner and that is what we're all here for... to win.

How To Read Fractional Odds

Fractional betting odds are the easiest to understand. Just about every single sportsbook that caters to Americans has the option available for fractional odds. And, while they may seem daunting at first, you don't really need to understand complex fractions in order to utilize these odds. Let's look at an example:

Odds To Win Fight:

• Fighter A: 4/7
• Fighter B: 3/2

In order to best understand these lines, you first need to look at the ratio to 1. In the example above, 4/7 odds is less than 1 and the opposite can be said for the other side as 3/2 is more than 1. Once you have determined this, you can figure out the favorite.

To figure out which side is favored, you simply need to figure out which is the lower number. In this case, Fighter A is at 4/7 odds which is less than 1 and Fighter B is at 3/2 odds which is more than 1. Fighter A's wager is the clear favorite as it is the lower number.

So, how do you figure out what these pay? Again, we refer back to 4/7 being less than 1, and 3/2 being more than 1.

Anytime fractional odds are displayed at a value of less than 1, the bettor must risk more than they intend to win if the wager is a winner. And, the opposite can be said for if a fractional value is more than 1... that bet will pay more than what is risked.

As we said before, 4/7 odds are less than 1 so in this case, the bettor must risk $7 to win $4 from the wager. Then, 3/2 are more than 1 so when risking $2, the bettor will win $3 off the wager. As you can see, the payouts are in the fractional odds, you just need to know which way they go based on if they represent a value greater than or less than one.

Understanding Betting Odds That Use Decimals

Decimal odds are slightly more confusing than most other types of odds. In fact, we prefer not to use them when we bet but that is just our preference. Regardless, we are going to give you a little insight into these lines, as we want to give you insight about all of the common types of odds available.

If you look into these odds, you will definitely come out a little bit confused unless you are from Europe where these odds are commonly used than American or Fractional odds. The multiplication game is not as straight forward with decimal odds. Let's take a look at another example:

Odds To Be Next President:

• Candidate A: 1.50
• Candidate B: 2.45

When looking at decimal based odds, the same thing applies to them as all the other forms of odds when trying to determine the favorite... whichever is the lowest number is favored. In the example above, the favored candidate is Candidate A at 1.50 however Candidate B is only a little bit behind at 2.45

Figuring out the payouts is where decimal odds can get tricky, but you'll soon learn a little trick that will make these very easy to understand.

The best way to start off look at these odds is to consider them to be monetary amounts based on what you will win if you wager $1 or one euro, one pound, etc... which includes the original wager. Be sure to keep that in mind when looking at the other odds types.

If Candidate A wins the election, every $1 wagered will win $.50 plus the original $1 wagered which equals $1.50 or 1.50 odds.

Candidate B: every $1 wagered earns $1.45 which equals $2.45 or 2.45 odds.

Now That You Know How To Read Sports Betting Odds

Now that you understand how to read odds, you will then want to see how they are adapted to the different betting lines. With the straight wagers and exotic wagers alike, you will find that these odds are worked into the lines. After you figure out how to read the odds, you will then have to figure out the different types of bets that you can find through most sports betting sites. The different types of bets use odds somewhat differently, but in the end, it is all fairly similar.

We have created special pages that explain how to read the betting odds on a variety of sports. The reason for this is that some sports have betting odds available that others do not. Some sports betting odds can be broken down into a half or quarters while others are just for the entire duration of a match or game. For instance, you cannot really compare the NASCAR or PGA odds with NFL, and vice versa. Each page is crafted specifically for an individual sport making it easier for bettors to learn the ins and outs of betting on whichever sport they choose.

Online Sportsbooks With The Best Sports Betting Odds Available

Now we come to the online sportsbooks + sports betting sites that actually offer the odds we are explaining. There are plenty of betting sites out there, but we have decided to list only those we felt were of the highest level of quality. When personally and individually tested these sportsbooks in order to figure out exactly what they have to offer. In the end, we decided to play with those offering the highest paying odds, the most diverse set of betting types, and a fairly wide range of different sports. Throw in the big bonuses and easy financial transfers and what you get is one of the best sets of betting sites on the Internet.

