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  • Cricket Odds Explained: What You Should Know About Cricket Betting

    Published on January 19, 2022

    Cricket is the most popular sport worldwide today and because of this, it’s no surprise that cricket betting is also becoming more popular. Thanks to the internet, anyone can easily bet on cricket events like the Indian Premier League, the Ashes Series, and the ICC Men’s World Cup. Online casinos and sportsbooks have simply made this activity more accessible than ever.

    If you’re a big cricket fan and have never tried placing bets on your favorite matches before, you’re probably wondering where your cricket betting journey should start. Many would say that you only have to find the right online casino or bookie, and the best place for online cricket betting is 10CRIC. This is where you can place your bets but this isn’t the only thing that you have to do.

    Cricket betting concerns your hard-earned money and you must understand how it works before spending money on it. Part of understanding how cricket betting works is being able to read cricket betting odds. You need to do this so that you understand what your chances are of winning. Unsure what cricket odds are? Keep on reading to learn more.

    What is Cricket Betting Odds?

    Generally, betting odds are numerical ways of showing the probability of a match or game’s outcome based on bets that are already placed on the market. This is where the terms like favorites and underdogs come in. Understand that the less likely a team will win, the higher the betting odds will be.

    With that said, the favorite is the team that most people are betting on which means that it is a general sentiment. If you will place a bet on the underdogs, this means that your odds are low. However, it also means that if the underdogs win, you are also going to win more money.

    Know that bookies have different ways of showing odds. Some bookies would often show multiple odds for a single match and this can be a bit confusing for beginners. Here are the three major types of sports betting odds:

    • Decimal or European Odds – the most common type of odds used by bookies for their customers in Europe, Canada, and Australia.
    • Moneyline or American Odds – this type of odds is mainly used in the US. American odds would show a negative sign for the favorite team and a positive side for the underdogs. If an odd shows a negative sign, it means that it is the minimum bet required to win $100. Meanwhile, odds with the positive sign show how much you can win for every bet worth $100.
    • Fractional or UK Odds – this type of betting odds is mainly popular with British and Irish factors. The fractions are written with slash or a hyphen and so, a fractional odd can look like these: 6/1 or 6-1.

    Here’s a more specific explanation of how to read odds:

    For example, a bookie is offering this odd for an ODI match between India and Australia:

    India: – 600
    Australia: +300

    What this means is that the bookie is implying that Australia is the underdog of the match. If you want to win $400 for betting on Australia, you need to place a $100 bet. If Australia wins, this means that you’ll get your bet back plus the $400 profit that you made.

    Meanwhile, if you intend to place a bet in India, you will need to bet $600 to win $100. If India wins and you’re right about your bet, your payout will be $700. This is why you don’t win as much money from betting on your favorite team.

    How Are Cricket Betting Odds Calculated?

    If you’re wondering how bookies come up with these odds, it can be a bit more complicated than just waiting for which team most punters are betting on. Bookies would either have to hire oddsmakers who forecasts an outcome of a match or use software to determine odds based on the popular cricket forecast websites.

    Another thing that you should know about these odds is that the house edge or also called vigorish is included in the odds calculation. This means that whether you win or lose, a part of your bet will go to the bookie. This is how they make profits from running a sportsbook.

    Know that odds offered by each bookie are different. This is why it’s best to shop around for odds before placing a bet. Truly, determining whether an odd is the best can be a bit tedious. However, there are websites where you can check for the best odds offered on specific matches. These sites can show you a comparison of the odds available on the market to make things easier for you.

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