Cricket Betting and Odds
If you want to give cricket betting a try, then you must know and understand how cricket betting odds work and what the different cricket betting markets are.
Many sports betting sites claim to offer the best odds for cricket tournaments like the Indian Premier League (IPL) or the County Championship.
However, if you don’t know how to read these odds, you’ll be betting on a cricket match blindly. You’ll be unaware if the market you wagered on will give you a substantial payout. That’s why we’re here to guide you through the whole betting process.
HOW TO BET ON ONLINE CRICKET
Understand How the Odds Work
Sportsbooks will usually present sports betting odds in either American odds, fractional, or decimal format.
Cricket odds are usually offered in either fractional or decimal odds formats.
From the name itself, fractional odds will have fractions, while decimal odds will have whole numbers with decimals. Both are mostly the same.
Both odds formats show 1) how likely an event is to happen, 2) how much money you’ll get if your bet wins.
The only difference between the two formats is that fractional odds show how much profit you’ll get if your bet wins. In contrast, decimal shows how much your total payout will be.
Keep in mind that if you bet $100 and won the wager’s worth of $500, your total payout will be $600 (bet amount plus profit). Your profit is $500, but the total payout will be $600 because it also includes the bet amount of $100 that was returned when you won the wager.
- 1 is always the home team. In this case, it’s India.
- 2 is the away or visiting team. In this example, it’s England.
Fractional odds show how much you can win versus how much you bet.
The denominator (the figure on the right, under the / or bar) shows how much you have to bet to get the numerator (the figure on the left, above the / or bar).
In our example, betting $10 on India will get you $11 in winnings or profit.
Odds of 9/1 show that the bet has 10% of it happening, 1/1 has a 50% chance, and 1/4 has an 80% chance of occurring.
If you want to calculate for a different bet amount than the one shown in the cricket odds, simply follow this formula:
Bet Amount x (fractional odds) = Profit
If you want to bet $20 with India’s 11/10 odds, winning the bet will get you $22 profit.
$20 x (11/10) = $22
The total payout will be $42 (bet amount of $20 plus $22 profit).
Decimal odds, on the other hand, show you the total payout amount rather than just the winnings.
Decimal odds show you how much you can get in total payout (bet amount plus profit) for every $1 bet you make.
For example, if you bet $1 on the West Indies and they win, you will get $1.90 total payout ($1 bet, $0.90 profit).
This is perhaps the easiest to calculate. You only have to multiply your desired bet amount to the cricket odds offered by the bookmaker.
Let’s say you bet $20 on the West Indies if they win you’ll get $38 total payout ($20 bet, $18 profit).
$20 x 1.90 odds = $38 ($20 bet, $18 profit)
Of course, sportsbooks will always have odds calculators to do all of this for the bettor when he or she starts online cricket betting.
Still, understanding what the cricket odds mean and how to calculate for them is vital in making sound wagers.
Domestic vs. International Cricket
Now that you know how to read and calculate for cricket odds, it’s important to be aware of the cricket formats you will be gambling on.
These formats are vastly different from one another and may determine whether your gamble will end up winning or losing.
Most sportsbooks will offer cricket betting markets on the following formats:
- Test Cricket
- One Day International Cricket (ODI)
- T20 (Twenty20)
Even the best cricket players will be challenged when it comes to Test Cricket. These test matches are the oldest format of the game, taking as long as 5 days.
In Test Cricket, there are high chances of a draw, as much as there is a winner.
One Day International Cricket or ODI takes place in one day, with 50 overs for teams to score as many runs as possible. If you’re interested in wagering on ODIs, you can try your luck at the ICC Cricket World Cup, one of the world’s biggest cricket tournaments.
T20 or Twenty20 is a domestic format that’s paced faster. It’s also designed to be played in one afternoon with only 20 overs for teams to make the most runs possible.
A different set of skills are required when playing T20 cricket, so bettors must check team and players’ stats when wagering on this format.
CRICKET BETTING MARKETS
Now, let’s look at the different ways you can bet on cricket online.
Cricket Betting Markets are simply the types of bets you can make on a cricket match or tournament.
There are a variety of cricket betting markets available, from pre-game to in-play or live cricket.
Match betting is perhaps the most straightforward wager to make. You only have to bet on the game’s possible outcome, i.e., which team becomes the match-winner.
A bettor has three options: the home team will win, away team will win, or there will be a draw.
Betting on the series winner is essentially the same, except that punters can also place bets on the overall exact series score as well as the possible winner.
Winner of The Ashes Cricket Series
In this example, Australia is the home team, while England is the visiting team.
Betting on $12 on Australia to win the Ashes can get you $11 profit, with a $23 total payout.
Meanwhile, betting on $7 on England can get you a profit of $6, with a total payout of $13.
Australia has a 52% chance of winning The Ashes series, while England has slightly higher odds with 53%.
You’ll get a higher payout by betting on Australia, however wagering on England is a safer bet.
For ODI matches, gamblers can bet on whether the game will be finished by that day or not. One Day matches usually start in the afternoon and finish by the evening.
In some cases, the weather or another external factor could impact the team’s ability to finish on the same day.
When betting on a completed match, a bettor must simply pick “yes” or “no”.
Innings Run markets are usually presented in an Over/Under type of bet. Basically, the goal is to bet on the number of runs scored by the first innings.
The bookmaker will place a figure they think will be the possible number of runs in the match. The bettors will then wager on whether the actual resulting amount of runs will go over or under that figure.
Top Bowler is a type of bet you can make on an individual player. In this market, you can wager on which cricket player you think will take the most amount of wickets during the match or series. There can only be one top bowler from either of the two opposing teams.
Bowler Match Bets
A bowler match bet lets you pick the top bowler from just 2 options, either Player A or Player B. this is an easier version of the Top Bowler bet.
The top batsman also lets punters wager on individual players. In this market, a bettor must pick a player they think will score the most amount of scores during a match or series.
Batsman Match Bets
The batsman match bets are also similar to the bowler match bets. It makes the wagering easier for bettors by having them choose between two options. Either Player A will score the most runs, or Player B.
Highest Opening Partnership
This betting market is exciting because it involves research from the part of the bettor.
In this market, punters will wager on which team’s opening batsmen will score the most number of runs in each turn.
Some batsmen struggle against specific bowlers from opposing teams, so it’s essential to look at these records when making this type of bet.
At the start of every cricket match, a toss coin is done to determine which team will be the first to bat or bowl.
The purpose of this bet is to gamble on which team will win the toss coin. Since there are only two outcomes, odds will always be 50-50 across all sportsbooks.
Man of the Match
From the name itself, bettors will have to predict who they think will be judged as the best player by the end of the match.
The bet is a bit tricky since it requires prior knowledge regarding both teams’ players and lineup. However, the man of the match is usually given to a batsman from the winning team, unless a bowlsman delivers a better performance.
The over/under bet is similar to the Innings Run market bet. However, bettors will wager on the final score, and whether it will go over or under a specific figure as offered by the oddsmaker.
Method of Dismissal
Method of Dismissal is best done on live cricket or in-play betting. In this bet, punters wager on which way a batsman will be dismissed. You can pick either bowled, caught, run out, Leg before wicket or LBW, stumped, or others.
There are a whole lot more types of market bets available when online cricket betting. The ones mentioned above are simply the mainstream market bets offered by sports betting sites.
Punters can simply place bets on a bet slip, whether on computers or mobile devices.
A wide variety of payment methods are also available, from credit cards to e-wallet like Neteller. Online sports betting has never been this easy for gamblers!