Bovada Sportsbook - More Betting Odds Than Other Sports Betting Sites

Its already know that Bovada is one of the better online sportsbooks for players to sign up for. The fact that there are so many betting options on this sportsbook makes it known to be a better site as well. Most of the time players look for sites that have the total package which is what Bovada has. Players will flock towards Bovada and one main reason for that is because of the betting odds that are offered to players.

The odds offered on Bovada are her for a player to place big-time bets and make a lot of cash. This makes it very easy for players to pick which bets they want to place. Because of these great betting odds offered, it is known that players are cashing big on parlay bets. More players have a lot got involved in live betting as well because these odds that are here on Bovada are better than other sites they have visited. Because of these betting odds offered, the attention Bovada will get will only increase!

BetOnline Sportsbook - New Bettors Get Bonuses On Every Deposit You Make For Life

There is no doubt that BetOnline has a lot of players that have accounts with them. There are many reasons for that and this list of players will continue to grow and will for the right reason. Even though the age requirement of 18 and older to sign up is one thing that players notice when it comes to BetOnline, the betting odds are something that also grabs a lot of attention as well. These betting odds that are here on the prop bets and are much better than most other online sportsbooks.

Knowing how betting odds work is important and that also will make it easier to understand why BetOnline has the best betting odds for all players. These close odds are what players like and most of the time this will decide what bets they place. With a team being slight underdogs with those odds definitely makes players think if they want to place a bet on those teams and these upsets can end up earning players a lot of extra money! BetOnline odds are very good and makes players consider both sides.

MyBookie Sportsbook - Betting Odds The Best Here On MyBookie

Mybookie is clearly known to be one of the better sites for many players. The number one thing that players check out when they sign up for online sportsbooks is what kind of bets that it offers and there is no doubt that MyBookie has any bet that players can think of. With so many different betting options comes the betting odds as well. The odds here for are taylor made for players. This means that these odds are very good for players because they are close and have players considering to take the upset over the favorite sometimes.

Taking the upset sometimes over the favorite can be the way that players can capitalize big. Something as simple as picking the Miami Heat over the Los Angeles Lakers in the NBA could be considered because of the close the betting odds could be on MyBookie. The great thing about sports is nothing is guaranteed and upsets are often happening so taking an upset sometimes could be very beneficial on MyBookie. This also goes picking the favorite as well. Slight favored could mean to put a lot more money down and lead players to win more. MyBookie is known for great betting odds.

If you’re going to try your hand at sports betting and cricket betting, in particular, the most crucial thing of all to get your head around is to understand how odds work. A thorough understanding of what ‘odds’ are and why they’re important is arguably the most important step of all when it comes to taking on the challenge of becoming a successful sports bettor.

Here we’ll explain what betting odds are, how bookmakers arrive at them and what they actually mean when it comes to putting your money on different cricket betting markets.

We’ll use real-life examples to illustrate how betting odds are nothing more than a way of expressing the probability of something happening but in a way that allows you to instantly recognize not only know what they mean but also how much you can win ahead of placing a bet at those odds.

In India, bookmakers use decimal odds rather than the traditional fractional odds that were used by British bookmakers for hundreds of years when pricing up horse races, cricket matches and other sports events. British bookmakers have, however, since online betting was introduced, also shifted towards the use of decimal odds and we’ll discuss why that’s a move that makes sense and makes it easier for everyone to understand.

Of course, understanding what betting odds mean is only the first step.

There are generous odds out there and poor ones and the difference between the two amounts to what is considered betting value and what isn’t. So, we’ll discuss the betting value and show you how to compare odds offered by different bookmakers, as an important path to giving you the best possible chance of winning at sports betting.

What do Odds mean?

