While placing bets in Cricket Betting, you might have heard the term Rates.
So,
- What are the Rates in Cricket Betting?
- Do you know how it works?
- Do you know how to play according to Rates?
Today, you will learn everything about the Cricket betting rate. Let’s get started.
So, What is the Cricket betting rates?
If you want to bet on sports, you better get used to the word ‘odds’.
You need to be able to read odds, compare them, and understand how much you can win for the amount of money you’re risking.
They’re that important.
It is where words like favourites and underdogs come into play.
Understand that the higher the betting odds, the less likely a team is to win.
But don’t worry if you don’t understand the odds yet; we’ll go over them in detail below.
We are going to cover some questions:
- How do bookmakers set their odds?
- Why do odds change?
- Why are punters at a disadvantage?
- How do you read American, fraction and decimal odds?
So, let’s cover them one by one.
How do bookmakers set their rates?
Cricket Betting rates are set based on two things:
- The First is the probability.
- The Second is the margin.
Let’s start with the probability of each outcome.
We’ll use an IPL game as an example:
- CSK – 60%
- MI – 20%
- RCB – 20%
So, Total Probability: 100%
Pretty straightforward, Isn’t it?
There are 3 outcomes, and these are the odds the bookmaker gives each one.
Next, he adds his margin.
Each bookmaker will have a standard margin. It could be general or specific to a sport, match, or event. The public could even sway the margins.
Typical margins range between 105% and 107%. It just depends on where you place your bets.
Here are the final odds for that football game, with the bookmaker’s margin added:
- CSK (to win at odds of 1.54) – 65%
- MI (to win at odds of 4.12) – 24%
- RCB (to win at odds of 5.55) – 18%
Now, Total Probability: 107%
As a result, every time you bet, you are automatically at a disadvantage. Because the bookie takes a commission, the bet on a coin flip is no longer even money.
You’re not 50/50 anymore, but more like 53-60% to lose, which is a barrier you’ll need to overcome if you want to be a profitable bettor.
Why do Cricket betting rates change?
The most basic reason is that the bookmaker must bet on both sides to break even and make a profit.
Let’s take an example:
Team A has odds of -1.40. You’ll wager 140 to win 100.
Team B’s odds are +120. You’ll wager 100 to win 120.
Say 2 people place a bet, one for 140 on Team A, the other 100 on Team B.
Now, let’s assume Team B loses.
So the bookie collects 100 from him.
However, he must still pay out the man who bet on Team A. He owes him one hundred dollars. He eventually makes a profit on this game.
What are the types of betting odds?
Sportsbooks display cricket odds in three different ways. Most books allow you to choose how the odds are listed, which you will do based on what is easiest to read/understand.
Most people will say that decimal odds are the easiest to read/understand.
American Odds:
These are written in whole numbers and preceded by a plus (+) or minus (-) sign.
For example:
- Team A: +120
- Team B: -140
The plus sign means the team is an underdog, and that you’ll need to bet Rs. 100 to win the amount shown. In this example, you’d bet Rs. 100 to win Rs. 120.
Negative signs mean the opposite. The team is an underdog, and you’ll need to bet the amount shown to win Rs. 100.
In this case, you’d bet Rs. 140 to win Rs. 100.
Fractional Odds:
These are the most common in the United Kingdom. They are expressed as fractions.
For example 1.5/1
This would read like this: You bet Rs. 1 to win Rs. 1.50.
Decimal Odds:
These are easy to understand. These are simply probabilities converted into percentages. All you have to do is divide 100 percent by the probability of an outcome.
For example, say the outcome is 50%. You’d do this: 100% (total) / 50% (this outcome) = 2.0
Let’s look at one more example:
Say the probability to win is 65%. The math would look like this: 100/65 = 1.54
Every unit you bet will earn you 1.54 units (using the example above).
If your unit is Rs. 1, then if your bet wins, you’ll win Rs. 1.54.
Why Are Cricket Match Odds So Important?
Every gambler should understand the significance of comparing odds.
But why are cricket betting match odds so crucial?
The answer is straightforward: the better the odds, the better the payouts. When considering placing a wager with an online bookmaker, the first thing you should consider is the odds they provide.
If the odds are not high or competitive, you will receive a pittance if you win a bet.
After all, who wants to bet with a bookmaker where you have a lower chance of winning?
Your battle is half won once you have the correct cricket match odds!
Here is an example of two different punters, X and Y, to emphasise the importance of earning the best cricket odds possible.
Assume that X and Y can both select winning bets at a rate of 75%.
On average, bettor X receives odds of 1.80.
However, bettor Y conducts extensive research and achieves a higher average betting rate of around 2.50.
If they both bet on 100 games per year, their winning bets will be around 75 and their losing bets will be around 25.
If they bet Rs. 1000 on each game, their net winnings will look something like this:
Net win of bettor X:
(75 x 0.80) + 25 x (-1) = 35 x INR 1000 = INR 35000
Net win of bettor Y:
(75 x 1.50) + 25 x (-1) = 87.5 x INR 1000 = INR 87500
So, what did we see in these?
- Bettor Y wins INR 52500 more than bettor X because he has better odds.
- A little extra effort put into online line shopping can make a big difference in the outcome of your bet.
- Finally, getting the best odds on your online cricket bets should be your top priority when selecting a bookie.
Conclusion
As previously stated, odds are everything in betting.
If you still don’t see it, simply re-read this page.
For example, now that you understand why sportsbooks’ odds change (all the time), you should understand the significance of trends, stats, research, and so on, as well as the significance of line shopping.
And, because you know how to read odds, you should be able to line shop and select odds that will result in the greatest profit if your bet(s) win.
Right? It’s all because you understand how sports betting works.
