With betting odds, bookmakers quote prices for things to happen during a sporting event. Betting odds reflect the probability of outcomes of sporting events in India. The most popular betting sports are football and cricket and India-facing bookmakers issue betting odds for many events in these sports. So, this article provides a guide to betting odds explained, specifically for odds betting markets and the main events in the sport. Here is a list of the leading sites for betting odds in India:

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Betting Odds Guide

Let’s start this guide by answering the most common questions about betting odds. Below, you’ll also find a more advanced FAQ.

What are odds in betting?

Odds in betting are a numerical representation of an outcome in a sporting event happening. Bookmakers offer betting odds on up to 50 sports and Politics, Esports and TV Specials.  Betting odds are quoted in pre-game, in-play and ante post markets. Therefore, customers in India have access to the best cricket odds for the Indian Premier League, Cricket World Cup and Test matches involving India.

The best cricket betting odds are available in India from a number of online bookmakers, including Betway, Leo Vegas and Karamba. There are also live cricket betting odds for these competitions and with these bookmakers that serve the betting market in India. Live cricket betting is hugely popular in India and the live events include domestic and international fixtures. Hence, Twenty20 cricket is also suited to in-play betting. The betting odds meaning applies to all competitions.

How betting odds work?

Bookmakers devise a betting market by creating betting odds for each possible outcome. For example, in a Test match there are betting odds cricket related for three potential results: Home Win, Draw, Away Win. So, bookies update these odds during the match and at the close of play each day. Odds compilers create the odds based on recent form, team news and injuries. Cricket betting odds fluctuate based on the weight of money. Hence, if one team is backed the odds are cut and the odds for a draw and the opponents winning are pushed out. There is a fixed mathematical value expressed as a percentage which is maintained to balance the book.

Recommended for cricket betting:
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How to read betting odds?

Bookmakers issue betting odds for many cricket events. In an Indian Premier League match, there can be a strong favourite and underdog. However, the home team are often the favourites because they have the support of their own fans and are used to the surroundings and pitch conditions. The most common format is fractional odds which have a numerator and denominator. An example of fractional odds is 2/1. There is twice the chance of an event happening than not happening.  However, when an outcome is quoted at Evens there is an equal chance of an outcome occurring and not occurring. Cricket betting odds can also be odds-on or odds-against.

How to understand betting odds?

Betting odds can appear to be quite confusing but they are easy to understand you get the hang of it. So, betting odds are available in the following formats:

  • Fractional
  • Decimal
  • American
  • Asian

The default format is decimal or fractional odds but this can be easily changed to one of the other formats. The calculation is slightly different for each format but basically the values are consistent across each set of odds. Hence, betting odds are numbers that reflect the likelihood of an outcome in a sporting event.

Indian cricket betting odds and sites

There are some sites that provide the best betting odds and complement a welcome bonus and ongoing promotions for existing customers. Welcome offers can be match deposit bonus, match bet bonus and no deposit bonuses. Also, ongoing promotions include enhanced odds for cricket accumulators, cricket accumulator insurance and odds boosts. However, some Indian betting sites offer enhanced odds for matches in the Indian Premier League and Cricket World Cup.  So, the best cricket betting odds are available with these India-facing operators:

Betway

Betway is a global betting brand that has a sports betting service for customers located in India. The most popular betting sports are football and cricket. The most bet on football competitions are the Premier League in England and the Champions League. Betway offers an extensive range of the best cricket betting odds and live cricket betting odds. The operator offers cricket betting on domestic tournaments in India and international cricket. The biggest occasion  in Indian cricket is a Test match against Pakistan. Betway often offers the best betting odds for this fixture.

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LeoVegas

LeoVegas is another leading operator in India for the best cricket betting odds. The site features cricket betting odds in pre-match, in-play and ante post markets. The most popular cricket bet with LeoVegas is the match winner. This is a two-way market in one day cricket but a three-way market in Test matches, including the tie. LeoVegas offers an extensive range of cricket betting odds for a Test match between India and Pakistan. The site features ante post cricket betting odds on the outright winners of the IPL and next Cricket World Cup.

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Karamba

Karamba is an excellent sportsbook for the best cricket odds. Hence, the site features cricket betting odds markets such as the top batsman and bowler in a Test match. Karamba also offers customers cricket betting odds on the next player out and the method of the dismissal. These markets are available for matches in the IPL and Cricket World Cup. The operator also offers IPL live match  betting through the cricket live IPL service. Karamba offers good value in their cricket betting odds across a number of competitions and formats.

