Mr. Cricket Tipster’s Cricket Betting Markets For Dummies
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Odds or Price
Once you have decided to bet on Cricket, you need to understand the numbers which look like 5/4 or 2.25. The Odds or Price is the one that lets you calculate your investment vs. it’s corresponding returns. A bookmaker makes this information available in one of the formats mentioned above (There are other odds formats, but I am just going to limit the discussion to two of them).
Almost all of the bookmakers allow you to change this to the format of your liking in the settings page.
The two Odds formats I am going to explain are
Fractional Odds [aka Traditional Odds, UK Odds or British Odds] – Displayed like 5/4
Decimal Odds [aka European Odds, Digital Odds or Continental Odds] – Displayed like 2.25
The amount you bet and its returns are separately mentioned as a ratio in this format. Say the odds on a particular team (X) to win is ¼. Which means if you wager 4$ on X and if they win you’ll get 1$ as profit. So if you want to bet 25$ then 25* ¼ = 6.25$ will be your profit. So your final returns will be 31.25$ (Wager Amount + Profit)
The amount to bet and its returns are added together in this format. Let us take the same example mentioned above. ¼ in Decimal Odds is represented as 1.25. If you wager 25$ on team X and you will get 31.25$ (25*1.25 => Your Wager 25$ + Profit 6.25$). If you just want to calculate the profit that you’ll get subtract 1 from the Decimal Odds and multiply by your Wager amount.
i.e. (1.25 – 1) * 25$ = 0.25 * 25$ = 6.25$
Let’s take an example:
Pakistan and Australia are playing a T20I. The odds on Pakistan to win this match is 2/1 or 3.00 and Australia to win is 2/5 or 1.40. And let us assume you want to bet 100$.
Fractional Odds Calculation
If you bet on Pakistan – 100$ * 2/1 = 200$ Profit. Your final returns will be 200$ + 100$ = 300$ (Profit + Wager)
If you bet on Australia – 100$ * 2/5 = 40$ Profit. Your final returns will be 40$ + 100$ = 140$ (Profit + Wager)
Decimal Odds Calculation
If you bet on Pakistan – 100$ * 3.00 = 300$ Final Return. Your profit will be (3.00 -1) * 100$ = 200$
If you bet on Australia – 100$ * 1.40 = 140$ Final Return. Your profit will be (1.40 – 1) * 100$ = 40$
I think there’s no need to explain that: If you lose your bet, your wager amount is gone.