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How Do Cricket Betting Odds Work

In sheer numbers, cricket is one of the most popular sports worldwide, with a particularly dedicated following in India, the UK, Australia, and Pakistan. If you are looking to engage in betting on it, the most important first step you need to take is to understand how do cricket betting odds work and what each price represents.

What does it mean that Sri Lanka beating South Africa pays at 1.60 odds? What is the implied probability in cricket? How can you calculate your potential winnings? These are all questions we will answer on this page. Let’s get down to it.

Cricket Betting Odds Explained: How to Read Prices

BMB_Question MarkThe odds (or prices or rates in some parts of the world) represent how much you will win based on your stake. For example, if you bet $10 on England beating Australia in the Ashes Series at 1.70 odds, you will get back $17. When two teams face each other, theoretically, each has a 50% chance of winning.

However, sports betting does not work like that. The cricket betting odds need to reflect the actual probability of something happening. When a favourite plays against an underdog, the prices will be adjusted accordingly to reflect the likelihood of each event happening.

Of course, the winner of the match is not the only available cricket betting market. You can wager on multiple other selections, such as total runs, the coin toss, player specials, and innings. These options usually come with a specific line alongside several alternative ones.

True vs Implied Cricket Betting Odds

BMB_Versus_IconGenerally, there is a difference between something actually happening and the odds that are offered by online bookmakers. The former (true odds) is when a bookie does not include any margin in the prices. The latter (implied odds) shows the probability of something happening but also includes the house's edge. Check the following example:

Odds with 0% margin:

1.51 - 2.96

Odds with VIG incorporated:

1.47 - 2.80

In the first case, the payout is 100%, while in the second, 96.40%. Online bookmakers add a margin to the cricket betting odds to ensure they will have some profit. In addition, if a team pays at 1.47 to win means that it has a 68% implied probability of winning. 

Which Bookies Have the Highest Odds in Cricket Betting

BMB_Markets GenericNow that you understand the basics of odds, it is time to check which bookmakers offer the best prices on cricket. Our criteria for ranking them are the payout on a variety of markets, such as WDW, Totals, and Coin Toss, alongside the live betting rates. After using the Odds Payout Calculator, our research showed that in terms of the main markets, the top options are:

Bookies WDW % Totals % Coin Toss %
1xbet 96% 95.46% 95.37%
22bet 95.06% 94.87% 95.45%
Powbet 95.32% 95.12% 94.98%

.

On the other hand, if you prefer secondary selections, it is best to go with one of these brands:

Bookies Innings % Top Batsman % Century %
Sportsbet.io 95.56% 92.66% 94.92%
20bet 95.13% 92.89% 94.87%
1xbet 94.86% 93.03% 95.45%

.

How to Use the Cricket Odds Calculator

BMB_Implied_OddsWhen placing wagers online, you can always work out the potential winnings yourself. However, if you add many matches to your bet slip, doing the maths yourself can be time-consuming and unnecessary. Instead, you can use our online bet calculators to figure out immediately how much you are going to win.

The only things you need to know beforehand are the odds on all the markets you are planning to bet on, as well as the amount of money you are willing to risk. Of course, a lot of online sportsbooks have their own calculators. So, you can see all this info immediately on your betslip.

Do All Bookies Use the Same Types of Odds on Cricket Events?

Depending on the location, online bookmakers provide different types of odds on cricket. While you can easily choose the format you prefer, it is always good to know how each one works. Below, we have analysed all of them.

Decimal Odds

BMB_Number_One Otherwise known as the European lines, these prices appear in a decimal format. For example, India to beat Pakistan in the World Cup pays at 1.55. These odds contain both the stake and the potential profit you stand to make from a wager. This is why they will always be above 1.00. To check your clear profit, you need to subtract the 1.00.

1.55 - 1.00 = 0.55

0.55 is the clear profit from these odds. Multiply it by your stake, and you will be able to figure out how much you are going to win.

Fractional Odds

BMB_Number_TwoThese cricket betting odds are primarily used in the United Kingdom and come in the form of a fraction. For example, you back Harry Tector to be the Top Batsman betting at 11/3 odds. The fractional price shows you a clear profit relative to your stake. If you bet $20 on 20/11 odds, you will have a clear profit of $18.20. The mathematical formula is the following:

Total Payout = (Stake x Numerator/Denominator) + Stake

American Odds

BMB_Number_ThreeAs the name suggests, these ones are used in North America. You will hardly find them anywhere outside of the US and Canada. They come into two forms and are always a multiple of 100. On the one hand, the negative odds represent the favourites. For example, West Indies to beat Argentina at -120 odds.

This means that you will need to bet $120 to have a clear profit of $100. On the other, the positive ones represent the underdogs. For instance, Argentina to beat the West Indies at +450 odds. This means that if you bet $100, you will have a clear profit of $450.

Asian Odds

BMB_Number_FourLast but not least, there are also three types of cricket odds that are used by Southeast Asian online bookmakers. These are the Malay, Indonesian, and Hong Kong odds. All of them show the potential earnings you will have from a bet.

However, they are a bit rare. Thus, there is not really a point in knowing them if you do not already use them. If you want more information, feel free to check our guide on how to read all types of odds.

Should I Use Odds Comparison Sites

BMB_Book SpyUnderstanding why the prices are crucial is the first step towards becoming profitable. However, answering the question ‘How do cricket betting odds work?’ is not the only important aspect. Making sure you are getting the best possible prices online is vital. Odds comparison sites can help you avoid searching by yourself and losing time.

They have gathered all available data, and you can access them instantly. Still, you should use a calculator tool to make sure you make no mistakes. After you have everything set, feel free to visit any of the sportsbooks below. They offer some of the best odds on cricket.

FAQ
Q: How do cricket betting odds work?

There are no differences between cricket and other sports. These prices tell you how much you will get paid if your pick comes through. For example, if you bet $10 on 1.80 odds, you will get back $18. Your initial stake alongside a $8 profit.

Q: What is implied probability in cricket?

It is the conversion of cricket betting odds into a percentage. Essentially, it shows you how likely a scenario is. The closer the prices are to 1.00, the more likely it is for this event to happen.

Q: Which bookmakers offer the highest cricket betting odds?

Generally, not all sportsbooks are invested in cricket betting. However, some sites, like 1xbet, 22bet, Mostbet, and 20bet, provide top prices both pre-match and in-play on all cricket matches daily.

Q: How does the VIG work in cricket?

The VIG (or Vigorish) is a way for online bookmakers to protect their profit margins. The odds will be slightly less than 100% to ensure that brands are getting paid. Depending on the potential selections in a market, the VIG fluctuates.

Q: What is market rate in cricket betting?

This simply refers to the prices that are given for any cricket match and market. It is a term that is primarily used in India.

Q: Should I use a cricket odds calculator?

Yes. It will be faster to calculate your potential winnings and avoid any possible mistakes. To save you some time, we have already developed numerous bet calculators to ensure you avoid all unnecessary maths.

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