Cricket has a massive fanbase in India and worldwide. Most people participate in online betting to cheer for their favourite team or players. In the Indian gambling market, there are many bookies, and more are emerging every day. There’s a wide selection, and you can pick one that will align with your needs. But before playing, it’s vital to know how bookies set the odds in cricket betting. It will play a big role in helping you know if the odds have value and beat the bookies.
How Do Bookies Set their Cricket Betting Rates?
Bookmakers set their betting rates based on two things. They include:
- Likelihood of each outcome using trends, current stats, experience, etc.
- Its margin
Likelihood of Each Outcome
To determine the probability of the outcome in cricket, you have to understand how cricket betting rates work. Here is an example:
The total probability is -100%
There are three outcomes, and these are the betting rates the bookie gives each one. The next thing the bookie will add is its profit, and each bookie has a default margin they use. It can be an overall or depend on a specific sport, match or event. The primary margins play around 105-107% depending on where you place your bet.
After everything, here’s how the final betting rates for cricket may look like with the bookie’s margin incorporated:
India (to win at odds of 1.54) -65%
Draw( to win at odds of 4.12)-24%
Pakistan(to win at odds of 5.55%)-18%
The total probability is 107%.
Due to this, you are always at a disadvantage whenever you place a wager. The bookies add a commission and the stake, and the odds are no longer even. Your winning or losing possibility is not 50/50 but more like, 53% chance of winning and 60% losing. In this case, you must figure out how to beat the bookie to be a profitable gamer. Suppose the margin is 107%, research to find smaller margins for your benefit.
Why do Odds Change?
Odds change as bets come in; this means the probability estimates vary in time. Also, the odds that various bookies display can differ significantly. The main aim when betting is not about backing the winners but considering the chances of winning. Always consider a valuable bet when the probability assessed for a chance is higher than the implied probability by the bookies.
Odds displayed by the bookie do not reflect the actual chance of an event happening. There’s always a profit margin in every odd by a bookmarker. It means the amount the winner receives is always less than what they would have received if the odds reflected the actual outcome.
How to Read Betting Rates in Bookies?
Before placing a wager on any bookie, knowing how to read the odds is vital. Bookmarkers list odds in three different ways:
- American odds
- Decimal odds
- Fractional odds
Bookies express these odds in whole numbers with a plus or negative sign in front of them.
For example, Team A: +120, Team B: -140. Any betting rate with a plus sign means it’s an underdog team, and you have to bet Rs 8,000 to win the amount shown. In this case, you bet Rs 8,000 to win Rs.9,900.
These odds are mostly used by UK bookies and expressed as fractions.
For example, 1.5/1 means you bet Rs.80 to earn Rs.120.
These are the most simple and commonly used odds in India. They are match outcomes turned into percentages.
All you have to do is take 100% and divide it by the likelihood of the outcome.
For instance, if the outcome is 40%, you will divide 100% by 40% to get a result of 2.5. Another probability is 65%; it would be 100% /65 % giving you 1.54. This means that for every unit, you will earn 1.534 units.
Now that you understand how bookies set betting rates and how to read them, it’s vital to have betting strategies. Combining all this will make you a master in cricket betting earning profits with every bet.
Strategies for Successful Cricket Betting
Having the right strategy is vital in cricket betting. These tips will help you become the best and win without going bankrupt.
Do thorough Research: Researching the players, teams, and pitch conditions is vital in cricket betting. Check the patterns and trends in team performance, analyse players’ track records and any other that will affect the match result. Additionally, research on the injuries to understand each player’s form.
Budget Management: When betting on cricket, managing your budget is crucial. Ensure you have a budget for betting activities and stick to it.
Use Legit Bookies: Legit bookies will offer odds value on the same game or event. Through trusted bookies, you can scout for the best prices and increase the possibilities of finding profitable betting opportunities.
Find Value Odds: Valuable bets have higher expected value than the suggested odds. Finding value odds will increase the likelihood of winning and maximising profits.
Betting rates are everything when it comes to cricket betting. Understanding how bookies set them gives you an upper hand in making informed betting decisions. Additionally, knowing how to read odds will help you pick odds with value to maximise profit. But remember, when placing a wager, ensure you play with a trusted and legit bookie.