Online gambling has become one of the fastest growing industries in the world. In India, it’s mainly popularized by casino jackpot games, and sports betting, or rather cricket betting. However, if you are new to all this, then you have come to the right place to get started.
Cricket betting has been existing in India since decades, i.e. even before the advent of the online sports betting industry. However, now with the rise of creative and engaging websites, people can place bets in many different ways. For instance, you can place bets for the team that wins a toss, player that takes the higher number of wickets in a tournament, etc. You can even play fantasy sports in which you create your own fictional teams (hence the term fantasy) with 11 players which can belong to multiple teams in real life and then aim for winning as the score is counted for each player and added up as the final team score.
Betting Odds and Profits
One of the most common terms that you will hear in cricket betting is betting odds. So, what does it mean and what’s the math behind betting odds and gambling?
Let’s say that there is a cricket match between India and England and India is at odds of 1.74 to win the match. You can convert this value into an actual probability by using this formula:
1/1.73 = 0.5780 = 57.80%
This is the formula of implied probability and you need to understand it to place your bets carefully and increase your chances of winning.
The betting odds also affect the amount of money you win. The formula for profit is as follows:
Profit= (Stake X Odds) – Stake
Borrowing the same example of the cricket match between India and England, let’s say that you placed Rs. 1,000 on India at the odds of 1.74 to winning the match. If you really win this bet, then you will make the following amount of money:
Profit= (1,000 X 1.74) – 1000 = 1740- 1000 = Rs. 740
So, you will make a profit of Rs. 740 for a bet of Rs. 1,000.
One of the most important decisions that you will have to make in cricket betting is picking a bookmaker. This is because this will be the website or app where you will place all your bets at. So, it’s important that it’s got a good reputation in the industry. You can check online reviews and ratings about it for confirmation. Also, ensure that it’s not banned by the government.
Another thing to check in a sports betting website is its payout time. Some pay their users within hours while some may take days. Also, some may give you limited options for making deposits viz. credit cards and debit cards, but others may give additional options like PayPal and even Bitcoin.
Knowledge is Power
Understanding the basic rules of cricket betting is one thing, and another to actually win the bets. Compared to many casino games like slots and bingo, sports betting isn’t completely based on luck. You can make a good profit only if you are aware of the latest happenings in the world of cricket. For instance, if you are placing bets in the IPL matches, then you need to keep tabs on live scores, IPL points table, players that are performing the best this season and those who aren’t, etc. All this knowledge helps you to place bets that increase your odds of success. Some skills are also leanly only through experience which means that practice will make you better over time.
If you are passionate about cricket just like millions of Indians, then you are sure to enjoy cricket betting. However, try not to get carried away, and take it slow. Set a maximum amount of money that you can afford to spend a week on the bets and stick to it to avoid messing up your finances. Good luck, and have fun!