How to Understand Cricket Betting Rates

Sports betting is quite exhilarating. It is a gambling activity that presents you with an opportunity to make some money as you enjoy watching your favourite sport. 

If you are a cricket fanatic who follows both domestic and international cricket leagues, you could wager on various fixtures and win some money. However, you need to understand cricket betting rates before you try out your luck.

Related Reading: Best Cricket Betting Sites in India

How bookies set their rates

Bookies examine the probability of each team winning in a particular cricket game, then they evaluate their possible margin. Here is an illustration of what bookmakers consider;

•         South Africa 50%
•         Draw 30% 
•         Australia 20%    
•         Total probability 100%

And even though these are the odds that bookmakers give a particular fixture, they add a 7% or more profit margin. The final odds from the bookie’s angle are much different from what you see. This is what they look like;

•         South Africa 55 %
•         Draw 34%
•         Australia 18%
•         Total probability 107%

When the bookie incorporates their commission on the bet, you are no longer at an advantage. Let’s assume this was a 50/50 coin flip, with the bookmaker’s commission it ceases to be even. You have a 53- 60 losing chance. If you want to earn profit from betting on cricket, this is the challenge that you need to overcome. 

Understanding cricket betting rates

Once you understand how betting odds work, you have to always go for the fixtures that are likely to turn a profit. That said, there are various cricket betting options offered by bookies. Below are the most common;

Betting exchanges

In most cases, bettors wager against the bookmaker. But when it comes to betting exchanges, you bet against other punters. So, how does this work? 

A betting exchange allows you to bet for a team to win or lose in a particular fixture. To back a particular team to win, you need another punter to back the same team to lose. And in such circumstances, the sportsbook makes money regardless of who wins or loses the bet.

Spread betting

Unlike most popular betting options, spread betting is somewhat new in online cricket gambling. It is mostly applicable to Twenty20 and ODI cricket. It works similarly to the stock exchange. 

Bookmakers launch a spread market on aspects such as the total runs. If your gut tells you the scores will be much lower than they appear in the provided spread, you’ll be selling. And if you think otherwise, you’ll be buying.

Double chance bets

Sometimes, you fancy the second favourite team to emerge victorious in a particular fixture. However, you know that a win is not guaranteed. 

With double chance betting, you bet on two possibilities. For instance, you could bet for your second preferred team to either draw or win, or bet for it to win or lose.

Three-way betting

Three-way betting is undoubtedly one of the most common betting options. In fact, most beginners start with this type of betting before they learn the ropes to try out more advanced options. It is a straightforward betting option whereby you bet for the home team to win, the away team to win or the teams to draw.

Draw no bet

As a punter, you probably think that the dominant team will win. Unfortunately, even the most dominant cricket team loses once in a while. The draw no bet option ensures that when a match ends in a draw, the bookie reimburses your stake. 

It is an ideal strategy for cricket test matches. For example, if you are not sure that Pakistan can beat India in a test match, you can bet a Draw no bet on this fixture. If Pakistan wins, you’ll get the total reward on your bet slip. But if the fixture ends in a draw, you’ll only receive what you staked. The only chance of losing that exists is when India beats Pakistan.

First dismissal betting

The first dismissal betting strategy is quite intriguing. It revolves around two players in an entire match. These are the players who are likely to have their wickets taken. This bet is all about number one and two batsmen, and it requires research on the player’s tendencies as much as possible.

How to read cricket betting rates

If you don’t know how to read cricket odds, then you are going to place bets not knowing what to expect. This would be terrible because you’ll not know the bets that are likely to bring in a reasonable profit. In this section, we’ll show you how to read cricket betting rates.

Fractional odds

Fractional odds are quite popular. They are expressed as fractions and are mostly used in the United Kingdom. Here is an illustration of how they work; 

If the odd is given as 1.5/1 and you stake $1 and your bet wins, you will get $1.5. 

American odds

American odds are a little bit different. They either have a positive (+) or a negative (-) sign on them. For example;

• Home team +120
• Away team -140

In this case, the plus sign represents the underdog while the negative sign represents the opposite. If you stake $100 on the home team, you’ll win $120. And if you stake $140 on the away team, you are likely to win $100.

Decimal odds

Decimal odds are the easiest to read. You divide each probability with 100% to get a better understanding of the odd. For instance, if the outcome is 40% divide it by 100%. 

Here is a quick illustration; 100% (total) /40% (this outcome) = 2.5.

Here is another simple example. If the winning is 60%, then this is what it would mean; 100/60 =1.6. If you stake $ 1, and your bet wins, you get $1.6. 

Why do rates change?

As the kick-off of a game gets closer, the odds may change. For instance, once the line-up is out and a key player is out with an injury, the odds may go up. If a team had an odd of 1.5/1 previously, the bookie can adjust it to 1.8/1. This means that the probability of this team to win has decreased. And since such an outcome is quite unlikely, the odds increase.

If you are going to excel in cricket betting, then you have to understand how the betting rates work. You can then try out different odds and strategies to see what works for you. After reading this guide carefully, you now have a better understanding of cricket betting rates as well as how you can use them to your advantage.