Sports betting has always been a popular activity among avid sports fans. It had been existing for a long time. In fact, its first record happened in Greece and it dates back to 2,000 years ago. The popularity of the activity quickly spread to Rome where it had been widely accepted. It was even legalized. Gladiator games were betted upon by the Ancient Romans and the activity eventually stopped. It may have stopped in the area but its widespread was uncontrollable. In fact, sports betting even reached other kingdoms.
Many laws were passed to forbid the act of sports betting. The laws pushed through and so did the act of sports betting. With legislations forbidding the said activity, sports bettors were forced to develop a new style — underground sports betting. And so it pushed through many
generations where a lot of newer sports flourished. This widened the capacity of sports betting because almost any sport can be betted upon.
Once again, betting seemed to be legal with the popularity of horse racing in England. Again, it spread widely across the globe and became one of the world’s most favourite pastimes.
Betting isn’t just an activity. It is in fact a business that made lots of people become richer through the bets of avid sports fans. Fans have an inclination of wagering their money for the sake of their favourite teams. Seen as an exciting activity where you’ll get to predict a certain games’ outcome and get something back if you get it right, betting never grew out of style.
Today, sports fans still keep on betting. Unlike before where you’ll bet on fighting gladiators, people now bet on their favourite sports teams. Football, cricket, and basketball are some of the sports that people bet on.
With the help of sportsbooks and bookmakers, betting can be done outright. However, it is in this world full of technological advancements that even betting became digitized.
Unlike before when you’ll have to go out to bet, betting can now be done in the comfort of your own home. For example, there are lots of cricket betting sites in the World Wide Web. These sites offer some bonuses and wagering options to those who wish to bet. Also, the best part that can be considered is that it provides live cricket odds so that you can monitor the ones that you have bet on.
The great thing about cricket odds is that it lets you know your chances of winning and it can also help you determine the amount that you’ll be getting if ever you win. Meanwhile, the advantage that it has when the betting is done online is that you can get to see different odds and payout options from different sites. Another fantastic thing about it is that it doesn’t require you to step out of your house to bet. Overall, it’s convenient in every way.
Moving forward, let’s help you know more about these cricket odds and how they can determine your chances of winning and the profit that you can make.
What are cricket odds?
Cricket odds are numbers that determine the most probable results of a match. When you visit a cricket betting site, you’ll see how there is an odds format option on the sides. This option allows you to check the odds in a style that would be most convenient for you to understand and use.
Some odds format available for online cricket odds are Decimal, American/Moneyline, Indonesian, Hong Kong, and Malay.
A simple tip when checking cricket odds is that the teams who have the smaller odds value are actually the ones who have a greater shot at winning. However, this does not apply to the Malay format where the team most likely to win has a larger number in its odds.
Determining the chances of winning
Anyone who bets wants to win. With that being said, you can’t just bet on a team that you like just because you wanted to. Well, you can, but of course, you’ll like to know the probability of you actually winning the bet.
Let’s say that you are a fan of the Indian National Cricket Team. Assuming that they have a match against Australia, you would like to know the cricket odds first.
Using the decimal odds format, let’s assume that the odds for India is 1.8 while the odds that Australia has is 2.06. Remember, you are going to bet for India whose odds are 1.8. Let’s try to know how much chance you got on winning.
Following the formula of probability which is Probability = 1/decimal odds, let us try to know the chance of India to actually win the game against Australia.
Probability = 1/decimal odds
Probability = 1/1.8
Probability = 0.555555556
Multiplying the answer by 100, we will get 55.55%. This represents the probability of you winning the bet if you choose to go for India. Upon learning your chances of winning, let’s assume that you pushed through with your bet.
With that 55.55% chance of winning, you decided to place a bet of $5 for India. If India wins, you’ll get to take home your wagered amount plus a profit. Now, let’s try to find out how much you can get if India really wins.
Knowing the amount of profit also follows a formula. To know the amount of profit that you can get, we follow:
Profit = (Stake x Odds) – Stake
Substituting the values of your situation, let’s try to see how much you can take home.
Profit = ($5 x 1.8) – $5
Profit = $9 – $5
Profit = $4
Upon knowing that, we discover that if India wins, you’ll get to take home $9. That’s your $5 coming back to you with a profit of $4.
Cricket bets that can be made
If you think that betting is limited to determining the overall winner of the game, then you’re wrong. In fact, there are four types of cricket bets that you can make and under them are some categories that can actually be betted on. The following types of cricket bets and the categories that fall under it are the following:
Basic cricket bets: match betting, tied match, series winner, and outright winner
Cricket team propositions: win toss, toss combination, odd or even run scores, first innings score, match scores, over/under scores, team innings runs, series scores, partnerships, most match sixes, total fours, most run-outs, and highest 1st 15 overs
Cricket player propositions: top batsman, team of top batsman, top bowler, individual bowlers series wickets, man of the match, batsman matches, to score 50 runs, century to be scored in the match, and player performances
Cricket in-play propositions: batsman runs, runs off next ball, method of dismissal, over/under totals
Now that you know the understand cricket odds more, it is advisable that you visit some great cricket betting sites that offer some great deals for new registrants like you. Upon betting, don’t forget to be aware of the cricket odds. You wouldn’t want to waste your money without actually knowing if you have a chance to win or not. Take your time in placing your bets and scrolling through some of the game updates. Most of all, don’t forget to have fun.