Thanks to the rapid increase of tournaments such as the Indian Premier League (IPL), ICC Cricket World Cup, and other domestic leagues from around the world, cricket has evolved from being just a source of entertainment to a thriving avenue for earning money.
At the core of all this lie the cricket odds that are paramount in guiding you to earn potential returns. If you have ventured into this world before, you may have wondered about how the cricket odds are calculated.
This article comprises everything you need to know about cricket betting odds, including their determinants, formats, factors that affect them, etc.
Understanding Cricket Odds
Cricket odds represent the possibility of a particular event occurring during a given match. These are numerical in nature on which bets are placed and they determine the potential payouts for winners.
They also incorporate the likelihood of different outcomes such as the total runs scored by a team, which team will win, which individual will score more runs, and many more.
Indian betting sites usually use tools to determine the odds. Oftentimes, you will see that the numbers vary from source to source. You must also remember that as the bets come in, the odds begin changing, meaning they directly affect the probability estimations.
So, it is not necessary that the odds displayed on the website of a bookmaker are always accurate. Nevertheless, the odds will usually favor the stronger team.
What Odds Formats Are Used?
Depending on the region, you may find cricket odds depicted in varied formats. Primarily, there are three variations – decimal odds, fractional odds, and moneyline odds – and understanding them is the key to making informed decisions.
In our dedicated cricket odds guide, you will find a full explanation of each of these odds types with real life examples.
We will discuss them briefly below, so you will understand the main differences.
Decimal Odds
Decimal odds are one of the most commonly used formats in the world. It contains decimal points while being represented by numbers to showcase the potential payout per unit that is wagered.
For instance, if you successfully wager INR 1,000 on the odds of 2.50, you will earn INR 2,500, including the amount that you wagered.
Fractional Odds
Some regions use fractional odds to depict the potential profit that you might earn on a certain amount wagered.
For example, the odds of 5/1 imply an INR 5 profit for every INR 1 that you bet. If the bet succeeds, you win the profit, plus the initial amount you wagered.
Moneyline Odds
To a large extent, you will find moneyline odds being used in the United States, and your bet can be either on positive or negative odds.
Say, in a match between India and Bangladesh, India carries the odds of +150, and if you successfully wager INR 100, you would earn an INR 150 profit, plus your bet amount, totaling your earnings to INR 250.
Conversely, if Bangladesh has odds of -120, you would be required to bet INR 120 to win INR 100. So, if your bet is successful, you will earn a total of INR 220.
Cricks Odds Determinants
Bookmakers are required to be hands-on with the developments in the world of cricket. The main factors that determine the odds range from statistical analysis to the volatile market dynamics, as it helps them arrive at the conclusion of what odds to set.
Here are the most important factors that determine the odds of each outcome.
Statistics
Bookmaker websites make it a point to be meticulous in the analysis of statistics, taking into account various factors such as player data, team performance, weather conditions, venue, etc. It helps them gauge the possibility of odds for a particular game.
Likelihood
Based on the insights of cricket experts, bookmakers determine the perceived likelihood of a cricket match.
The assessment comprises statistical analysis, allowing them to refine the odds in order to complement the match scenario accordingly.
Influence of the Market
Odds are also influenced by the performance of the market, meaning the total bets placed by gamblers.
Due to the nature and volume of the bets received, odds often witness a shift, especially in the times when new information emerges ahead of a match.
Other Factors that Influence Cricket Odds
Odds in cricket tend to fluctuate and there are several other factors that influence the end numbers. When you understand these components, you approach your bets with a different perspective, thus improving your chances at winning.
Let us look at these factors:
- Team Form: Team form comprises not just the teamβs recent results, but also the overall form of individual, influential players. The stronger their performances of late, the lower will be the odds, which reflects the higher probability of their success in the upcoming games.
- Weather Conditions and Venue: Elements such as weather conditions, pitch, and venue can have a significant impact on the game, affecting the odds. The bookmaker will base the odds on how a certain team has performed under specific conditions, resulting in different odds every time for them.
- Player Injuries and Availability: The absence of certain players can alter the complexion of the match, further impacting the odds. Accordingly, bookmakers will revise the numbers.
Conclusion
Cricket odds are rightfully seen as the backbone of cricket betting, as they offer insight into the possible outcomes of a match.
The bookmakers ensure that these odds are well-researched before being presented to the punters to wager on. When you understand how the odds work, it becomes easier to make favorable decisions.
With new cricketing events getting added to the calendar each year, the realm of betting is expected to become more lucrative.
