The market rate in cricket betting is nothing but the odds being offered for teams or players for a particular match. This rate can (and does) keep on changing with time, conditions, or other new information that comes to light.
The market rate for a match will also continue to change all the time during a match, which is where players can take advantage of in-play betting.
What is market rate in cricket betting?
Let us look at this through an easy to understand example. Assume that India and Australia are playing against each other in an upcoming match. Every bookmaker will offer odds (or rate) for that match.
This is the rate being offered by the bookmaker to place your bets and signifies the return you will make by placing your bets on either team. To calculate your return, just multiple the rate with the amount you have bet.
For example. Rs. 100 bet on India will return Rs. 220 (a profit of Rs. 120) and a bet of Rs. 100 on Australia will return Rs. 170 (a profit of Rs. 70).
Why is the rate important?
There are two major reasons why you should pay attention to the market rate. The first is obvious. You want the best possible odds for your bet so that you maximize your chances of winning. If in the above example, a bookmaker offers you odds of 1.90 on Australia to win then you will get Rs. 190 as return instead of Rs.170 for the same event.
The best bookmakers offer the best rates and so have multiple betting accounts to always be able to shop around.
The second is to spot betting opportunities. If in the above example, you feel India has a better chance of winning than the bookmaker assumes, then you can more than double your money by backing them. Such betting opportunities come up from time to time and must be taken advantage of.