Cricket-betting odds stand out as the cornerstone of all cricket wagering systems, including IPL. So, before you start placing your bets, you should have a good idea of the betting odds. Once you have a solid perception of the odds, you will easily learn about the probability of an outcome and calculate your potential winnings. Are you interested to learn more about the best betting odds? Then you must go through the contents of this particular article.

What Are Betting Odds?

Wagering odds are something that all bookmakers utilize. It enables them to present the likelihood of a specific result within an event. You will find these odds come in the form of decimals [3.0] and fractions [1/2]. 

On certain occasions, they are displayed with a “+” or a “-“ sign right in front of a number, something like this: +100, +200, -150, -300, etc. When it comes to betting markets, they have the power to provide you with numerous results within any event. 

For instance, when betting in a football match, you will get your choice to win, draw, and home best. These three given outcomes will receive a value that will be based on their probability. The wagering odds are applied on anything with a set result, and you can plan accordingly.  

How Does The Betting Odds In Cricket Work?

The cricket betting odds can be pretty tricky when it comes to having a good understanding. Once you gain proper knowledge about the highs and lows of cricket wagering, you will surely become habitual to it. The cricket wagering odds are no different from how other sports wagering odds work. 

In other words, when you are pretty familiar with the ups and downs of the online betting realm, it will be a lot easier for you to understand the cricket betting odds. You are free to view these odds in any format you want, including the American formats. 

Terms Of Cricket Betting Odds

There are several terms which you must know about the betting odds within the area of cricket. Look below!

  • Enhanced odds promotions: Under this term, the bookmaker enhances the odds on a particular wager.
  • Favorites: The team, which is expected to win. 
  • Pre-game bet: This is a wager, which is made before the game starts.
  • Even money: This term means that you can bet with even odds, and you might get to lose or stand at the same amount. 
  • Outsiders/underdogs: The term is directed towards the team with a low chance of winning the event or match. 
  • Odds Overground: This particular term explains that you will get the chance to factor a profit margin on the prices that the bookmaker provides. 

How To Read Cricket Betting Odds?

When you have decided to place your bets on cricket, especially in tournaments like IPL, you must learn how to read the odds. Placing a bet without knowing how to read the odds will hurt you in the long term. To understand how to read the cricket betting odds properly. For instance, let’s say that Australia is hosting India in the 4th test, with the following odds: 

  • India to win- 17.00.
  •  Australia to win- 2.25.
  • Draw- 1.80.

You can easily understand that the “draw” stands out as the favorite outcome through these given odds. On the other hand, India are the underdogs, and it is because they were required to score a lot more runs during the last day of the test. So, from here, if you place a £50 wager on any outcome, your potential payout will be: 

  • If Australia wins: £50 x 2.25 = £112.50 [The total payout].
  • If India wins: £50 x 17.00 = £850.
  • Draw: £50 x 1.80 = 90.

The total calculated payout shows that India is one of the most valuable underdogs. It’s because you will receive 10 times more value than Australia. The £112.50 also includes your £50 bet. This means that the total payout of £112.50 will carry your £72.50 winnings along with the £50 wager. 

How To Convert Fractional Odds To Decimal?

There is no need to convert your fractional odds to the decimal ones manually when you are using one of the betting websites to get the job done. When you want to convert the odds to decimal from fraction, here how you should do it:

If you want to convert 6/1 to decimal, divide the number on the left with the number on the right and then add one. So that will be, 6 ÷ 1 = 6 and 6 + 1 = 7. To help you understand properly, you can take a look at these examples. Look below!

  •  2/5 = 2 ÷ 5 = 0.4 and 0.4 + 1 = 1.40.
  • 10/1 = 10 ÷ 1 = 10 and 10 + 1 = 11.

Ending Note

The information provided in this article will surely help you understand and learn what betting odds are. It will also help you learn how they work and how they are calculated.