Odds in Cricket Betting

Cricket betting rates, simply put, represent the probability of an event happening during a match. Bookmakers use a mix of data analysis, team/player performance history, and expertise to arrive at these rates.

Rates (or odds) can vary across different betting sites and may change leading up to and during the game. They are crucial for calculating potential returns on bets.

In this article we will give you an in-depth explanation of cricket betting rates, with real life examples of the 3 most popular odds formats that are available.

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Decimal Odds

Decimal odds are the most commonly used odds notation and are mostly used in India and Europe.

If you are new to betting, we recommend only looking at this section on Decimal odds, as they are by far the easiest odd type to understand. Decimal odds are most commonly used in India and are represented as a numerical value, greater than 1.00.

Decimal odds tell you how much you stand to win for every unit staked. The higher the odds, the higher the payout if you win. On the other hand, higher odds also indicate a lower likelihood of an outcome to happen.

Let's consider the following example:

• Match: India vs New Zealand – T20 World Cup Semi-Final
• Decimal Odds: India (1.90), New Zealand (2.75)

In this high-stakes T20 World Cup Semi-Final, India is favoured with odds of 1.90, indicating a higher probability of winning the match. On the other hand, New Zealand is considered the underdog with odds of 2.75.

Now, let's see how the potential winnings are calculated for a ₹500 bet:

• If you bet ₹500 on India and they win, you will get ₹950 in your account: ₹500 x 1.90 = ₹950 (₹450 profit + ₹500 original bet).
• If you bet ₹500 on New Zealand and they win, you will get ₹1375 in your account: ₹500 x 2.75 = ₹1375 (₹875 profit + ₹500 original bet).

As you can see, the total return always includes your initial stake as well. Simply multiply the odds by your stake, and then subtract your initial stake to calculate your net profit.

Fractional Odds

Fractional odds are popular in the UK and are represented in fractions. These odds show how much profit you can make on a bet relative to your stake and can be a little bit harder to understand for beginners.

Tip: most online bookmakers allow you to change the format of the cricket betting rates on their platform. We recommend always using decimal odds, as they are the easiest to understand.

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Let’s have a look at an example of how fractional odds work.

• Match: Australia vs. England – The Ashes Test Series
• Fractional Odds: Australia (5/2), England (6/4)

The Ashes rivalry between Australia and England is always intense. In this Test series, Australia has fractional odds of 5/2, meaning for every ₹2 bet, you would win ₹5 in profit. On the other hand, England has fractional odds of 6/4, implying that for every ₹4 bet, you would win ₹6 in profit.

Let's consider a ₹300 bet for a better understanding:

• If you bet ₹300 on Australia and they win, you will receive ₹1,050 in your account: ₹300 x 5/2 = ₹750 (+ ₹300 original stake).
• If you bet ₹300 on England and they win, you will receive ₹750 in your account: ₹300 x 6/4 = ₹450 (+ ₹300 original stake).

The most notable difference between decimal and fractional odds is that the initial stake still has to be added to the winnings to calculate your total return.

Money Line Odds

Money Line odds are prevalent in the United States and are represented with positive and negative values.

In moneyline odds, positive values indicate the potential profit on a ₹100 bet, while negative values show how much you need to bet to win ₹100.

The underdog is shown by positive odds, while the favorite team is shown with negative money line odds.

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Let's consider the following example:

• Match: Pakistan vs. West Indies – ODI Series
• Money Line Odds: Pakistan (-120), West Indies (+150)

In this exciting ODI series between Pakistan and West Indies, Pakistan has negative Money Line odds of -120, indicating they are the favorites. A bet of ₹120 is needed to win ₹100 in profit if Pakistan wins.

On the other hand, West Indies has positive Money Line odds of +150, making them the underdogs. For every ₹100 you bet on West Indies, you will stand to receive ₹150 if your bet is successful.

Let's consider a ₹200 bet for each team:

• If you bet ₹200 on Pakistan and they win, you will receive ₹366.67. The calculation is as follows: ₹200/120 x 100 = ₹166.67 (+ ₹200 original stake).
• If you bet ₹200 on West Indies and they win, you will receive ₹500. The calculation is as follows: ₹200/100 x 150 = ₹300 (+ ₹200 original stake).

Just like fractional odds, moneyline odds only show you how much profit you make. The total payout will, of course, also include your initial stake again.

What Are the Best Cricket Betting Rates to Use?

The three most popular types of cricket betting rates can all be useful in different circumstances. However, we recommend using decimal odds for all your calculations because they are by far the easiest to understand.

In decimal odds, you can just multiply your stake by the odds to calculate your potential return. Do remember to subtract your initial stake if you want to calculate the net profit.

If you register an account with an online betting site and see that the odds are displayed in fractions or moneyline, you are often able to change this to decimal odds in the settings of your account.

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