Online betting and cricket are old companions. The world of online betting has advanced rapidly and the growth in the number of online bets has been huge. Before getting into the depth of cricket betting, one must understand the basics of how and where to bet online. There are some great online platforms for betting on different games.
Among these websites is Lottoland which is by far the best website for online betting. Lottoland has a separate page dedicated to sports betting. Not only Cricket but also football, tennis, basketball and many other games. It offers live betting on multiple games right from the same page and saves you from the hassle of extra browsing.
Apart from that, the way bets are placed and what needs to be done might seem difficult initially but once you understand the betting odds, you can become a successful bettor. We can walk you through the whole process of betting odds of cricket and how everything works in the online betting world. There are different types of betting odds that can be used to serve the purpose and gain maximum profits as per the bets placed in the online Cricket betting world.
What Are the Betting Odds in Cricket?
The betting odds of cricket reveal the chance or probability of when the outcome will occur. The odds will tell you about the probability of when the event will happen and what will be the outcomes of a particular wager.
The odds of winning a match can be calculated by using the below formula:
Probability or Chance = 1/decimal odds
How Do Betting Odds in Cricket Work?
When you start understanding the betting odds, you will also focus on how much you will be winning on a bet or how you are going to win the bet. This can be calculated by using the given formula:
Your Winnings (Profit) = (Your Stake * Odds) – Your Stake
For instance, if you take an example of the Australia-England ODI. You have a $10 bet on Australia at winning the match by 1.80 odds. For calculating the amount of profit you will be earning on a bet, the above-mentioned formula could be used:
Your Winnings (Profit) = ($10 * 1.80) – $10 = $18 -$10 = 8$
So if Australia beats England, you will be able to make a win of $18 which makes your profit to be $8 on a bet of $10.
Types of Betting Odds
In Cricket, the betting odds have many types and different ways of placing the bets but the end goal of all the methods is the same along with the same result. The three basic notations of betting odds are Decimal, Fractional and American. At times, you do not need to go into much detail as many of the sportsbooks let you see what your odds of winning are of the bets you are interested in. All you can do is learn about only one of the following and place your bet accordingly.
1) Fractional Betting Odds
Fractional Betting Odds is one of the oldest and most common notations that is being used to express the odds of betting. It is divided into columns and the columns are separated using a slash (/). The left column shows the profit you will win on the amount you have placed the bet for. The right column shows the betting amount. For instance, for 3/1 odds, you will be earning 3 units for every 1 unit.
2) Decimal Betting Odds
The Decimal Betting Odds are one of the most recent notations which are very simple yet not so sophisticated as the fractional one. They are represented in decimals such as 2.25 which shows the number of units to be returned to for every single unit. For instance, if you placed a bet of $5 with odds of 1.75 over winning then the total profit you will get is $3.75. It is calculated as:
8.75 ($5 * 1.75) = $3.75
The most important point is that the decimal notation always includes the total payout you will receive.
3) American Betting Odds
The American Betting Odds are mostly used by punters and sportsbooks and punters based in the US. This notation is quite confusing as compared to the decimal or fractional ones. The odds of betting by the American notation are depicted by a positive or a negative number such as -250 or +250. The positive odds show the amount you will receive as proof of the stale while the negative number shows the amount you will have to stake. This seems to be quite complicated but it is being widely used in the US. just the fractional odds, the American betting odds do not include the stake in the total payment.