Understanding odds is a must if you want to bet on cricket. These odds are nothing but a way of representing the probability of an outcome. Betting websites calculate the odds based on a number of factors and then also add in a margin of profit. Reading the odds will let you decide if the return is worth the risk. Let’s look at an example to help you learn how to understand cricket betting odds.
Understanding cricket betting odds
Cricket betting odds are represented in one of two manners. They can be in the form of a fraction or a decimal number. All major betting websites allow you to change the format in which they want to view the odds so knowing any one method is good enough.
In this example, India is going to be playing against Australia in conditions that favor the Australians.
To understand the return just multiply your betting amount with the odds. If you bet Rs.100 on India you will get back 250 but if you bet Rs.100 on Australia you will get back Rs.150 only. Cleary, the bookmaker thinks that Australia has a much better chance of winning and that India is the underdog.
Let us consider the same example as above. Now you may see something like:
The fractional odds show the return for every 1INR that you bet For India, this return is Rs.2.5 for every bet but for Australia it is 1.5.
Using odds to win money
Once you learn how to understand cricket betting odds, you can recognize good betting opportunities. Have a regular betting website but also open multiple betting accounts so that you can shop around for the best odds. Above all, if you find that a sportsbook has made an error in calculating the odds, be ready to take advantage!