If you are new to Cricket betting, you will need to acquire a good understanding of how the cricket odds work. Just as when betting on other sports, the odds are presented in decimal or fractions format. You will have the option to set them to view in either format. Understanding cricket odds is easy.
The bookmakers set a profit margin, typically around 7% over and above the possible outcomes. You can keep the margins down by comparing the best odds on offer with different betting sites.
Betting on limited overs cricket is a simple head-to-head market while the draw is a third possible outcome in Test Match Cricket. A betting market is also available on the overall series score. For example, a simple win odds market on a Test Match between India and England may be presented as follows;
India to win 1.5 (or 1-2), England to win 2.75 (or 7-4). There will also be odds for a draw, let us say 3.75 (or 11-4).
If you think India is a good bet to win, a 10 point bet will return 15 points i.e. a profit of 5 points plus your initial 10 points stake. Alternatively, a 10 point bet on England would yield a return of 27.50 or a draw 37.50.
If you wish to eliminate a draw from your calculations, most bookmakers provide a “Draw No Bet” market, although the odds will obviously be reduced accordingly on the win options. There is also a “Double Chance” market. You can select your chosen winner and a draw at a combined price. As we will explain in our other sections, the key to successful betting on Cricket is to seek value.
Spread Betting is a relatively recent innovation and is particularly popular with ODI and Twenty20 Cricket. This opens up hundreds of betting opportunities with in-play markets and a cash-out facility. It has often been likened to investing in stocks and shares and is not for every punter.
As an example, bookmakers may open a spread betting market on the total runs scored by a team in a match. You are then invited to bet higher or lower than their spread. If you are betting on a high score, you “buy”. If you think the score will be lower than the spread, you “sell”. How much you win or lose is decided by how close the final total is to the spread.
Example bet: England are quoted at 250-265 on the spread. You buy at 265 for 2 points per run. If they score 285, you win 20 x 2 points = 40. Conversely, should they score only 230, you lose 40 points (minus 20 x 2). Similar markets are available on runs scored by a batsman or wickets for a bowler. The spread moves quickly as the match develops, giving you the chance to close out and take a profit.
You can take out some insurance against significant losses, for example by implementing a stop loss. It would certainly be advisable to make sure you are fully aware of the risks involved before venturing into this form of betting.
Betting Exchange sites such as Betfair give the opportunity for punters to match bet with other punters. The attraction of the betting exchanges is two-fold. Firstly, it is possible to get considerably better odds matched than may be available with the sports betting sites. Secondly, there is the prospect of managing your bets to guarantee a profit, win or lose. This requires a combination of expertise and the ability to react quickly. The site takes a small percentage between 2 and 5 percent and ensures that all bets are honoured.
An example bet would be you backing a team to win with an opposing punter who is prepared to lay that team at the listed price. Punters laying the bets must deposit sufficient funds in their account to cover any losses. For example, if they lay a $100 bet at odds of 1.5 they must have at least $150 in their account. As with spread betting, we would strongly advise caution before entering into betting exchange markets. They can be very profitable for the experienced punter but require very careful money management.
Please be sure to bet within your limits and check out our section on managing your cricket betting bankroll.