cricket betting oddDiscover how to Calculate Odds Ratio and Expected Value
Despite what you may think, cricket betting lines aren’t just plucked out of thin air. Instead, they’re the result of probabilities. Once the bookmaker has estimated the probability of an outcome, their job is to adjust it slightly in their favour and convert it into a format you recognise. Why do they tweak the numbers? Simple: they must make a profit.
Of course, you’re also hoping to make a profit, which is why you need to understand these equations. Only by having a handle on how probabilities and odds work can you try to find the best bets. In technical terms, your job is to make positive expected value (+EV) bets. As long as you can do that, you’ll give yourself the best chance of making a long-term profit. However, to establish what’s potentially +EV and what’s not, you have to start with the odds.
The easiest way to explain the notion of probability is by using a simple coin toss as an example. When you toss a coin, there are two possible outcomes:
Outcome 1: Coin lands on heads = 50% chance of happening
Outcome 2: Coin lands on tails = 50% chance of happening
In mathematics, probabilities are expressed as numbers between 0 and 1. If you want to express probabilities are percentages (which most of us are more familiar with), you multiply the probability by 100. So, in the above example, the probability of the coin landing on heads is 0.5 (1 outcome / two possible outcomes = 0.5).
When you multiply this by 100, you get a 50%. If you want to derive the probability from a percentage, you do the reverse. In the above example, you would simply divide 50(%) by 100, which gives you a probability of 0.5.
Once you’ve comfortable with probabilities and percentages, you can start converting them to odds. For simplicity, we’ll assume that you already know the probability. If you have a percentage, convert it as outlined above. To determine the odds, you divide 1 by the probability:
1 / p = odds
Coin Toss: 1 / 0.5 = 2.00
Take this a step further by considering a dice roll. With six possible outcomes, the probability of hitting any single number is 0.167, i.e. 1 / 6 = 0.16666 (rounded up to 1.67). If we want to express that number as a percentage, multiply it by 100 to get 16.7%. Moreover, if we plug the probability in our odds equation, we get:
Odds of landing on a single number: 1 / 0.167 = 6.00 (rounded up from 5.98)
We’ve outlined how to calculate probabilities, percentages, and odds. Now we can look at EV. As we’ve said, your job as a cricket bettor is to make +EV bets. Why? Because, if the numbers are correct, your long-term “expected value” should be positive (i.e. a profit) if you also follow a strict bankroll management strategy.
Expected Value (EV) = (amount won X probability of winning) + (amount lost X probability of losing)
If we go back to our dice example, you might decide to stake ?100 on the number five, which the bookmaker has given odds of 6.0. Using this information, we can say that this is a neutral EV bet (i.e. in theory, you should end up even in the long run):
If 5 hits – You win ?600 i.e. you have one way to win
If 1, 2, 3, 4 or 6 hit – You lose ?100 i.e. you have five ways to lose
EV = (1/6 X 500) + (5/6 X -100) = 83.333 + (-83.333) = 0
Because the result is zero, you don’t stand to make a long-term profit or loss, in theory.
As we’ve said, cricket betting is a business. If a bookie gave you the exact odds, they’d never make a profit. Indeed, with the example above, odds of 6.0 don’t make sense from a business perspective. Therefore, the betting odds will always be slightly different from the true odds.
For example, instead of giving you 2.0 on a coin toss, a bookmaker may give you 1.85 if you bet on heads. When you plug this into the EV equation, you get the following:
EV = (1/2 X 100) + (1/1.85 X -100) = 50 + (-54.05) = -4.05
Because the answer is a minus number, we can see that it’s a negative EV bet. To make this even clearer, we can express this equation in a different way using the same probabilities and odds.
Every second toss, you’ll win ?85 when you bet on heads (i.e. ?100 stake X 1.85 = ?185 – ?100 stake = ?85 profit)
Every second toss, you’ll lose ?100 when you bet on heads (i.e. coin lands on tails and you lose your ?100 stake)
When you take the figures above and establish your EV using the true probability of a coin toss (i.e. 0.5) you get:
?85 X 0.5 + -?100 X 0.50 = -?7.50
This means that you’ll lose ?7.50 when you bet on heads when the odds are 1.85. To put it another way, the bookie expects to make ?7.50, in the long run, when you accept this bet.
When you know the EV of a bet like this, you can ask: what is my return on investment (ROI)? ROI is the amount of money you expect, in theory, to win if you replicated the same bet thousands of times.
As cricket cricket betting oddDiscover how to Calculate Odds Ratio and Expected Value sports bettors, we know that anything can happen in the short term. You might get lucky and win ten times in a row. However, as a savvy customer, you should always be thinking about long-term outcomes. That is where EV and ROI come into play. In the above scenario, your ROI would be:
ROI = EV / bet amount
ROI = -?7.50 / ?100 = -0.075 X 100 = -7.5%
When you look at the numbers, it’s easy to see why odds of 1.85 on a coin toss aren’t great. Overall, you stand to lose 7.5% of what you invest in this bet. In other words, it’s -EV, and you should avoid it.
It’s important to understand how probabilities, odds, EV, and ROI connect because they can determine how profitable you could be. Of course, there are no guarantees in betting. However, to give yourself the best shot at making a long-term profit, you need to use these types of equations. The main concept you need to understand is that your job is to identify +EV and -EV bets. If you can do that, you’re on the road to success. Unfortunately, this is easier said than done. Even if you know how to do the maths, that doesn’t mean you can spot the best bets.
For a coin toss or dice roll, the number of possible outcomes is not only fixed but obvious. However, when you start sizing up things such as cricket matches, determining probabilities is tough. Because there are so many variables (both known and unknown), it’s hard to get an exact figure. The good news is that it’s just as hard for bookmakers. Just as you have to estimate the probability of an outcome, they have to do the same. Therefore, betting becomes a game of who can make the best estimate.
