Cricket betting odds are the probability of an outcome in a match occurring based on the market bets.

Calculating odds are similar to probability. Therefore, If p is the probability of an outcome to occur, then odds are represented as 

Odds = p / (1 - p), where (1 - p) is the probability of an event not occurring.   

For example, in cricket, the odds for India winning the match are 1.57, then it represents the bookmaker's analysis of India’s chances of winning.

How do cricket betting odds work?

Once a punter places his bet on a cricket match, the amount he is likely to win is determined by the following formula. 

Profit = (Stake x Odds) - Stake

For example, if the stakes for a match are INR 100 and the odds that India will win the match are 1.67. Then as per the formula, the profit amount will be 

Profit = (100 x 1.67) - 100 = INR 67

How do bookmakers set their odds?

Bookmakers set the odds by considering a number of factors like form, statistics, trends, and margin of profit. The following factors enable him to understand the odds of any event occurring.

While placing their bets, bookmakers also take into account their probability of winning and the likely margin of winning the bets.

Why do odds change?

Betting odds change either because of a change in the market demand or a change in the bets placed by the bettors.

Betting odds also change in case of player injuries. When a key player of a team is injured, punters are likely to favour the other team, thereby resulting in a change in the betting odds.

Market demand based on the behaviour of punters also plays an important role in changes to the betting odds.

In such a scenario, Punters can also find the best value of their odds through line shopping bets. Line shopping bets allow players to check out multiple bookies thereby helping them find out the best offers for their bet.

What is a value bet in cricket?

Value bet in cricket enables punters to access the value of the event before placing their bet. A value in excess of 0 is considered to be a profitable bet.

The value bet is determined by the following formula:

Value = (Decimal odds x Assessed profitability) - 1

For example, for betting on a match between India and Pakistan, the odds of India beating Pakistan are 3.0. As per the research and analysis, the chances of India winning the match is 60%. Therefore, as per the above formula, the value of the bet can be accessed as follows

Value = (3.0 x 0.60) -1 = 0.8

As the above value is 0.8 (greater than 0) we can conclude that for odds of 3.0 with assessed profitability of winning being 60%, there is 80% value in the above-placed bet. 

What are the different types of bets in cricket?

For betting on cricket, bookmakers offer a number of options for the punters. Different betting websites provide different options for placing bets. Some of the popular options for punters to place their bets include:

The outcome of the match and series

The match result is one of the most popular types of bet. Punters can select which of the two teams is likely to win the match. For Test matches, there is also an option for a draw.

Betting on predicting the winner of the series is another option where punters can predict the margin of the series' win. 

Leading run-scorer and wicket-taker

For these types of bets, players can punt on the highest run-scorer and wicket-taker in each innings for a match. This is amongst the profitable markets for punters to bet on. 

Man of the Match

Here, bettors can predict the player who is likely to have an impact on the match.

Number of boundaries

Another field where bettors can place their bets is the number of fours and sixes likely to be scored over the course of a match. The pitch and ground dimensions are some of the key factors determining the outcome.