In the online betting market, cricket is one of the most cash-rich sports that attract bettors to bet on multiple cricketing events. In the different sportsbooks, the bettors see different betting odds and the best odds comparison gives you chances of winning wagers.
If you are new to cricket betting, the cricket betting odds may seem a bit tedious to you. It is important for you to understand the odds as it allows you to know the possibility of how likely an event is to happen in a particular cricket match. Moreover, you also get to know your potential earnings from the specific bet.
The betting odds represent the ratio between the staked amount of different parties involved in placing a wager. Hence, if you see the odds as 3 to 1, it signifies that the bookie stakes 3 times the amount that the bettor stakes.
In this blog, you’ll know the methods of evaluating the winning bets in live cricket betting through multiple cricket betting sites.
Probability of Betting Odds
Digging deep to understand the probability of the most basic level in live cricket betting. It gives you the ability to predict the outcome of some cricket matches and if it comes out to be true, you get certain payouts in the end. For any cricket event, there are many outcomes associated with it.
Cricket Betting Odds to Calculate Probability of Winning Bets
If you see the betting odds in fraction form like 4/1, you can calculate the likelihood of the occurrence of a particular event with the calculation.
To make your understanding better, let us understand with an example:
Probability (%) = B / (A+B)
- You can calculate 5/1 as 1/(5+1) = 0.16. It indicates that there are 16% of the occurrence of any event.
- Similarly, 1/(1+1) = 0.50 indicates that you have a 50% chance of winning the bet.
Now, if you see the cricket betting odds in the fraction form, you can tell how likely the possibility of that event is to happen in live cricket betting.
Evaluation of the Winning Amount in a Wager
The cricket betting odds let you calculate the amount of money you can win if you bet on the cricket betting market. Proceeding with the same instances as above, let’s replace the numbers 5/1 as A/B. Simply put, for every value of B that you place a bet for, you are likely to get A wins along with a refund of your staked amount.
- 5/1 for every Rs. 1 you bet, you will get Rs. 5.
- For every Rs. 1 in 1/1, you’ll get Rs. 1.
Cricket Betting Odds as Decimals
Decimals are common representations of betting odds in the many cricket betting sites and you can view various betting options in this format.
They are an alternative to the fraction format and it is easier to work out for the bettors.
Here is how the winning bets are calculated with decimal cricket betting odds:
Winnings = (odds * stake) – Stake. Let’s have a look at some examples:
- 5.0 can be calculated as (5.0*Rs. 10 stake) – Rs. 10 stake = Rs. 40 Winnings.
- 4.0 can be calculated as (4.0*Rs. 10 stakes)-Rs. 10 stake = Rs. 30 winnings.
Factors that Affect Your Winning Bets
If you are a novice bettor, you must know the factors that may affect your winning bets. Here are the following factors:
- Types of Cricket Tournaments
As you know, cricket is played in three different formats – T20, One Day Internationals (ODIs), and Test Matches. Depending on the different types of formats, there are different tournaments conducted throughout the year. It keeps you warmed up for the different betting opportunities in live cricket betting tournaments like IPL, World Cup, and more. As different tournaments are played in varying overs formats, it affects your bets as well. So, bet accordingly.
- Influence of the Weather
Weather conditions play a huge role in defining the fate of your placed wagers in cricket. In the open stadiums, there are chances of rain that may impede the gameplay and flip the favouring side for the cricketers.
Rain poses a threat to the hosting of the cricket match altogether, so, it is important that you keep your eyes on live cricket betting.
- Field Condition
For the bettors, it is important that you take into account the condition of the fields. While there is no set international standard, the same shot can get different rewards based on the size of the cricket pitch. On a pitch of shorter size, the ball can race over the boundary for a six. Contrarily, it can directly go to a fielder’s hands on a longer pitch.
Hence, with the players being prepared to play on the field, the bettors need to be aware of the latest cricket updates to know the game environment for placing a winning wager. When you are prepared with all the information, you are more likely to get higher payouts at the end of the match.
When you step into the betting market, you wish to get huge benefits from the live cricket betting markets. In the beginning stages, it is tough to understand the betting odds and this may push you to place random bets.
However, CBTF Betting Experts provide you with free cricket betting tips based on the latest cricket updates. To win in the cricket betting market, stay tuned!
Related Post: The Ultimate Guide: How to Bet on Cricket Online