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Every sport is admired among the fans and cricket is one of them. Likewise other sports, there are cricket betting odds that the bettors have to use for placing effective bets. If you are an experienced bettor, you must understand what cricket betting odds are. The cricket betting lines aren’t just plucked out of thin air and presented in the sportsbook. Instead, the betting lines are the result of the probabilities for the occurrence of any event in cricket matches. 

Once the bookmaker estimates the probability of the outcome of any event, it is reflected on the sportsbook as per the format that the bettors can understand easily. Have you ever wondered why the numbers are tweaked in cricket betting sites, of course, to make huge profits? 

The bettors also look to make profits out of their wagers and this is why you also need to understand these equations. Understanding how probabilities and odds work can help you place the best bets. Technically, you have to make positive expected value (+EV) bets in live cricket betting. Till the time you understand this, you are more likely to maximize your profitability and make a long-term profit

To get +EV in online betting, you must understand the cricket betting odds. In this blog, we’ll acquaint you with the reasons for changing odds, reasons to understand, and methods of calculating them. 

What Makes the Cricket Betting Odds Change? 

In online betting, there are a number of odds that affect the odds’ value and your payout resultantly. 

  • The prime reason for constantly changing odds in the online market is the last-minute changes in the playing squad or the latest cricket updates from cricketing authorities. 
  • This implies that the betting odds at the start and end of the match differ. So, it is important for the punters to stay updated with the latest cricket betting odds before placing the wager. 
  • The profitability of the bookies is another reason that the odds may change. Playing with the figures helps them to reach maximum profitability in live cricket betting. 

Why Should You Understand the Cricket Betting Odds?

Cricket betting odds not only give you profitability but can help you stay a little longer in the live cricket betting market. Here are the reasons that you should understand betting odds: 

  • Calculate Your Wins

Betting odds on various cricket betting sites help you understand and evaluate your potential wins from a bet in the online betting market. 

  • Placing More Informed Bets 

When the bettors can evaluate their bets, they are more likely to understand that the betting odds are in your favour than you are more likely to place winning bets in the market.

  • Identify the Valuable Bets 

When you identify the value bets, you are more likely to increase your potential winnings than the cricket betting odds suggested in the sportsbooks. 

Now, you must be curious to know the betting odds’ evaluation. 

Methods of Calculating Betting Odds

The methods of calculating the betting odds are based on simple arithmetic equations. Here is the method: 

Evaluation of Odds

The implied probability of an outcome = Stake/Total Payout 

where Stake = The amount you wager for a cricket match

  • Converting Decimal Odds

This method is useful to indicate the probability of any event as:

  • Implied Probability = 1/Decimal odds
  • We considered the probability of India’s win at odds be 1.85 

So, 1/1.85 = 0.5405 = 54.05 %

  •  Fractional Method

If bookies estimate the odds of India defeating New Zealand at 8/13. Placing these figures in the above formula implies 8/13 = 61.5% probability. If the numbers are higher, there are more chances of reflecting favourable outcomes. 

  • American Method

Sometimes, American odds are known as Moneyline odds that follow a (+) or (-) value. The positive sign indicates a lower probability of the outcome that may give higher payouts. 

Calculation of the Expected Value

Now, it’s time to look at the expected values of certain betting events. It is important to keep your long-term benefits on the plus side. 

  • Expected Value (EV) = (Amount won X Probability of winning) + (Amount lost X Probability of losing)

For instance, if you decide to stake Rs. 100 on a number, say 5 and the bookie has given odds of 6 for it. 

  • If there are 5 hits in the cricket matches, you win Rs. 600. Here, you only have one way to win.
  • The number of hits below or above means you lose the bet. In this, you have 5 ways to lose the bet. 

So, when you evaluate, EV = (1/6 X 500) + (5/6 X -100) = 83.333 + (-83.333) = 0. 

This indicates that you have no chance of making long-term profits. 

Wrapping Up

The betting industry is quite tempting for all types of bettors and you must step into it wisely for placing the wager. If you are new to live cricket betting, CBTF experts help you place winning wagers with free cricket betting tips. With online cricket betting sites, betting has become convenient. Every bookie has different betting odds that the bettors have to understand for assured wins.

For expert advice on the online betting market, follow CBTF experts!

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