The Best Cricket Betting Odds & Rates for April 2024

Cricket is the second most popular sport in the world to bet on behind football, and there is always a cricket series being played somewhere in the world. However, before you place your money on online cricket betting you need to ensure that you have a thorough understanding of how cricket betting odds work. This is where this cricket betting guide comes into play.

Cricket Betting Sites with the Best Betting Odds - April 2024

Betting Odds Explained in Detail

cricket odds cricket odds

What exactly do cricket odds represent?

Let us take an example to show you. For instance, let us say that the England cricket team are playing against the India cricket team in the final of the ICC Cricket World Cup.

The cricket betting site you are using has provided you odds of 1.70 for India to win and odds of 2.00 for England to win.

What exactly does this mean?

Betting odds are there to give an indication as to the probability of an event occurring.

An Example of Cricket Betting Odds

In the example that we gave, India are the slight favourites to win the game and lift the World Cup.

The two teams are quite evenly matched, but India has the advantage of playing at home in front of an expecting crowd. So, what are the actual chances of India, with odds of 1.70, actually winning the game?

This question can be answered using a simple equation:

Probability = 1/decimal odds

So, for the example that we gave, the chances of India beating England are given at odds of 1.70.

1/1.7 = 0.5882 = 58.82%

If you want to be successful when it comes to cricket betting, it is crucial that you understand the probability of an outcome occurring when expressed using betting odds.

How Competitive Cricket Odds Work

So, you liked the odds that the bookmaker provided for an India win, but how much do you stand to win should India be victorious? Once again, we can use a very simple equation to answer this question:

Let's say that you placed 2,000 Indian rupees on India to win.

2,000 x 1.70 = 3,400

Your overall profit would be your returns minus the stake you placed. So, in this case, your profit would be 1,400 Indian rupees (3,400 returns - 2,000 initial wager).

Why Are Cricket Betting Odds Important?

It is important to be able to find the best competitive cricket odds possible and the example that we are about to provide you with will show you exactly why.

Let's pretend we have two bettors and, for the sake of this example, they are called Viraj and Ali. Both of them are great bettors and get 65% of their bets right. However, on average, Viraj finds odds of 1.90, while Ali shops about a bit and finds odds of 2.00. Now, if they both make 1,000 bets on cricket matches each year, they will win 650 and lose 350 of them. If they are betting $100 on every match, their results at the end of the year would like:

  • Viraj: 650 x 0.90 + 350 x (-1) = 235 x $100 = $23,500
  • Ali: 650 x 0.90 + 350 x (-1) = 300 x $100 = $30,000

So, Viraj is missing out on $6,500 simply because he does not make an effort to find the best odds for the matches that he is betting on.
There really is no excuse for this when you can simply use an odds checker website to help you find the best odds. If you learn only one thing from this article, we hope that it is that you now understand (if you didn't already) just how important it is to find the best betting cricket odds possible.

We mean, if you were thinking about buying a new car you would obviously shop around to ensure that you are getting the best price possible, so why wouldn't you do that when it comes to odds? After, you are still spending money.

In an ideal world, we would have money deposited at all of the best sportsbooks for Indian players so that you check out the best odds whenever you want to make a cricket bet. However, we all know that the world is far from ideal, and a lot of us are restricted by not having an unlimited cash flow.

Therefore, we recommended that you do some research and find and create an account with two sportsbooks that have great odds for cricket betting. If your bankroll then increases, you can feel free to join up with another sportsbook that has great odds.

Different Odds Formats in International Cricket Betting

When you are making cricket bets there is a chance that you will come across different odds formats in different cricket betting markets. There are three, and we are going to briefly explain these to you right now:

Fractional odds

Here, the odds indicate your potential profit. For instance, if you bet 1,000 Indian rupees at odds of 5/2 on the Sunrisers Hyderabad, your potential profit would be 2,500 Indian rupees - 5/2 x 1,000. You would also obviously get your stake back for a total return of 3,500 Indian rupees.

Decimal odds

While fractional odds reveal what your profit will be, decimal odds show what your total returns will be. For example, if you stake 1,000 Indian rupees on the Royal Challengers Bangalore when IPL betting at odds of 1.77, you just have to times the odds by your stake to see your total returns, which in this case would be 1770 Indian rupees, which would mean a profit of 770 Indian rupees.

American odds

With this international cricket betting odds format, the (+) shows how much a gambler will make from every 100 units that they bet, while the (-) shows how much you would need to bet in order to win 100 units. The plus sign indicates the team or participant that is the underdog, while the minus sign shows you which team or participant is the favourite. For example, if the Delhi Capitals are heavily favoured, you might see IPL betting odds of -275, meaning that you have to wager 275 Indian rupees for a profit of 100 Indian rupees. If, on the other hand, you want to bet on the Sunrisers Hyderabad, you might see odds of +190, meaning that for every 100 Indian rupees you bet, you get a profit of 190 Indian rupees.

What about Value Bets in IPL Betting?

In order to be successful in your IPL betting, you need to know how to find value bets.

To calculate the value of a bet, we can use another simple equation. All the equations that can be used are simple, so you don't need to be some sort of maths genius in order to improve your chances when betting.

