Types of Odds
After understanding as to what the odds are, let’s have a look onto their format. The most common odds format are explained below:
How Do Decimal Odds Work?
This is the most common odd format that is in use by majority of the bookmakers because of its ease of use. Under this type, the odds are presented as a single positive number usually up to two decimal places. The single positive number reflects the total payout a punter would receive, including the original stake per unit.
Total Return = Stake x Decimal Odd Number
The total winnings so calculated also includes your stake, and the return is paid out by calculating at the actual odds. To give a better understanding, at the odds of 9.00: you will win $8 for every $1 that you bet. You will also get your $1 that you wagered, so that is why the total return amounts to $9.
How Do Fractional Odds Work?
Hailed as a traditional format and commonly used in the United Kingdom, it is a tricky one although its basic principle is good to go with. The odds are presented as fractions i.e 4/1, 6/1 etc. It basically means that you can win 4 units for every one unit you stake. Your total potential payout also includes your original stake.
The going gets tough when you have fractional odds like 11/10 or 6/4 to choose on. Under this, it means that you can win 11 units for every 10 units that you stake. This format is also called as the UK or British odds.
One thing needs to be cleared over here that when the first number is greater than the second one, it is called as ‘odds against’. In the other case such as 4/6 or 1/7, you can win 4 units for every 6 units staked or one unit for every seven units staked.
So, before placing your cricket bets with the fractional format of odds, ensure that you understand the above mentioned details.
After discovering the two mostly used odds formats of Fraction and Decimal, let us have a comparative look on both whereby they are different yet same.
How Do American Odds Work?
American odds also known as moneyline odds or US odds are most commonly used in the United States. The minus sign indicates the favorites which means that you need to stake the mentioned amount to win $100. On the other hand, the positive sign is an indicator of the competitor who has a less chance of winning and the amount you win for every $100 wagered.
Under this format, you get your initial wager back, in addition to the winning amount.
With odds of +585, the sportsbook has clearly indicated that Team A has a very less probability of winning the match. You need to stake $100 to win $585. If your bet wins, you will take home $685 (100+585).
With odds of -760, the sportsbook considers Team B to win the match and you will have to wager $760 to win $100. If you win, you get $100 with a total payout of $860 ( $760 + profit won $100).
The above mentioned three odds format of fractional (British) odds, decimal (European) odds, and American (moneyline) odds are used interchangeably by the sportsbooks. Simply put, they are just different ways of presenting the same thing, and have no difference in terms of payouts.
How To Find The Best Cricket Odds?
It is entirely the discretion of the punters when it comes to a sportsbook offering competitive odds. Since, all the sportsbooks are in the race of offering the best possible odds, a cricket betting enthusiast should definitely try out as many options as possible for choosing the right one.
The process of choosing a cricket betting site that offers the best odds shares similarity with the act of shopping. You check out various stores and the price offered by multiple stores if you intend to buy one particular item. Similarly, you should definitely explore multiple sportsbooks so that you can analyze that which one of them offers the best odds and yield greater returns all the time.
How To Use Betting Odds?
Cricket betting is not just about choosing the winner of the betting market, it is dependent on various other factors if you intend to make it big in the long run.
If you just stick to one sportsbook for placing all your bets, then you might miss out on a lot of extravaganza and profits. It is because other cricket betting sites might offer lucrative odds that have the capacity to provide you better returns. So, it is not just about always placing a winning bet, it is majorly about the competitive and highest odds that make the difference.
You should thus make use of those odds in your betting spree that not only offer you greater returns in the short run but also in the future too.
In a nutshell, make sure you choose and use the odds wisely, so that you can make the most out of your cricket betting expedition with whichever sportsbook you choose to proceed with.
Importance of Odds
If you are still not able to comprehend as to why we are stressing over the odds and their importance and use, have a look at an example to understand the same. It will not only be an eye opener for you but will also help you to make an informed decision of fianlising the odds.
Consider two bettors such as A and B. Both have a great rate of placing winning bets, lets say 75%.
Now, bettor A gets 1.90 at an average while B is getting the average odds rate at 2.00 just because he keeps exploring different sportsbooks to find the best possible odds.
Let us assume that they bet on a 1000 games a year, which means they have 750 winning bets and 250 as losing ones. If they bet $1000 on each match their results would be as follows:
- Bettor A: 750*0.90+ 250*(-1)= 425* $1000= $425000
- Bettor B: 750*1.00+ 250*(-1)= 500* $1000= $500000
With a huge difference of $75000, is it still worthy to miss out on the process of exploring different cricket betting sites for getting the best odds. No, absolutely not. This example is a clear testimony to the importance of odds in the punting exercise. So, make sure you do not act lazy and skip out on your prospective profits that you can simply get if you choose the most competitive odds offered to you.
With an elaborated version of the odds mentioned above, you must have got a crystal clear picture about the fact that they are an indispensable part of cricket betting and you should definitely not underestimate their role or use at any point of time.