If you have interests in sports betting, you must’ve heard about the term Odds. The whole betting system is dependent on this term. In simple words, if we define it, it will be the ratio of the probability for a certain case.
When it comes to cricket there are some limited Odds. All over all the betting sites and offline bookies are offering odds on certain events. Let’s know more about it.
Why Are The Odds Being Changed Oftenly?
You must have seen in some sites that odds on a certain event changes frequently. Why? Because of the situation. The bookmaker has to make some profits too. That’s why he changes the values.
Suppose, there is an incident on which odds have been decided. Now to place bets on that incident, two parties will be there. One must go win the win and another will go for loss.
When Bookmakers are fixing some odds, they keep in mind that they have to take some from the losers and have to give some to the winners. But if the ratio becomes too close all the time, there will be nothing left for the bookmakers themselves. That’s why for a certain incident, the changes in values of odds can be seen.
How Many Cricket Betting Odds are There?
Odds are available in various ways. However, overall there are only three types of odds. Those are – American Odds, Fractional odds, and Decimal odds.
This kind of odd is generally used widely. American Odds have only whole numbers. There will be positive and negative symbols along with the numbers. These signs indicate whether the team is an underdog or not.
Now assume, if you see +140 in an odd, it means, you have to pay $100 on the underdog team. You’ll get $140 after the match is completed. Again, if you see -120 on an odd, it means, you have to bet $120 to get $100. The thing will be fully reversed here.
Fractional Odds are being used in the United Kingdom mostly. The main purpose of this odd is to allow a wide range of values. To make it simple, unlike American Odds, here you can invest money on a fractional level.
If you have an odd of 1.5/1 then it simply means, you have to bet $1 to get $1.5.
It is the simplest odds. If you know probability then it will be very helpful for you. And if you don’t know probability, then take it this way. Suppose, there is a 75% chance of winning a team is 75%. The ratio will be like 1.33. So, if you bet with $1, you’ll get back $1.33 back.
These are the common methods of how you can calculate odds. Make sure you are checking all the rules and guidelines by the service providers while placing bets on a particular site. As the odds change frequently, you must be aware of timing. Don’t forget to watch the live streaming while betting, it will give you quick ideas.