If you are a fan of cricket and you want to start betting on it, there are some things you need to know. You should familiarise yourself with the rules, the teams, and cricket betting essentials. You should also be on the lookout for any inciting promo codes and bonuses, such as the ones shared on freepromotionalcode.co.uk.
When it comes to cricket betting essentials, the most important thing to understand and be informed about are cricket betting odds. What are they, how do they work, and how do you read them? These are some of the questions we are going to answer in this article, so make sure to keep reading.
What Are Betting Odds?
Simply put, odds in betting are a numerical expression of how likely something is to happen. They are usually made of one or two numbers and found next to sports matches and other events that you can bet on. Therefore, odds are an expression of probability. The higher the odds in betting, the less likely it is for a certain outcome to happen. The lower the odds, the more likely something is to happen.
Apart from that, betting odds are also used to calculate how much money a punter would earn if they placed a bet on a certain event and managed to win. In case of decimal odds, you just need to multiply the amount you bet with the value of the odd. For example 2.0 x £20 = £40.
However, when it comes to fractional odds, which are most often used in cricket betting, the method is different.
What Are Cricket Betting Odds?
Cricket betting odds are usually expressed in fractions, where one number is usually a ‘1’ and the other number can be of any value. These odds also let you know how probable an outcome is and how much profit you can make if you bet on it.
For example, if a particular event has odds of 10/1, that means that if you bet £1 on that event, you can win £10. You will also get your £1 back, so in the end, you will have £11.
However, in some cases, you will see odds where the first number is smaller than the second one. For example, if an outcome has odds of 1/12, that means that if you bet £12, you can win just £1, so you will end up with £13.
This system can be a bit confusing at first, especially if you’re used to betting with decimal odds. However, after some time, it will feel completely natural.