betfair cricket betting rulesBetting Rules
This is a brief summary of the betting rules on India Bet. For a full list of all our rules please read our website’s betting terms and conditions.
The minimum bet you can have is 1 IBR and the maximum bet is 100 IBR.
In each market there are a number of different lines you could chose to bet on. For example in a football match there are usually three lines Home Win, Away Win and Draw.
In any market you cannot bet on every line. But you can bet in all but one. So if there are ten lines in a market then you can bet on 9 lines in that market, however if there are just two lines in a market then you can bet on just one line.
The exception to this is if the market is being traded in play. If a match is in play then you can bet on all the lines in each market.
At times it is necessary for us to suspend or disable markets or lines. If a market or line is suspended then you will be able to see it on the site but you will not to be able to bet on it. If a market or line is disabled it will have been removed from the site entirely.
If you have had a bet on a suspended or disabled line then your bet will still stand and those lines will still be settled.
However once a market or line has been suspended or disabled then it is no longer possible to place bets on those markets or lines until they have either been unsuspended or re-enabled.
Head to head markets are special betting markets offered on select events.? Basically it is a bet with 3 different choices, you have to choose which out of each “head to head” will win.
Settlement:
Settlement will happen when the rest of the event markets are settled.
50 Over Cricket Matches
Top All Rounder – 1 run = 1 point, 1 wicket = 10 point, 1 catch = 5 point, 1 run out = 5 point and if one of them does not play then automatically the other wins.
Top Bowler – First priority will be given to the bowler who has taken maximum wickets and if that is a tie then the one who has conceded less runs and if again here is a tie then economy rate.
Top Batsman – Most runs and if runs tie then the best strike rate.
T20 Cricket Matches
Top All Rounder – Same as above but 1 wicket = 15 point
Top Bowler, Top Batsman – Same as above
Payout Odds:
3 correct: 3.5
2 Correct: 1.25
1 Correct: 0.0
0 Correct: 0.0
India Bet’s decision is final concerning the settling of head to heads and can be voided if a number of the initial choices are unavailable during the match.
If there is one draw with between two of the head to head selections, both markets will pay out. If there are 2 or more draws the head to head will be void and your stake will be returned.
Head to head markets are not eligible to score points in any of our leaderboards or leagues.
We try to settle our markets as quickly as possible but it can sometimes take us a little while to do this after an event. All events will be settled and so we do request that you are patient, however if you feel that it has been more than 12 hours after an event has finished and the event still has not been settled then please email us to let us know and we will settle it as quickly as possible.
betfair cricket betting rulesExchange： What happens if there is a dead heat？
Dead Heat is a tie between two or, rarely, more runners in a race. Usually, a photo finish can determine the winner, but at times it is too close to call. If there is a Dead Heat, you will win part of your bet and lose part of your bet. A Dead Heat is most common in horse racing and greyhound markets but occur in other sports such as Golf as well.
A Dead Heat is calculated by dividing the stake proportionally between the number of winners in the event. So, in a two-way Dead Heat (2 winners) for example, your return will be half of what it could have been. This can be referred to as half-face value of the bet, or a bet for half the original stake.
For an easy calculation of your profit or loss on a Dead Heat outcome, please find attached a spreadsheet (.xls file) which you might find helpful.
For win markets with two runners tied:
[(Stake / 2) x (Odds – 1)] – (Stake / 2) = your profit/loss
For win markets with more than two runners tied:
[(Stake / No of tied runners) x (Odds – 1)] – [Stake x (No of tied runners – 1) / No of tied runners] = your profit/loss
For place markets:
[(Stake x No of payouts / No of tied runners) x (Odds – 1)] – [Stake x (No of tied runners – No of payouts) / No of tied runners] = your profit/loss
Another easy way to understand the calculations of a Dead Heat is to compare your possibilities of the outcomes: A Dead Heat outcome between two runners will be in the middle of your best?and your worst case scenario.
The above calculations are exactly the same for backers and for layers. If you have a lay bet, work the settlement out using the backer’s stake as you would do for the backer and then remember one simple golden rule:
Whatever the backer wins, the layer loses and whatever the backer loses, the layer wins.
