Online Cricket Betting Odds: Odds in online betting for the sport of cricket are an extremely different concept. One would imagine that the betting in this case depends on the results of the matches. However, one must understand that there is a very huge role of probability in this case as it largely impacts the game. The players need to understand the calculations behind the Online Cricket Betting Odds before they finally start placing their bets. There is a rigorous calculation involved and certain mathematical equations. It becomes imperative to comprehend them as they largely influence the game.
The cricket betting system that is available on online bookmakers involves a complete understanding of the probabilities of the odds resulting. It is important to consider that the betting odds depend on certain factors and mere knowledge of cricket might not help gain considerable benefits in the bets. Thus, you must understand the conceptualities and aspects of Online Cricket Betting Odds. In the ensuing space, we have tried simplifying the process by curating a report on how to comprehend odds and the way they influence the game.
What are Online Cricket Betting Odds?
When you start off placing a bet online on the online betting sites, you will have to deal with certain numbers which the sites and applications refer to as Online Cricket Betting Odds or simply odds. While the bet and the decision are entirely based on personal calculations of what the chances of wins are, you will have to operate in terms of odds to place the respective bets. It might have been observed by you that these odds are in form of ratios on certain occasions while some apps prefer to depict them in the form of decimals.
As a potential bettor, you must know what these odds are. You cannot proceed with placing the bet if you have no knowledge of the nuances of the bet. Basically, Online Cricket Betting Odds refer to the probability or possibility of winning as per the general conception of the bet placers on the bookmaker. To understand the entire concept, you need to understand how online betting works and what the odds are in that allusion.
Generally, when you make your analysis of the Cricket Match, you move on to the next step which is placing the bet online. On the online bookmaker, the market will display the odds. Each match has a possibility of three outcomes. These are namely, win, loss, and draw. The bets are set according to these three possibilities of the match. There are many users who place bets through online bookmakers. For instance, there is a case where the match is being played between Team A and Team B. If many bettors guess that Team A will win, the odds will be high for Team A and low for Team B.
Now, as a bettor, you could place a bet on Team A and deposit your money on the same. With lesser money riding against the odds, there will be fewer opportunities to make money when Team A will win. Those who will place a bet against Team A and in favour of Team B, there will be more money riding against the latter. Here, the opportunities to win a better amount increase as there will be a considerable amount of money lost against that odd.
Usually, the teams with higher odds win in situations. Nevertheless, sometimes the situations unfold in a way that the ones with lower odds win. One must not make decisions on the basis of the Online Cricket Betting Odds that the bookmakers display as the odds are purely a reflection of what the other bettors suspect. Thus, you must be sure regarding your own analysis and accordingly bet your money.
Types of Odds in the Cricket Betting
Cricket is a game where there can be three outcomes. These outcomes are also reflected in the world of betting. Thus, one must understand that the odds are set around these outcomes. These odds can be in form of percentages, decimals, fractions, or even ratios. It will require a basic mathematical understanding of the possibility of the odds playing out. On the sites, you will be able to find the Online Cricket Betting Odds with respect to the teams or the possibility of drawing being one.
If you are planning to bet your money on Team A, then the odds for Team A will reflect the odds of it winning as per the bettors. The next number is the odds for Team B to win. The third scenario is for the possibility of drawing. However, in many cases the possibility of a draw being an outcome is minimised, thus, certain sites refrain from offering a draw as one of the Online Cricket Betting Odds. They require the users to choose from the win and lose as the only option in terms of bets.
The difference between the odds reflects how much the money difference is in each case of the outcome. If the difference tends to the negative, then the profits are the highest. This implies that when you will win, then you will win a very higher amount of profit as many bets are riding against your chosen option. If the difference is moving to the resultant zero, there is a possibility then the profit percentage is balanced for the bettors. This means, that no matter which side you are on if they win, the profits will be similar.
Lastly, if the difference is huge, it reflects that when your team will win, you will not get huge profits in terms of money. You need to understand that the odds eventually impact the profit you get when you win the bet. They do not matter when you lose as you will lose all the money you placed on the bet. There is no relation between the amount you will lose and the Online Cricket Betting Odds.
Calculations behind the Betting Odds in Cricket
When we calculate a total percentage, we will consider a percentage to be 100%. However, for online bookmakers, the resultant results to more than 100%. The reason behind this is the commission imposed by the bookmaker. In simpler terms, you can understand through the ensuing example:
For example, you are considering a match between Team A and Team B. Here, we will take the bookmaker out of question. As per your estimation, the odds are as follows:
- Team A Wins: 60%
- Team B Wins: 20%
- The Match is Drawn: 20%
Here the total is 100% and the calculations seem very legitimate. This is in a way, a similar situation in the case of the offline betting odds where there is no bookmaker involved and this seems like a very uncomplicated probability calculation. But when a bookmaker is involved, the commisison is added, which is the margin or profit.