Sports betting is a case of using probability in a scenario where you the customer, take on a bookmaker, in an attempt to beat them. So let’s go back to basics.

At school, the easiest way of starting out a maths class about probability was to take the example of a coin toss. The coin is perfectly fair (it has two sides with no bias towards either) and the odds of it being heads or tails are both 50%. If you were betting on the outcome of the toss with your friend, rather than saying the odds were ‘50/50’ or ‘even money’, you could also say that they were 2.0 about each outcome, which is how 50/50 is expressed as decimal odds.

Now let’s take the example of a cricket match (an ODI in this case) between India and Australia played in Sydney. After considering all the factors, a bookmaker decides that each team has exactly the same chances of winning the game and makes them both a 50/50, or a 2.0 chance. As it happens, all bookmakers add a small margin to their odds (also known as prices) so it wouldn’t quite be 2.0 but more likely 1.95; we’ll come to what that means in a minute.

If the match was however played in India, where Virat Kohli’s side have such a strong record, the bookmaker wouldn’t offer odds of 1.95 on each team because he wouldn’t deem it a 50/50 affair. He’d make India strong favourites to win deciding that India had about a 70% chance of winning the match while Australia had a 30% chance. So India would be close to 1.44 while Australia would be about 3.33.

So that’s all betting odds are. They’re a way of expressing the implied probability of something happening based on how a bookmaker sees a sporting event unfolding. It doesn’t matter what the event is or what the betting market within the event is; odds always work in exactly the same way.

What is Decimal Odds?

The most important thing to understand about decimal odds is that even money (or a 50/50 chance) is as we’ve seen already, expressed as 2.0.

The next most important thing is to remember that anything shorter than 2.0 is what is called an odds-on chance. That means that it’s more likely to happen than not.

So India would always be odds-on to beat Sri Lanka in a T20 at home, England would always be odds-on to beat Bangladesh in a Test match at Lord’s or to use an example from the world of football, Brazil would always be odds-on to beat, say, Scotland. The shorter the number after the initial 1, the more likely it is to happen. So a 1.8 chance is more likely to happen than a 1.9 chance and a 1.07 chance is far more likely to happen than a 1.8 chance.

If something has less than a 50% chance of happening, then it’s an odds-against chance and it’s expressed in odds as bigger than 2.0. So if Australia were slight outsiders against India, they might be available at odds of 2.5.

If you’re used to thinking in fractional odds, it’s easy to convert to decimals, especially with outsiders. It’s basically just a case of adding 1. So a 2/1 chance is 3.0, a 5/1 chance is 6.0 and so on.

If you’re still coming to terms with it all, there are websites that allow you to easily convert expressed probability into decimal odds or fractional odds into decimal odds, and so on.

Advantage of Decimal Odds

There are two chief reasons why decimal odds are easier to use than fractional odds, which in turn explains why they’ve become the most widely used type of odds online. It wouldn’t be at all surprising if fractional odds stopped being use altogether at some time in the future.

The first reason is that in cases where odds aren’t a nice, round number, they can become quite difficult to understand. And let’s face it: it’s not up to the bookmaker to adjust their odds in a certain way just so customers find it all easier to understand.

If someone says to you that Pakistan is a 10/1 chance to win the upcoming T20 World Cup, that’s simple enough. They have a one in ten chance of winning and if you put money on them to win, you’d be paid out ten times your stake. But it’s less easy to get your head around Kohli being 11/8 to be Indian top batsman in a game or India being 4/9 to score 300 runs because in everyday life we don’t use fractions in that way. It’s simpler to understand that Kohli is 2.38 and that India is 1.44.

The second reason is that decimal odds are designed to help you know exactly how much you’ll win, already including your stake. So if you bet ₹1000 on the Mumbai Indians to win the IPL at 4.0, the maths is very simple regarding what the bookmaker will pay you out: it’s ₹1000 x 4.0.