Industry Standard
Our Dead Heat rule gives the same payout as if a customer were to bet in a betting shop or online with a traditional bookmaker. The reason that some backers feel this is not the case is because they forget that in a betting shop, they hand their stake over the counter and the amount returned includes the winning half of the stake. On Betfair, they have not paid the losing half of the stake to the layer up front so their profit / loss shown on the statement needs to reflect this.
Example 1 (Back Bet – win market – Dead Heat by two runners):
You backed the horse ‘Red Rum’ with ￡10 at the price of 4.0. ‘Red Rum’ dead heats for first place:
(Stake / 2) x (Odds – 1) – (Stake / 2) = your profit/loss
(￡10 / 2) x (4.0 – 1) – (￡10 / 2) = ￡10 profit
Example 2 (Back Bet – win market – Dead Heat by two runners):
You backed the favourite ‘Green Pepper’ with ￡50 at the price of 1.60. ‘Green Pepper’ dead heats for first place:
(Stake / 2) x (Odds – 1) – (Stake / 2) = your profit/loss
(￡50 / 2) x (1.60 – 1) – (￡50 / 2) = -￡10 loss (although your selection wins the race, you occur an overall loss since your odds were less than 2.0)
Example 3 (Lay Bet – win market – Dead Heat by two runners):
You layed the horse ‘Night Fever’ with ￡20 at the price of 5.0. ‘Night Fever’ dead heats for first place:
(Stake / 2) x (Odds – 1) – (Stake / 2) = your profit/loss
(￡20 / 2) x (5.0 – 1) – (￡20 / 2) = ￡30 loss (￡30 profit for the backer)
Example 4 (Back Bet – win market – Dead Heat by four selections):
You backed ‘Steven Dear’ in a golf tournament with ￡50 at the price of 11.0. ‘Steven Dear’ dead heats for first place with three other players:
(Stake / No of tied runners) x (Odds – 1) – [Stake x (No of tied runners – 1) / No of tied runners] = your profit/loss
(￡50 / 4) x (11.0 – 1) – [￡50 x (4 – 1) / 4] = ￡87.5 profit
Example 5 (Back Bet – place market (5 to be placed) – Dead Heat by 5):
You backed ‘Steven Dear’ in a golf tournament in a Top5 market with ￡50 at the price of 5.0. ‘Steven Dear’ dead heats for fourth place with four other players. In this situation, there are 5 players sharing two remaining payout places (4th and 5th place):
(Stake x No of payouts / No of tied runners) x (Odds – 1) – [Stake x (No of tied runners – No of payouts) / No of tied runners] = your profit/loss
(￡50 x 2 / 5) x (5.0 – 1) – [￡50 x (5 – 2) / 5] = ￡50 profit
betfair cricket betting rulesHow to Back and Lay Bets on Betfair
No doubt you are familiar with how online sports bookmakers work. The bookie sets the odds, you place a bet and you either win, lose or sometimes tie. Betfair is one of Australia’s best online sports betting websites because they often have the best odds. Why is this? It’s because unlike other online sports betting websites, Betfair is an ‘exchange’ as opposed to a ‘bookmaker’. This basically means punters are betting against each other and Betfair just takes a small commission.
This unique exchange style of betting offers punters two types of options – back and lay. Think of it as either being the bookmaker yourself, or betting against a bookmaker, except in this case, the bookmaker is just another regular Betfair customer like you!
So, before you sign-up to Betfair and take advantage of their 100% first deposit $200 refund bonus, be sure to read on and found out all about how to back and lay bets on Betfair.
_ _ _
BACK bets are just the same as you’ll find on other sports betting websites. You are backing that an outcome will indeed happen. For example, Roger Federer will win Wimbledon or Hawthorn will beat Sydney in the AFL. The great thing about placing your back bets on the Betfair exchange is that, in most cases, you’ll be getting a better price for your bets than you would on the bookies. Even with the Betfair commission factored in. This makes betting on Betfair a really attractive option.
However Betfair gives you a second option, and that is to LAY. Basically it’s the opposite of a back bet. You’re betting that an outcome will NOT happen. So if you lay Roger Federer to win Wimbledon, you’re betting against him winning. Your bet will be paid if he loses.