If you see a set of odds that don’t look right, they might be +EV. The bookmaker may have underestimated the probability of a certain outcome due to a lack of information or experience. In contrast, you might have more knowledge than the bookie and spot the flaw in their calculations. In this scenario, you could be onto a winner.
Again, anything can happen. However, this is the process you have to go through if you want to pick out +EV bets. By doing your calculations and comparing them to what the bookies are offering, you can discover value betting chances on a regular basis and make a long-term profits.
cricket betting oddFinding The Best Cricket Betting Odds
Cricket betting has now become a common activity among gamblers, which means that cricket betting odds have never been so important. This betting has the highest odds in sports betting. Cricket odds are given as odd numbers. A gambler is also allowed to view the odds in fraction form from a betting platform. Gamblers look out for games with a certain margin on odds on different betting platforms. 
Anybody, even an amateur can learn how to place an online cricket bet. Cricket has various types of bets which gamblers can easily place their money in. It is advisable to understand the types of odds in cricket betting before placing your money on any bet. Gamblers should also pick a great betting site to carry out their cricket betting activities at ease. Here is a resource covering the topic of online betting for gamblers in India in detail.
Odds are divided in various formats to allow all gamblers taking part in the betting activity to understand them. These odds change their format through mathematical calculations. These formats are used to different probabilities of a cricket game. There are three types of odds available. They include, decimal, fractional and American. All these types have the same odds presented in a different format. One is advised to use the type of odd that is friendly and easy to use to them.
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This is most used type of odd. They are also known as European odds. These are the easiest odds to read and understand. Anyone, even a beginner, can easily spot the favorites of a game just looking at the odds. The decimal number is used to show the total returns one will have from the wager. One can easily know the money to expect from a bet. This can be done by multiplying the odds of the game to the total stake.
This type of odd is also known as the British odd. This type of odd is very popular in the Irish and British odds. Odds here are presented in a ratio form. These odds are presented using a hyphen or a slash. For example, 5-1 or 5/1. This odd is read as five to one. For instance, five to one means that a gambler will win five dollars for every one dollar wagered. They are used by some of largest bookmakers in the world. This makes them to be the most used type of odd across the world.
They are also known as money line odds. They are mostly used in the United States of America. The odds of the favorites have a minus (-) sign beside them. It is used to show the amount of money a gambler is required to stake so as to win 100 dollars. The underdog’s odds have a positive sign (+) beside them. This is also used to indicate the amount of money a gambler will win on every 100 dollars that have been staked.
Betting odds show the best chances of how something might happen. These can also be used to tell a gambler how much money he or she will win according to the amount of money staked. This can be easily done through probability.
Probabilities give the percentage chances of something to score. The formula for mathematics that is commonly used here is multiplication. Gamblers multiply the amount of money staked to the total amount of odds of the games picked. The amount obtained is the total amount of money that a gambler will receive after winning the bet. Decimal odds are the easiest types of odds to carry out your calculations of the amount to win. Betting odds also allow one to calculate their chances of winning.
Here are some of the most known cricket bets in the world. These bets have one of the best odds in gambling.
This bet requires one to have a little knowledge about some of the player’s past performances before placing a bet on a certain player. This type of bet has great odds.
This is a great type of bet in cricket as it allows gamblers to separate their bet. The bet can be split across a number of days. It can either be placed on a certain player or on the whole team according to the odds that will excite you. This bet is placed on the player that has the probability to score the most sixes for a certain team.
This type of bet allows gamblers to bet on how many ducks they think might happen in a game. Gamblers are allowed to pick whether there will be more or less ducks according to the number that a certain bet has given. This type of bet is tricky but worth risking due to its great odds.
This is the type of bet on how the first wicket of the game will be made. This type of bet has one of the best odds in cricket. It can be performed on a full match and also on live betting.
Cricket betting is currently done all over the world. This is mostly through online betting sites like the ones reviewed here at Cricket Betting Tips. Finding great odds in these online betting sites might seem tedious and impossible at times. Gamblers need to be patient and search for a preferable site offering high odds. They can open different betting site pages and check out their odds.
Obviously, some of the betting sites will have low odds while others have an edge over the others. Betting on a site or a cricket betting app with high betting odds will enable one cricket betting oddDiscover how to Calculate Odds Ratio and Expected Value to have high pay outs. One should also check whether a betting site allows live betting. This is what allows gamblers to place their bet when the game is still in play.
One can analyse a game in play and place the most suitable bet. The current technology allows all betting sites to be able to give this service to the users. The site should also run smoothly and have safe methods of carrying out transactions.
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Irish Cup 2021/2022 page help: Odds Portal lists all upcoming Irish Cup 2021/2022 soccer matches?played in Northern Ireland. “B’s” column indicates number of bookmakers offering Irish Cup 2021/2022 betting odds on a specific soccer match. Columns 1, X and 2 serve for average/biggest Irish Cup 2021/2022 betting odds offered on home team to win, draw and away team to win the Irish Cup 2021/2022 match. The top line of upcoming matches table (Soccer – Northern Ireland – Irish Cup 2021/2022) lets you click-through cricket betting oddDiscover how to Calculate Odds Ratio and Expected Value to higher categories of Odds Portal betting odds comparison service.
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We list all?in-play (LIVE now)?matches from top bookmakers offering?excellent live betting. The?betting cricket betting oddDiscover how to Calculate Odds Ratio and Expected Value odds below are current average/biggest across selected bookmakers (premium + preferred). To view? a comparison from all available live betting odds just click on the respective match, or check Scheduled to display?all upcoming in-play (live) events.