Cricket holds an esteemed status in India, and with the rise of online betting websites, cricket betting has surged in popularity across the country.
The top bookmakers have made cricket betting easily accessible to millions of fans. With just a few clicks, you can place bets on various matches and tournaments from your laptop or the bookmaker’s mobile app. Top bookmakers in India offer an extensive range of betting markets for cricket.
These include not just match outcomes but also options like top batsman, top bowler, runs in an over, boundaries in an innings, and even live betting during the matches. However, In cricket betting or any form of gambling, managing losses is crucial for long-term success.
On this page, we will talk to you in detail on how to cover losses and what does it exactly means. If you are starting your cricket betting journey, then this guide is very important for you.
What Does Covering Losses in Cricket Betting Mean?
Covering losses refers to strategies you can employ to minimise or offset potential losses that you have suffered from your initial bets.
Understanding and implementing loss-covering strategies in cricket betting is essential for you to manage risks effectively and safeguard against significant losses.
Understanding Loss-Cutting Strategies
As the unpredictability of cricket matches adds an element of excitement to betting, understanding how to minimise losses becomes crucial in the pursuit of consistent success.
Just as players strategise on the field, you must strategise off it. These strategies can help to cut losses and maximise gains. In this section, we explore a range of tactics and calculated approaches you should take when it comes to cricket betting.
These strategies not only aim to reduce risks but also help in making some effective decisions while placing your hard-earned money.
- Setting a Budget: Before placing any bets, set a budget for how much you're willing to risk. This helps in controlling losses and avoiding emotional decisions during losing streaks.
- Bankroll Management: Divide your total budget into units (for example, 1% or 2% of your total budget per bet). This helps in consistent betting and prevents losing large sums on single bets.
- Using Stop Loss: Set a predetermined loss limit for each bet or session. If you reach this limit, stop betting to prevent further losses.
- Hedging Bets: Hedging involves placing additional bets to offset potential losses from an initial bet. For instance, if you initially bet on Chennai Super Kings to win but as the game progresses, Mumbai Indians gains an advantage, you might place a smaller bet on MI to limit potential losses.
- Cash Out Option: Top bookmakers offer a cash-out option, allowing you to settle bets before the event's conclusion. This helps in securing profits or minimising losses based on the current game situation.
How to Cover Losses With an Example
Let's consider an example involving two IPL teams: Mumbai Indians and Chennai Super Kings.
- MI is playing against CSK in a T20 match, and MI's odds of winning are 2.0. You decide to bet INR 1000 on MI to win.
Scenario 1: MI Wins
- MI wins the match. Your profit will be INR 1000 (initial stake) x 2.0 (odds) = INR 2000.
Scenario 2: MI Loses
- MI loses the match. You lose your initial INR 1000 stake.
- If during the game, it becomes apparent that MI might lose, and the odds start shifting against them, you might consider hedging your bet.
- Let's say, that during the game, CSK gains a significant advantage, and their odds to win are 1.50. You could place an INR 500 bet on CSK to win at these odds.
- If CSK wins, your payout will be INR 500 (bet on CSK) x 1.5 (odds) = INR 750, resulting in a net loss of ₹250 (INR 1000 – INR 750) instead of the full INR 1000 if you hadn’t hedged.
When you're into cricket betting, being careful with risks is key. You set limits on how much to spend, keep track of your money, and have ways to stop if you're losing too much.
You might also have backup plans or ways to take out money to try and avoid losing too much. It's important to remember that betting involves risks, and no strategy can guarantee profits. It's advisable to bet responsibly and stay informed before placing your wagers.