For new punters, the idea of backing and laying bets sounds a little daunting, but it shouldn’t be. It’s actually very easy to do, and using Betfair is the preferred way to bet by many professional punters.
Let’s take a step-by-step walkthrough of how to place back and lay bets.
Betfair have recently redesigned their website, so it is a little tricker to navigate to your market of choice (how nice of them!). The main thing to remember is that lay bets must be placed on the Exchange tab (as opposed to the Bookmaker tab). The Exchange is where the market is set by other punters – it’s where you’ll get the best prices on your back bets and the only place you can lay bets.
Once you’ve found your chosen sport, click the “View Full Market” link and you should see a screen similar to the following:
So this is our Wimbledon Men’s Singles Outright Winner market. As you can see, Novak Djokovic is the favourite ahead of Andy Murray and Rafael Nadal, while Roger Federer is on the fourth line of betting.
In the screenshot above, you’ll see six columns. The numbers probably look overwhelming, but it’s simpler that it appears.
* ?The three columns on the left are the Back bets, while the three on the right are for Lay bets.
* ?For now, the only columns we need to worry about are the two in the middle.
* ?The large number in each box is the price, and the small currency number below it is the amount of money available in the market at that price.
The column highlighted in blue is the current price that you can back to get your bet matched straight away. So at the moment, it looks like someone is prepared to accept a bet on Federer at $8.20 for up to an amount of $61.
If Joe Punter wants to bet $100 on that price, then all he has to do is click on that blue box and enter the $100 he’d like to bet. He will get the first $61 matched immediately, while the remaining $39 will sit in the market at that price until someone is prepared to take that bet. He can leave the $39 bet in the market and wait, or cancel it at anytime.
So how does that extra $39 get matched? Well, that’s where we look at the other side of the coin.
Federer is certainly past his prime, and say that we think that he can’t win the championship. We’re prepared to “take him on” and bet against him winning. To do that, we could back all the other players in the field, or more simply, we can lay Federer.
The column highlighted in pink on the market screen is the current price that we can lay that will be matched instantly.
So when Joe Punter put his $100 on Federer in the previous example, the numbers in the market would change as follows:
Before:
After:
So we look at the market and decide that Federer’s true odds should be a lot higher, so if people want to back him at $8.20 then we’re prepared to take that bet.
All we have to do is click on the pink 8.2 box and enter the amount we’re willing to lay. So for this example, let’s just lay for the $39.
This is the part where new punters get confused.
When we place this lay bet, we’re not risking $39. That amount represents how much we are going to win (we win Joe Punter’s bet). The amount we are risking is actually (8.20-1) x 39 = $280.80.
That’s right. We’re actually risking $280.80 to potentially win $39. Before you confirm your bet with the “Place bets” button, the market on the left of the screen will show an indicator of the outcomes if you go ahead and place the bet.
*?? If Roger Federer wins the tournament, we lose $280.80.
*?? If Roger Federer loses, then we win $39 regardless of who wins the tournament.
That sounds crazy! Why should we ever risk so much to win so little?
There are certainly risks with laying, like there are with any sports betting. The reasons why we would lay include:
*?? that is the true outcome of the event is a lot higher than people think. It’s the reverse concept of taking “overs”. If the price is too short, then the right play might be to lay the outcome and take the value that way.
*?? Lay to back strategy – sometimes people will lay an event that will drift to even larger odds with the intention of then backing at the higher price to build equity or hedge to lock in a profit.
*?? Lay multiple outcomes – punters may lay more than one outcome, which offsets the risk, as part of a larger strategy.
*?? The shorter the price, the better the risk-reward ratio (see below)
Not all lay bets have to be high risk. Let’s look at an even money ($2.00) example such as the flip of a coin. If I back tails or lay heads, it’s exactly the same outcome. It doesn’t matter which way I bet, I’m risking $1 to win $1.
Now if we look at a really short-priced favourite, say Novak Djokovic to win his Wimbledon Round 1 match, he might be as short as $1.01.
If we lay him at $1.01, then we are risking just $1 to potentially win $100! If Djokovic pulls a hamstring then you might be a good chance to win! There have been many, many, many $1.01 favourites who have lost across a range of sports, and in fact, laying $1.01 favourites is a common laying betting strategy that we’ll go into more detail in another article.
