If you’re new to the world of cricket betting or betting in general, one of the fundamental concepts you’ll need to get a handle on is how betting odds work. There are no two ways about it. It is at the heart of any successful sports betting career.

Now, calling it a “career” may sound far-fetched. But, you should know that there are plenty of people out there who make a decent income from sports betting. Granted, it may not be what you’re looking for, but you also wouldn’t willingly place a bet knowing full well it was going to lose, would you?

At the end of the day, you’re in it to win it, and understanding how cricket match odds work is the way to do it. Whether it’s the cricket world cup odds or IPL – the same principle applies.

Without further ado, here’s the ultimate guide to everything you need to know about it.

Guide to Understanding Cricket Betting Odds

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Live Cricket Betting Odds – What Do They Do

First things first – what exactly do cricket betting odds do. Well, they are simply an indicator of how likely an event is to occur, and the return you would get on your wager if your bet won.

You’re now likely wondering – who comes up with these match odds and how do they do it? Well, every bookmaker sets their odds based on two factors:

Probability of the Cricket Match Result

Let’s use an example to illustrate what this means. Say, for instance, that the Chennai Super Kings and the Mumbai Indians were to face off in the IPL. For purposes of this example, assume that the probability of each outcome is expected to be:

CSK – 60%

Draw – 20%

Mumbai Indians – 20%

Total probability – 100%

So, there are three possible outcomes, and the bookmaker assigns the listed odds to each one. The next step they would take would be to add their margin of profit. After all, they’re also in this for the money, right?

Their Margin

Now, each sports betting site has a default margin that they allocate to each outcome. It may be a standard rate applied across the board, or it may be event-specific. In other instances, some margins may even be determined by the public favorites.

Generally, margins range between 105 and 107 percent depending on where you place your bets. So, the final odds may look something like this:

CSK to win at odds of 1.54 – 65%

Draw to win at odds of 4.12 – 24%

Mumbai Indians to win at odds of 5.55 – 18%

Total probability – 107%

You can immediately see why you would be at a distinct disadvantage every time you place a bet. It is because the moment the bookmaker factors in their commission, the wager is no longer 50:50 to win or lose as it would be on an even coin flip. It would be more like 53:60.

Now that, ladies and gentlemen, is the hurdle you need to overcome if you hope to become a profitable cricket bettor. The best online betting sites 2021 have a margin that’s much smaller than 107%.

Why Do Live Cricket Betting Odds Change

The age-old question indeed. There are several reasons why cricket betting odds would change during a live match. More often than not, the main reason for this is determined by the direction in which the money is flowing. Here’s how.

If bettors start to notice that one of the teams appears to have taken an early lead, it is only natural that that’s the team most of them will start to back during live betting in India as the game progresses. To understand why the odds often drop in value quite drastically in such instances, you’ll need to look at it from the bookmaker’s perspective.

If a large volume of bettors place bets on one team and the said team looks like it’s going to win, the amount they would be required to payout will be monumental. So, they have no choice but to shorten the odds to avoid incurring massive losses on their side. The reverse cricket odds live scenario is true as well.

Cricket Betting Odds Comparison – American, Fraction and Decimal

Every sports betting website you come across usually displays cricket odds in three ways. You can change how they are listed based on what you find easier to understand. Most people prefer decimal odds, which is why most Indian bookies list them this way by default. Here’s how to interpret each of them.

American Odds

These are usually displayed in whole numbers with positive (+) or negative (-) signs preceding them. For instance:

CSK: +120

Mumbai Indians: -140

The positive sign indicates that the Chennai Super Kings are the official favorites in the event. A player would, therefore, have to bet 100 Indian Rupees to win the amount displayed. So, based on this example, you would claim 120 INR.

On the other hand, the negative sign denotes the reverse. That the Mumbai Indians team is the underdog of the event, therefore, displaying the amount you would need to stake to win 100 INR. In this case, you would need to bet 140 INR to win 100 INR.

It is a great way to check which of the two teams is more likely to give you a better return on your wager.

Fractional Odds

These types of odds are not very popular in India, although they are regularly used in UK betting sites. So, you would see something like 1.5/1. This would read: Bet 1 INR to win 1.5 INR.

Decimal Odds

These are the simplest to interpret compared to the previous two. They are essentially the percentages converted into decimal form. Here’s the formula you would use or conversion.

100% (Total) / 50% (Percentage outcome) = 2.0

In the earlier illustration where CSK had odds of 65%, below is how you would calculate the decimal equivalent.

100% / 65% = 1.54

So, if you bet 1 INR you’ll get 1.54 INR if your bet wins.

The Takeaway

As you have seen from this guide, understanding how cricket betting odds work, is the secret to placing successful wagers whether in the IPL or Cricket World Cup 2023. Ensure that you study the trends, research the teams playing, and pick betting sites that offer the best odds. Good luck!

Guide to Understanding Cricket Betting Odds

Live Cricket Betting Odds – What Do They Do

Probability of the Cricket Match Result

Their Margin

Why Do Live Cricket Betting Odds Change

Cricket Betting Odds Comparison – American, Fraction and Decimal

American Odds

Fractional Odds

Decimal Odds

The Takeaway