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Сricket Betting Odds: Types, Formulas

Сricket Betting Odds: Types, Formulas English Article

Cricket Betting Odds And Their Types

Betting odds cricket are a numerical expression used in betting to determine the probability of a team winning. Cricket betting odds are made up of many separate elements, such as the bookmaker's winnings, called the margin, and analytical information about the upcoming match. A proper understanding of how odds work helps bettors determine the probability of a particular team winning, as well as the amount of net winnings when betting on the team that will win. There are the following types of best cricket betting odds and rules for their calculation:

  • British odds;
  • US odds;
  • Hong Kong odds;
  • Indian odds;
  • Malaysian odds;
  • European odds.

British Odds

British odds are certain proportions in the form of fractions. The numerator of the fraction determines the units of winnings and the denominator determines the units of bets that must be placed to win. For example, in a competition between two teams, the probability of the first team winning is 3/10 and the second team is 10/5. Consequently, the first team has more chances to win. And the amounts received on the bets are calculated in such a way that the player who bet on the first team in the total of 10, will receive an additional 3 net winnings if he wins. The total winnings are calculated according to the formula "bet*coefficient + bet".

US Odds

This type of online cricket betting odds is more attractive for all players. It represents arithmetic signs "+" and "-", reflecting the position of the team or player in the upcoming match. Thus, the sign "+" shows the most likely winner, in which case the player receives a potential prize of 100 USD (INR 8,000). The sign "-" shows the opposite value, i.e. the amount of money that the player must bet to get the potential winnings. The value of potential winnings of 100 USD (INR 8,000) is an approximate value. The formulas for calculating the winnings of the probable winner are as follows: "odds = "-" of the bet amount", and when calculating the winnings for betting on the underdog - "odds = "+" of the bet amount".

Hong Kong Odds

The odds in this case are presented in a decimal formula and show the net winnings that a player can expect as a result of a win. For example, the odds for the first team to win are 1.33 and the odds for the second team to win are 1.78. Thus, the probability of victory of the second team is lower, and the player, having bet 100, will win 178, and the total amount of winnings will be 278. The formulas for calculating winnings at Hong Kong odds are: "net profit = odds * player's bet" and "total winnings = odds * player's bet + player's bet".

Indian Odds

Indonesian odds combine elements of decimal odds and some elements of American odds, i.e. "+" and "-" values. The main difference is that the net profit is determined not from a bet of 100, but from a bet of 1. So, for example, when two teams are competing, the first team has odds of "-1.2" and the second team has odds of "+1.1". If a player bets 100 on the first team, his net profit will be 83, and if he bets on the second team, his net profit will be 110. The way to bet on a positive value is as follows: "net profit = - (bet amount / odds)", while "total winnings = - (bet amount / odds) + bet amount". The formula when betting on "-" is as follows: "net profit = bet * odds", where "total winnings = bet * odds + bet".

Malaysian Odds

The algorithm of working with these odds is directly opposite to the rules of working with American odds. Thus, the value with a minus sign shows the size of the bet needed to win 1, not 100, as in American odds. The algorithm will become clearer when we look at a detailed example. The first team has a win value of "-0.45", the second team has a win value of "0.5". The size of the bet is 100. If the first team wins, the winnings will be 222.2, and if the second team wins, the winnings will be 50. Thus, the general formula for the Malay odds when betting on the presumed winner is: "net profit = - (bet amount / odds), and "total winnings = - (bet amount / odds) + bet amount". If the bet is not on the main rival, or as it is also called "underdog", the formula looks like this: "net profit = bet * odds" and "total winnings = bet amount * odds + bet".

European Odds

European odds are the most popular for betting. They are the most clear and simple for players. Most of the platforms use them.

European odds are displayed in the classic decimal value. So, for example, when two teams are competing, the probability of the first team winning is 1.2 and the second team is 9.8. If you bet on the victory of the first team, you will get a prize of only 120, and in the second case - 980. The general formula is as follows: "total winnings = bet amount * odds size".

Thus, there are a large number of different types of odds. Each of the odds has its own rules and peculiarities. Before you start betting on sports on this or that bookmaker platform, you need to familiarise yourself with the algorithm and type of odds.

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