Cricket is a great game. It has so many different intricacies and idiosyncrasies that it is probably unlike any other sport out there. The fact that the most populous nation on earth is obsessed with the game makes it one of the most watched sports in the world. It also means that a massive number of people bet on it. There are a number of betting markets that are available for each aspect of the sport. Every betting market comes with odds. How do odds work in cricket? They work in much the same manner as anywhere else.
Read on to find out.
How do odds work in cricket?
Odds are basically a statistical representation of the probability of an event happening. The bookmaker, say Betway or 10Cric, analyses a betting market and then offers odds on it keeping a small margin for themselves.
Let us take an example: India is playing a cricket match with Bangladesh. India is the clear favorite and so you will get 1.30 on it to win while Bangladesh will get something like 2.70 to win. It is clear that the bookmaker favors India to win and so is offering a low return on it. The probability that India will win is more and so the odds being offered are low.
The same is true for any other betting market.
How do odds work in cricket? The more likely an event is, the less return you will be offered by the bookmaker. If, however, you spot a gap in the analysis and think that the bookmaker has got it wrong, you can take advantage by putting your money on it and making a killing!
Such events are not very rare and happen all the time. Bookmakers were offering odds of up to 19.00 on India to win the famous Gabba test going into the final day but it did happen. India did win and a lot of people that believed made an absolute boatload of money.