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Cricket Betting Odds Explained

Betting odds determine the potential returns on your stake if your bet wins. Hence, it is important to be able to read and understand odds clearly without a shred of doubt. When you visit a betting site, you will have the option to choose the format of the betting odds – Decimal, Fractional, American, etc. Decimal odds are the most convenient and commonly used odds format in India.

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What are cricket betting odds?

The other aspect, and a very important one, of the betting odds, is that they also represent the probability of an outcome. For example, if the odds for India to win a T20i match are 1.60 there are two ways to read these betting odds –

  • A ₹1000 bet on India will return ₹1600 if India wins.
  • The probability of an India win as indicated by the bookmaker is 62.5%

The first part is rather easy to understand. The way you calculate returns on your stake is by multiplying the bet amount with the decimal odds.

₹1000 * 1.60 = ₹1600

While the second part is also quite straightforward, calculating the probability may not be as simple. Here is the formula to find the probability indicated by odd –

Indicated probability = ( 1 / decimal odds ) * 100

You will find this useful to understand the meaning of betting odds as in the above example where India are priced at 1.60 –

( 1 / 1.60 ) * 100 = 62.5%

The information we glean from these odds is that the bookmaker has India as favourites to win the match.

There is also a simpler way to gauge which team a betting site thinks has a better chance of winning. Look for the difference between the odds offered for both teams in the winner market.

  • If the betting odds for India and England in a head-to-head market are 1.83 and 1.83 or 1.90 and 1.90 each, there is no clear favourite for the bookmaker.
  • However, in case the odds are 1.70 and 2.10 for India and England respectively, India has a slight edge going into the match.

To find how close to being a favourite a team is, set ‘2.00’ as a baseline

The farther the odds from this baseline, the clearer the picture gets. A team valued at 2.50 is clearly not in a strong position to win the match as compared to a team priced at 1.60.

When the betting odds for both teams are closer to this baseline, it indicates that the betting site considers both teams to have an almost equal chance of winning.

How to find best cricket betting odds?

To find the best pre-match betting odds, you will need to shop around and compare the odds from different sites. BettingTop10 makes this process easier by offering an odds comparison of the best betting sites in each of our cricket predictions.

Furthermore, you can take advantage of the uncertainty among bookmakers during certain leagues and bilateral series. For example, there can be a slight difference between odds offered by betting sites for TNPL and other leagues with lesser-known players.

This is due to the lack of multiple and consistent data points for the prediction/probability model used by bookmakers.

Here is an example of how our cricket prediction helps you find the best odds for betting. Consider the CSG vs DGD match in TNPL 2021 –

Cricket Betting Odds Comparison

 

  • If you were to place a bet on Chepauk Super Gillies to win that match, 22Bet had higher odds of 1.77 (bet ₹1000 to win ₹1777)
  • Whereas, if you wish to back Dindigul Dragons, 10Cric offered the best odds of 2.06 (a ₹1000 bet would return ₹2060) for betting on the team.
  • The potential winnings on Dindigul Dragons at 10Cric are ₹2060 while those on 22Bet are ₹1950. There is a difference of ₹110 between the profits you can make from a winning bet at these two sites for Dindigul Dragons.

Here’s another example from the T20 Blast which is a league with many surprises in store for fans every year –

Best Betting Odds

 

  • The above screenshot is from our T20 Blast prediction for the Derbyshire vs Leicestershire match on the 14th Day of the league stage.
  • The odds for Leicestershire (who won the match) are 2.10 on 22bet while 10Cric offered slightly lower 2.00 odds in the winner market.
  • A ₹1000 winning bet on Leicestershire Foxes that day would have returned ₹2100 if placed with 22Bet.
  • Whereas if the bettor had placed the same amount on the same team with 10Cric, the returns would have been ₹2000.
  • The profit on the winning bet would be ₹1100 on 22Bet and ₹1000 on 10Cric.

There is a clear difference of ₹100 in the profit and it could have been even bigger if the stake was bigger. Hence, even the slightest difference between the odds can make a big impact on the potential profits you make from your winning bets.

Live Odds Betting

Cricket bettors find live betting a very enjoyable, thrilling and profitable activity. It is during the in-play that bettors find many many opportunities to beat the bookies. A strong understanding of the game, probability, and quick decision-making skills are required to ace the live betting game.

How to find the best live cricket betting odds?

A powerplay in T20 cricket is a great time to find the best odds for betting on your favourite team.

  • The winner odds shift a great deal from the ‘2.00’ baseline.
  • A team chasing a target loses a few early wickets and the betting odds for them can go over 2.00 or 2.50 and at times even 3.00.
  • Similarly, if the chasing team gets off to a flying start, the betting odds for the defending team will go upwards of 2.00 or 2.20.

This is where you can get the most out of your bet

A betting site may price a team at 2.25 in the powerplay of the 1st innings. However, it does not indicate the team actually has fewer chances of winning. In T20 cricket, teams with odds of 3.00 in the 1st innings have gone to win the match. It is the 2nd innings where things start becoming more clear as to who actually has an edge in the game.

Hence, it is important to make your own assessment of the winning probability of a team rather than take the betting odds to be the exact probability of an outcome.

Some factors to consider for making your own assessment of a team’s chances of winning –

  • Number of wickets in hand of the chasing team
  • Number of overs remaining of the key bowlers
  • The possible bowling options in the death overs
  • The form and consistency of the chasing team’s finishers

For exampleMumbai Indians either chasing or defending are always in the game.

Case 1: Mumbai Indians defending

  • Bumrah’s yorkers make it difficult to chase down 12 runs an over in the death overs
  • R Chahar will break partnerships in the middle overs and slow down the pace of the innings
  • Hence, even if the chasing team has a decent power play against them, Mumbai Indians will still be a good bet at the point even at 2.20 or 2.30 odds.

Case 2: Mumbai Indians chasing –

  • When MI is chasing, they’ve got many impact players to rely on
  • Ishan Kishan and Suryakumar Yadav are in great form and can be match-winners in the middle order
  • Pollard has been a finisher on many occasions leading MI to some unbelievable victories on multiple occasions.
  • Hence, a few early losses in the power play does not rule MI out of the game and if a bookmaker offers anything above 2.00 odds for MI early in the game, it is a good bet.

Keep an eye out for rising young players in the tournament. Your objective should be to have a better assessment of the game than that of the betting site. To do so, equip yourself with all the latest new stories, stats like matchups between batsmen and bowlers, strengths and weaknesses of key players in all squads.

Also, notice how the skippers go about using their main bowlers. Rabada and Bumrah are some of the best in business when it comes to bowling in T20. Their skippers will tend to keep at least two overs from them for the death. This may change depending on the match situation.

Who are the go-to bowlers for Kohli, Dhoni, Rohit, and other captains when the opposition looks well settled and are going berserk?

Find answers to questions like this and others that help you gain more insight into the team strategies. The more insight you gain, the better you can assess which team has the upperhand in a live match. And while the bookmaker may value a team at odds of 2.50 or 3.20 at some point in the match, you can still win the bet if your calculations are correct.

A good betting tip would be to make use of the cash out feature offered on top betting sites if needed. It can help you restrict your losses in a game where you are uncertain about your team’s chances and do not wish to take any risks.

Along with the cashout feature, also consider the responsible gambling features such as Reality Checks, Deposit Limits, and others to help you monitor your betting and stay in control.

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