If you want to bet in the cricket game, it is imperative to understand cricket odds. Your winning or losing totally depends on odds and if you get how cricket betting odds work, then the chances of you ending on the right side of the result is more.
We take a look at some important factors which can help in understanding how cricket betting odds work.
Formats – Cricket has three formats and the odds can change accordingly to different.
Test matches – There are three outcomes possible in a Test – Win, loss or draw. If both the teams are almost equal in strength then are good chances that the match can end in a stalemate. Also consider the weather conditions here, rain can call off the whole match
ODI and T20I matches – In limited overs, chances of no result or a tie is less and there are good odds of win and loss.
Online betting sites set their odds based on two things:
- Probability of each result which is based on conditions, current form, stats etc.
- Own margin
Let’s take a scenario for a Test match between India and Australia
Odds of Australia winning the match – 45%
Odds of India winning the match – 35%
Draw – 20%
Total probability – 100%
But when the bookmaker adds its own margin, the probability chances to 105-107% and you as a punter are at the disadvantage as your odds can be 53-60.
How do odds change:
The odds will always keep changing depending on the situation of the match and the bookmaker will keep changing the odds to make his own profit.
Let’s take an example:
Team Y has odds of -130. You will need to pay 130 for your chance to win 100
Team Z has odds of +120. You will wager 100 to win 120.
If team Z, who is the underdog here, loses, the bookmaker will collect 100 from him but he needs to pay the guy who had bet on team Y as he owes him 100. So the bookmaker is at no profit or no loss.
If the action is too heavy on the minnow team Z, the bookie can face huge loss. However, as the bookie will notice heavy action on underdog team Z, he will adjust the odds to encourage the users to bet more on Team Y.
Furthermore, suppose if the result was opposite and Team Y had lost. Then the bookie would have collected 130 from Team Y guy and paid 120 to Team Z guy. Thus, he would have still made profit.
It is crucial to keep oneself updated with the ongoing trends, stats, conditions, form and thus accordingly calculate the odds.
Want to learn more? Check out other online cricket betting tips!