The equation we can use here is:
  • Value = (Decimal odds x assessed probability) -1

Let us take another example here to help make it easier to understand. For instance, let us pretend that we are placing a bet on the Royal Challengers Bangalore to beat the Mumbai Indians in a test match, with Royal Challengers Bangalore having odds of 3.00 to win. After we have done our research about who is going to be playing for Royal Challengers Bangalore and what type of pitch they will be playing on, we believe that they have a 40% chance of winning the game. Are we being offered any value with odds of 3.00?

Using the above equation we get:
  • (3.00 x 0.40) - 1 = 0.2

Whenever the value is higher than zero, you have what we like to call a value bet. So, as we had odds of 3.00 and a 40% assessed probability, we have 20% value in the bet that Royal Challengers Bangalore will beat the Mumbai Indians.

So, why should you only bet if you can prove that there is value involved? Well, the key to being a successful gambler is being able to make better assessments of the likely outcome than the bookmaker. If you can do this on a regular basis, you will walk away with a lot of profit.

We believed that Royal Challengers Bangalore had a 40% chance of beating the Mumbai Indians, whereas the sportsbook's odds of 3.00 mean that they believed Royal Challengers Bangalore had a 33.3% chance of winning.

"This is a value bet as we feel that Royal Challengers Bangalore's chances of winning are higher than what the bookmaker believes."

Cricket Satta Rates – What Are They?

Sometimes you might come across a cricket betting comparison website for Indians and see cricket satta rates written and wonder what it is. While it might be a bit confusing to start with if you have not come across this phrase before, all you need to remember that cricket satta rates is just another way of saying cricket betting odds. Therefore, this means that everything that we have just explained above in relation to cricket betting odds can be applied to satta cricket rates.

Nine times out of ten though, cricket bookmakers, like Betway India will call them cricket betting odds and not satta cricket rates. We just thought that it was important for you to know, just in case you stumble across a site that uses the latter.

Betting Exchange Explained

Some bookmakers allow their customers to bet against other customers instead of betting against the bookmaker. Punters can offer or request odds from fellow gamblers. This is known as a betting exchange. When it comes to bookmakers that offer betting exchanges to bettors from India, 888Sport India is a great choice.

How Does a Betting Exchange Work?

The main difference between this type of cricket betting is that lay betting is allowed. In other words, you can back a team to lose instead of to win. Every single bet that is placed during a betting exchange really has two bets - for example, one bet backing a team to win and another bet backing the same team to lose.

So if you want to make a cricket exchange and stick a 1,000 Indian rupee bet on India to win at 3/1 which returns a profit of 2,000 Indian rupees, you need to find a fellow customer who is willing to risk 2,000 Indian rupees at 1/3 for a return of 1,000 Indian rupees.
As the customers are betting against themselves, the sportsbook doesn't care who wins the bet. They are still earning money as they charge commission on the winnings.

What Are the Benefits of Using a Betting Exchange?

Using a betting exchange gives you a much greater choice as a punter. Before betting exchanges came into being, if the sportsbook didn't want to risk the odds or stake that you wanted, you had no possibility of being able to place your bet. With a betting exchange, you simply have to find someone to take the risk, or lay your bet. In other words, betting exchanges have allowed punters to find the exact markets and odds that they are after.

Secondly, in a betting exchange, you get more value. Bookmakers have to take fractions off of any odds that they offer in order to make some money. During an exchange, there is pressure on the layers to offer up fair odds because they risk nobody accepting their bet if they do not.

Frequently Asked Questions about Cricket Betting Odds

Can I Open Multiple Sportsbook Accounts to Bet on Cricket?

Yes, you definitely can. In fact, it is something that we would highly recommend because cricket betting oddswill not always be the same at different sports betting sites. For example, you might come across a bookmaker that has cricket match betting rates of 2.20 for India to beat England in a Test match, while another might have cricket match betting rates of 2.40 for

India to win. When you have an account with more than one bookmaker, you can compare their cricket bet rates and then place your wager with the bookmaker that is offering the highest cricket bet odds. By doing this, you will make sure that you win the largest profit should your bet be a winner.

What Exactly Do Odds Show You?

Cricket betting odds reveal to you exactly how much you stand to win should the bet that you place go on to be a winner. Cricket bet odds can be displayed in three different formats and these are fractions, American, and decimals. Fractional cricket betting odds show your profit will be, decimal cricket bet rates indicates what your total returns will be, while American cricket bet odds indicate how much you can make from every 100 units that you bet. When it comes to cricket betting sites that accept bettors from India, that common formats that you will encounter will be decimal and fractional.

What Cricket Markets Have the Highest Odds?

There are plenty of cricket markets that you can put your money on, but they do not all come with the same cricket bet rates. For example, cricket bookies rates will not be the same for a team to win the match and who the Player of the Match will be. When you are deciding which team will win a match, you have two choices to pick from. However, when you are trying to predict the Player of the Match, you have 22 different players to choose from, meaning your chances of winning are slimmer, but the cricket bookies rates will be higher, meaning there will be a higher profit if you win. Markets such as Player of the Match, Top batsman and top bowler all have high odds and are always worth a look at.

Why Are Odds So Important in the Cricket Betting World?

Cricket bet odds are important because it these that determine just how much of a profit you will end up making if your bet goes on to be a winner. If the cricket bet rates are low, then the profit that you make will also be low, unless you take a big risk and stake a lot of money - something that we would not recommend unless you are 100% confident that your bet will come in. Since cricket bet odds ultimately determine how much you stand to win, it is important that you check out the type of odds that are on offer before you register with a sport betting site.