Online bookmakers make profits or earn money on the basis of this margin system. Usually, the commission is added in a way that the entire total falls within the range of 105% – 107%.
- Team A wins the bet at a calculation of 1.54 odds with a 65% possibility
- Team B wins the bet at a calculation of 5.55 with an 18% possibility
- The Match is drawn at a calculation of 4.12 with a 24% possibility
This implies that the odds for you to win have increased. However, the odds to lose have been increased due to the probable and very much evident commission that has been implied. The bookmakers raise the odds in order to lure the bettors making them believe that they will end up winning a higher amount of money as the odds of them winning have increased. They fail to notice that the odds of them losing have increased as well. Thus, when choosing a bookmaker, one has to take the commission of the bookmakers for the Online Cricket Betting Odds into consideration.
What is the Online Cricket Betting Odds Calculation Formula?
Here, we will explain all the calculations to make you understand the concept of Online Cricket Betting Odds better. Thus you must understand the formulas, calculations, and respective equations very carefully to develop a comprehension of the entire mathematics behind the Online Cricket Betting Odds.
The general calculation of the Odds
As explained earlier, the general calculation of the odds is where the total is 100%. For every bet, there are outcomes on the basis of the coin flip. This implies that the calculations are in a manner where Outcome 1 has a 50% chance of happening as there are only two sides of a coin and similarly, the possibility of Outcome 2 is a 50% chance of happening. In the concept of probability, the odds are calculated on the basis of the formula:
Odds = 1/ The probability of the odds occur
In the example of the coin flip, the change of getting heads is half or 0.5 and the same goes for tails. Hence, the probability of the odds to occur is 0.5.
Hence, the odds become, 1/0.5 or simply 2.0.
Expected Value or EV in calculations of Online Cricket Betting Odds
Online bookmakers employ the equation or formula of the Expected Value. They use an extensive system for the calculations of the bets. These systems involve the use of Expected Value or EV. The bettors need to understand that while placing the bets, you have to make arrangements such that you get a +EV. Online bets deal with +EV and -EV. The formula for the calculation of the Expected Value or EV is here as follows:
Expected Value (EV) = (amount won X probability of winning) + (amount lost X probability of losing)
Use of Expected Value by the online bookmakers
The online bookmakers make an arrangement in the Expected Value formula in a way that the betting odds that you get are arranged in a way that the coin flip has odds of 1.85 if you win the bet on heads. This might seem an absurd calculation but it is not considering the marginalised system of online bookmakers. This can be understood by an example where you are betting Rs. 100 on getting heads with the odds being 1.85.
EV = (1/2 X 100) + (1/1.85 X -100) = 50 + (-54.05) = -4.05
Here the bet is negative. As we explained earlier that as a bettor, you must try placing a bet where the EV is positive. There is an intensive monetary calculation involved in this domain as it deals with profits and losses. With EV being negative, you will eventually lose money. To make this concept more lucid, you will have to consider the ensuing calculations so as to understand the concept of monetary losses and profits. Here, you will notice that the equation has been modified in a way to make the calculations comprehension even better:
Every second toss, you’ll win ₹85 when you bet on heads which are reflected by the equation in which Rs. 100 stake X 1.85 = Rs 185 – Rs. 100 stakes = Profit Rs. 85. Every second toss, you’ll lose ₹100 when you bet on heads which means that the coin is flipped on the tails side and the stake of Rs. 100 is lost. Now, take the calculations into consideration with respect to the Expected Value calculations with regard to the real odds of winning and develop an understanding pertinent to the same. You need to understand that your monetary profit will result to be as per the ensuing equation:
Rs. 85 X 0.5 + – Rs. 100 X 0.50 = – Rs. 7.50
This indirectly implied that you will end up losing Rs. 7.5 when you bet Rs. 100 when the odds are placed at 1.85. In simple terms, you will be offering Rs. 7.50 as a commission to the bookmaker when you place the bet.
This system is followed in terms of Online Cricket Betting Odds as well. The online bookmakers take all three or two possibilities, depending on the match and the tournament and arrange the Expected Value for the odds in such a way that it turns out to be negative. When selecting your online bookmaker for betting on cricket, you will have to understand that the placement of the bets has to be in such a way that the expected value is the lowest in comparison to the others.
In simple terms, there is the least possibility that you will find an application which has a bookmaker that offers you to place bets while getting a positive expected value. Thus, you need to take the odds into consideration and follow the aforementioned processes to figure out where the Expected Value is least negative and accordingly place the bet and choose the bookmaker.
Let us know your thoughts and questions on the Online Cricket Betting Odds in the ensuing comment box.