Remember that the Betfair sports exchange is fluid. The market is always moving, just like a stock market. There are ebbs and flows depending on a huge range of factors. In stocks you want to buy low and sell high, and it’s the same concept with trading on a sports exchange. Keep a close watch for movements and look for trends to try and get the best possible price.
Liquidity is also a very important concept. As we saw in the example above, there was only $61 available at the price that Joe Punter wanted to back Federer. If he wanted to bet $1,000 then he would probably have a hard time getting matched at the price he wanted. Some sports have more liquidity than others, so it’s an important factor to consider when trying to get your bets matched. The more obscure the sport, the more unlikely that you’ll get your bets matched.
We’ve only just scratched the surface of the Betfair sports exchange and the power that it holds. It’s very easy to get started with small bets just to test the waters and get comfortable with the software and go from there. Throw a few lay bets on at $1.01 to try and land an upset or two!
The beauty of Betfair is that it can be used by new punters looking to get the best price for their bets, all the way through to professional sports traders who adopt advanced betting strategies and using sophisticated software to trade these markets. We’ll do our best to bridge the gap between the two and bring you plenty more sports trading articles in future.
Editor’s note: Take care when signing up to new sports betting agencies. Be sure to read all terms and conditions of any bonus offers, deposit/withdrawal requirements and identification verification on each respective site, as some of the information on this page may be outdated. Before You Bet will do their best to keep this page up to date, but takes no responsibility for any information on this page being incorrect.
Always remember to Gamble Responsibly.
betfair cricket betting rulesHow to place a Bet Builder bet
Bet Builder is a new feature that allows you to build your own accumulator within a single match from a variety of markets. If you are looking to place a Bet Builder , we’ll outline the steps below for mobile or desktop.
Mobile
If you are?looking to place a Bet Builder on mobile, we have outlined the steps below.
To place a Bet Builder simply tap?the Bet Builder option from the tabs along the top of your desired match screen?as shown in the West Ham v Southampton example below, this will display all available betting markets for this match.
From the full betting markets screen, select Bet Builder from the tabs along the top to see the available options you can use to?build your Bet Builder.
Your bet slip will indicate that you’ve successfully created?a?Bet Builder as shown below and summarize your selections for review. You can also choose to additionally place single bets on any individual selection within your Bet Builder.
Once you’re happy with your selections, simply enter your stake and confirm your bet.
For more information on Bet Builder, check out our FAQ page here.
Desktop
If you are looking to place a Bet Builder on desktop, we have outlined the steps below.
To place a Bet Builder simply hit the arrow to the right of your desired match as shown in the West Ham v Southampton example below, this will display all available betting markets for this match.
From the full betting markets screen, select Bet Builder from the tabs along the top to see the available options you can use to?build your Bet Builder.
Your bet slip will indicate that you’ve successfully created?a?Bet Builder as shown below and summarize your selections for review. You can also choose to additionally place single bets on any individual selection within your Bet Builder.
Once you’re happy with your selections, simply enter your stake and confirm your bet.
betfair cricket betting rulesHow To： The Betfair Exchange
There are two ways to bet at Betfair: you can either back the odds or you can lay them. To “back” the odds means you are betting that something will happen – a traditional way to bet. By “laying” the odds you are doing the reverse: you bet that something will not happen – and you want to be proven right.
To place your bet, go to your selected market and choose the odds available in either the blue (back) or pink (lay) boxes. Decide how much you want to bet and confirm.
But what if you don’t like the odds you see? Ask for something better! Simply adjust the odds on your betting slip and place your bet. Your request will be submitted to the exchange platform, waiting for the Betfair community to decide if they will accept (or “match”) your offer.
Perhaps you are growing tired of being returned with unmatched bets? This is why we introduced the Betfair Starting Price (or Betfair SP). It guarantees that a punter will have their bet locked in at a fixed price, which is based on back and lay bets placed by the community on horse racing, greyhound racing and harness racing markets.
There are no limits to the size of your bet and the odds you want. There is no margin for profit built into any market by us. At Betfair, it is you betting against the world. Play your way on Australia’s betfair cricket betting rulesHow To： The Betfair Exchange only online betting exchange.