In the case of cricket gaming, it is essential to learn and know how the odds are placed and counted to increase the chances of winning. Cricket betting odds are important because knowing how to calculate those means you minimize risks or losses and maximize your profits or gains.
This guide goes deeper into explaining how you can do online cricket betting odds’ calculation and how to make betting strategies more effective.
What Does Cricket Betting Odds Mean?
Cricket betting odds refer to the chance of occurrence on a specific event in a match and the amount of money that a bettor will likely to gain in case of a win. Speaking in simpler terms, odds depict the potential gains that are available for the booker relative to the given stake.
Betting companies offer such odds, taking into consideration various factors including formality, plan performance, past records of previous games, and pitch condition, among others.
There are different types of odds, which are decimal odds, fractional odds, and money line (American) odds. It is also pivotal to learn how such formats are calculated so as to be a more informed and smarter bettor.
Types of betting odds formats
Before we get into how to calculate betting odds, it’s important to understand the different formats bookmakers use:
1. Decimal Odds
Decimal odds are by far some of the most popular odds in use, especially when it comes to online betting. These odds indicate the carry amount that the bettor will receive after the bet in case she wins along with the stake.
For instance, let us say you wager with a set of odds of 2.50. An INR 100 stake would result in INR 250, which includes the INR 100 initial bet and the INR 150 gained.
Formula for Decimal Odds Calculation:
Total Payout = Stake × Decimal Probability
2. Fractional Odds
As mentioned before, fractional odds are used in the UK, and they merely define the profit in relation to the stake. For instance, the given odds are 3/1; in this context, it will mean you get Rs.3 in profit for every Rs.1 that you wager.
Formula for Fractional Odds Calculation:
Profit = Stake x (number/denominator)
Therefore, if you were to bet Rs.100 at the 3/1, it means if the horse was to win, you would win Rs.300; the amount going to your overall earnings was Rs.400, comprising of the Rs.100 stake and the Rs.300 winnings.
3. Money line Odds (American Odds)
Money line odds are always in the form of a figure with a plus or minus sign and are prevalent in the United States. The positive odds represent the profits that you stand to make out of the Rs.100 bet, while the negative ones are those you have to bet to make Rs.100 profit out of the bet.
As an example, + 200 means an Rs.100 bet will make you a profit of Rs.200, while if the odds are – 150, it means that you must risk Rs.150 to make Rs.100 profit.
How to calculate Cricket Betting Odds Manually
Check below for how you can calculate cricket betting odds:
1. Understanding Probability and Implied Odds
This explains that the betting odds are simply a representation of how likely a particular event is to happen. By determining the implied probability from the odds, you can easily decide whether the odds provided hold good value.
Formula for Implied Probability (Decimal Odds):
Implied Probability = (1/decimal odds) × 100
For instance, the odds may be 2.00; the implied probability is:
Implied Probability = (1 / 2. 00) × 100 = %50
Formula for Implied Probability (Fractional Odds):
Implied Probability = Denominator / (Numerator + Denominator) x 100
If the odds are 3/1, the implied probability is:
Implied Probability = 1 / (3 + 1) x 100 = 25%
2. Calculating Value Bets
Value betting could be described as searching for bets with their odds offered by the bookmaker being higher than the real probability of the event. To determine a value bet, you check the odds and odds implied probability against your personal estimated probability.
Formula for Value Betting:
Value = (Total Odds as implied by the odds – Your perceived percentage probability) × 100 If the bookmaker’s odds think that the chance of winning is 50%, but based on your own knowledge, it will be around 60%, then you are dealing with a value bet.
3. Using Data and Analytics
It is for this reason that one must use data and analytics in order to arrive at the right odds for cricket betting. Software technologies like sports analytics can also come in handy to get data on the form of the players, team status, and the match conditions. Moreover, by dissecting this data, you can build your odds model where you are better placed at quickly pointing to value bets.
Cricket odds for various betting markets
Cricket betting online provides various kinds of markets, with odds that will be calculated in their own way. Let’s look at some common cricket betting markets and how to calculate their odds:
- Match Winner
In this market, you place a bet that a particular team will triumph in the game. In calculating the odds, a factor to consider is the form of the team, any statistics that may be available and the pitch condition. Here, therefore, quantify the chances for the probabilities using implied probabilities in order to determine whether the odds are compensated.
- Top Batsman or Bowler
Here, one places a bet on which particular player will get the maximum runs in the game or get the maximum wickets. Information available distinguishes the existing odds that represent a theoretical probability from the real performance and other players’ stats of the selected player or a group of players.
- Over/U Under Runs
You place your bet on whether the total number of runs that will be scored in both innings will be above or below a specific figure. These probability values depend on existing conditions such as the pitch chosen, the current form of play of the teams involved and the prevailing weather conditions. It may be possible to come up with the probability with the help of historical data.
- an of the match
This market emphasizes performance by individuals. Fixtures with players who perform well consistently have relatively low decimal figures, while Fantasy players who are versatile players through participating in diverse inputs have relatively high decimal figures.
Conclusion: Calculate Online Cricket Betting Odds
It is imperative that anyone who is interested in cricket betting, especially on the internet, learn how to calculate the odds of tea. If you are a decimal, fractional, or money line kind of person, understanding odds and the math behind them would vastly enhance your betting decisions, identification of value bets, and overall betting value addition. Analyze the results of matches so you can achieve the highest possible rates in cricket betting.