Betting in the game of Cricket has been practised in the market for many years. Cricket is the most popular game, especially in South Asia. The game has evolved with time by bringing the T20 format into play. The T20 international format and the Indian Premier League have elevated the game to the next level.
But it has also made betting an important, yet uncharacteristic part of the Gentlemen’s game. Most experienced punters who bet on Cricket games can make correct value odds. Betting on cricket games brings thrill, excitement as well as good profits.
Cricket is one of the most difficult games to bet as well. It is because the game has a wide range of betting practices. It includes ante-post bets and in-play live betting. Before placing your bets, you need to build a strategy. Speculative betting could lead you to a huge loss.
Cricket is the most popular sport in Bangladesh too. The Bangladesh Cricket Team is a permanent Test-playing nation. But, cricket betting is illegal in the small Muslim majority nation. It is because of its strong anti-gambling laws and Sharia law.
The country has an age-old anti-gambling law that came into existence during the British Raj. Bangladesh has one of the most passionate fan bases in cricket. This has urged many leading online betting companies to set up their businesses in the Bangladeshi market.
If you are starting as a new bettor, there are a few cricket betting terms that you need to be aware of before betting. Some of the key details and terms of cricket betting are discussed below.
What is Value Betting and Cricket Value Betting?
If you are new to cricket gambling and wondering how to start betting. So first, you must know about cricket value betting. Then, you must understand how to incorporate Value Betting into Cricket Betting.
Cricket value betting is placing a bet on the odds that do not perfectly represent the outcome of an event. To understand in a better way, let us take an example of the old coin toss scenario. If you flip a coin, there are two odds. The first is Heads and the second is Tails.
Each side has a winning probability of 50%. Also, it does not matter how many times you flip the
coin. Now, if you bet on the odds of 50/50 or 2.0, you will not win any money. Instead, the bookmakers offer an odd of 1.90 on each outcome.
This is done by taking the margin of 4.8% in each case. In the next scenario, consider that the bookmaker offers you a 2.20 on heads and 1.80 on tails. Then what would you go with? Here, you must go with the Tails. Because you must always go with a simple mantra before betting.
The mantra is- The Higher the Odds, the Better is Profits. There are no guarantees that you are going to win every time you bet. But, you can win big in the long run.
How do you apply Value Betting to Cricket?
Always remember that bookmakers are the ones to be trusted. It does not matter how they act or behave. The bookmaker’s odds are the best form of prediction on any possible outcome. There are different variables attached to every bet.
Thus, no player could easily predict the outcome of a cricket match. The bookmaker’s opinion is based on historical data, player’s record, statistics, and his years of bookmaker experience. But sometimes, this research could go wrong as well.
Also, the bookies’ odds are influenced by what the viewers would bet. That means it depends on what the viewers think of the outcome of a match. Always think of putting your best feet forward. You need to outthink the bookies before placing the bet.
Watching the games regularly and following the player profiles gives you an edge. You need to pick the best probability of the outcome based on the overall assessment. Otherwise, you might end up losing big money.
How to Know if Cricket Odds Represent Value?
For better understanding, let’s take the following example. A bookmaker offers a bet on a Bangladesh Premier League (BPL) match. The match will be held at a neutral venue, where both teams have performed well. The teams playing against each other are Minister Group Dhaka and Sylhet Sunrisers.
The odds for each team are as follows:
- Minister Group Dhaka- 1.5
- Sylhet Sunrisers- 2.5
The value betting strategy does not work perfectly here. You need to analyze the team history along with the player’s profile to make a bet. Also, the winning % must add up to 100% for both teams. For example, if you are betting 40% on Dhaka, then Sylhet Sunrisers have a 60% chance of winning.
Now, if you back Sylhet to win, then you get the value bet in your favour. You must be wondering now about how to convert cricket odds into actual probability percentages. The formula to calculate the conversion of odds is as follows:
Minister Group Dhaka= (1/1.5) x 100= 66.67%
Sylhet Sunrisers= (1/2.5) x 100= 40%
The total adds up to 106.67%. But, as discussed above, the cumulative percentage must add up to 100% only. Thus, the additional (106.67% – 100%) = 6.67% is the bookmaker’s profit. Now, consider that the bookmaker is making bets worth BDT 1066 on both teams.
The bookmakers then would have to pay BDT 1000, regardless of who wins. Now, the extra BDT 66 is the profit that they have earned from the bet. This is exactly how bookmakers make money.
Know the Importance of Cricket Betting Strategies
Cricket Betting Strategies could differ from time to time. You will always have a team or players whom you think can win you the bets. The Bookmakers perform their market research as well. Based on their research, they place their odds.
The most popular team never gets the best odds. It is because the bookmakers are already aware that most punters would bet on the same team. So, they always place the highest odds on the underdogs.
In the above example, the Sylhet Sunrisers are the favourite team of most punters. Even though their odds will be low, punters would still bet on the Sylhet team. It is because they want to play safe and do not want to take unnecessary risks with their bets. And they are right if they think so.
But if you are greedy and want to win big, then prepare to lose big as well. Thus, your bet must always be based on the honest assessment of your budget, team performance as well as analysis of betting odds.
To conclude, we can confirm that it is hard for new bettors to grasp the idea of value betting. The game of Cricket has evolved digitally. Team and player performances can be easily analyzed nowadays, by just a simple Google search.
Thus, you need to be aware of the odds and the calculation part. Always form a strategy before placing the bets. Always think of the consequences before placing a bet. Also, think with an open mind before betting. Getting too emotional while betting may result in a big loss.
If you are a new bettor, always go for the secondary odd markets. Else, the high-volume markets and websites could push you to a big loss.