With fractional odds, you need to do two lots of maths. Work out what the bookmaker will pay you out and then still add the stake that gets returned to you when a bet wins. So you know that if Mumbai wins at 3/1, you get paid three times your money. But you still have to remember to also the initial stake as an extra part of the payout. As we said, decimal odds are easier to use because the full amount is worked out all in one go.

Cricket Betting Odds explained

Let’s look in greater detail at how odds work in a cricket match and what exactly they mean.

These were the cricket match odds ahead of India v South Africa in the 3^rd Test played in mid-October 2019 on 10CRIC. As already stated, lots of sites will allow you to easily convert the odds into probability so this is what they’d be.

How To Understand Betting Odds In Cricket

India – 1.36 – Probability: 73.53%

How To Understand Betting Odds In Cricket Score

Draw – 4.65 Probability: 21.51%

South Africa – 8.75 Probability: 11.43%.

Clearly, India is deemed to have a very high chance of winning the game. Good for India but what does it mean for you? It means that if you bet ₹1000 on India, you’d almost certainly win because of the implied probability relating to those odds of 1.36. The problem is that you wouldn’t win that much. You’d win your ₹1000 stake back plus 0.36 of that, so ₹1360 in total.

The second most likely scenario according to 10CRIC is that the match ends a draw. Considerably less likely than the India win but if you put the same ₹1000 on the draw, you’d win a far bigger ₹4650.

If you wanted to be really brave, you could go for a South Africa win, the big outsider of the three. It’s just over an 11% chance but a ₹1000 bet on Faf du Plessis’ men would win you ₹8750 if the tourists pulled it off.

All cricket betting markets work the same way with each runner (team/player/number of runs) being assigned odds on them happening.

An important thing to remember is that pre-match cricket betting odds change a lot less than live odds. In the build, up to a match, the odds could change a bit based on such factors as team news, or the weather. But during a match, a wicket or a boundary could drastically change the odds, especially in a T20.

How to Compare the Bookmakers Odds

Let’s say that after doing all your research, you decide that you think Rohit Sharma has a great chance of being top tournament runscorer at the World T20 in 2020. In your mind, you decide that you’re going back to him for ₹1000 at odds of 6.0 or bigger. After all, it’s one of the golden rules of betting that you should only place bets at attractive odds, not just any old odds.

When you go onto 10CRIC you see that you can get bookmaker odds of 8.0 on Rohit so that passes the first part of your test of getting at least 6.0.

Now you want to try to get odds even bigger than 8.0. That way, if Rohit does win, you’ll be paid out at greater odds and therefore receive a bigger payout. The slow way of trying to get the best bookmaker odds on Rohit is to go to each Indian bookmaker, search for the market in question- top tournament batsman at T20 World Cup- and see how the odds of 8.0 at 10CRIC compare to each one you look up individually.

But there’s an alternative. There are some websites that do exactly what you’re looking for in the first place: they compare odds on a particular team or player across different bookmakers that operate in India. So if you find a better price than what 10CRIC offers, fine. But unlikely, because 10CRIC is known for its generous odds.

Mind you, choosing the right bookmaker for you isn’t just about going with the one that has the highest odds, any more than the best restaurant isn’t necessarily the one that serves the biggest portions.

How To Understand Betting Odds In Cricket Match

One important factor is the quality of their bonuses. Whether it’s the welcome offer you get when you make your first deposit or further bonuses on future deposits, competitions they run for their players or free bets, it’s good to go with a bookmaker that offers plenty of bonuses.

Another important consideration is how many payment methods the bookmaker offers and which ones. Getting your money in and out in a fast way that suits you, is extremely important.

As are other considerations like the bookmaker having good Customer Service, having a site that’s easy to use and offering a good variety of betting markets beyond just the most common ones. Like having top bowler, top batsman, the man of the match, the number of sixes and so on.

How To Understand Betting Odds In Cricket World Cup

You’re well-advised to find out how different bookmakers compare to each other when it comes to all these things, with 10CRIC a good place to start when it comes to seeing how they perform when it comes to each of these metrics.