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Cricket betting odds

Bookmakers for bettors in India offer a wide range of cricket odds. The best odds cricket betting markets are for the three competitions below. So, there is live TV coverage which promotes betting. Hence, there is a huge amount of cricket info and interest in cricket betting odds in India especially for these events:

Indian Premier League

The Indian Premier League is a Twenty20 franchise which brings together some of the best players in the world. The leading ODI and T20 players receive huge contracts for a short season. Television companies show IPL live match cricket and bookmakers provide the live cricket betting odds for fixtures in the IPL. The most popular cricket odds are for the match winner and the number of runs scored in the match. The number of runs and wickets for players are other popular IPL betting odds markets.

Read also our IPL Betting guide:
11 months ago 0 248
The Indian Premier League (IPL) is a Twenty20 competition that takes place in India. The interest in the league creates demand for winning IPL betting tips. IPL betting is huge ...

Cricket World Cup

The Cricket World Cup takes place every four years and brings together the best teams in One Day International matches. Each team bats for up to 50 overs and the team that scores the most runs wins the match. Bookmakers offer World Cup betting odds on every match during the tournament. The most bet on markets are the match winner, the next player to lose his wicket and the method of dismissal. Some bookmakers offer cricket betting odds on the winner of the toss.

India Test matches

Test matches involving India attract huge TV audiences and many thousands of spectators.  However, the interest is biggest for Test matches between India and Pakistan and England.  Bookmakers offer betting odds cricket for Test matches in which India play, especially at home. Matches take place over up to five days and both teams have two innings. So, the time and format creates the potential for live cricket betting odds and cricket odds in betting during Test matches.

Live cricket betting odds

There is a demand for live betting odds during the Cricket World Cup and IPL while matches are taking place. However, bookmakers suspend live cricket betting odds after a key event such as a wicket or boundary in a live IPL or Cricket World Cup match. So, bookmakers who operate in India provide the best live cricket betting odds across a number of competitions and formats. Live cricket betting is massive in India and the Indian Premier League is the biggest competition for live betting.

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Betting Odds FAQ

Betting odds are a mathematical representation of the probability of an event happening. Odds also indicate the potential return from a winning bet, also based on the stake. Bookmakers settle winning bets on the basis of the odds. The most popular formats are as follows:

  • American
  • Fractional
  • Decimal
  • Hong Kong
  • Malay
  • Indonesian

America odds represent the betting in a unique way and an example is +200. The equivalent odds in fractional and decimal formats are 2/1 and 3.00. The profit from a bet with a stake unit of 100 is 200. The plus means the odds are better than evens and even money is expressed as -100. Any negative figure above 100 represent odds-on odds.

As the name implies, American odds are used by betting sites that serve the North America market. The most popular bet is the moneyline which equates to the match winner odds in European markets. The other most popular markets are the spread and totals. Odds of +200 and similar are most common for games in the NFL, MLB, MBA and NHL. Most North American markets displayed in American odds are two-way markets which eliminate the tie.

If the outsider in a two-way market is +200, the favourite will be about -300. These odds have a built in margin for the bookmaker which represents the value in the odds for bettors. Futures betting with US bookmakers is the equivalent of ante post betting in the UK. A strong favourite could have odds of +200 in the American format.

Odds of 5/4 are fractional and the historical method for expressing odds in the UK. The format dates back to on course betting on racecourses and is still the odds format in betting offices. The growth of betting exchanges, which express odds in decimals, has led to fractional odds being less popular. The equivalent odds in decimals are 2.25 and 5/4 equates to +125 in American odds.

In a two-way market, such as the winner of a cricket match or tennis match, the option at odds of 5/4 will be the outsider. In a three way market, such as the winner of a football match, the team quoted at 5/4 will generally be the favourite.

Any betting market has a theoretical margin based on the odds. The calculation to work out the contribution to a market from odds of 5/4 is as follows:

+((100/) 5 + 4 /4) = 44.44%

In a two way market, when there is an outsider at 5/4 the favourite is about 4/6 and the following calculation applies:

+((100/) 4 +6 /6) = 60.24%

Therefore, the margin for a 5/4 and 4/6 two-way market is 104.68%. Any margin over 100% implies a theoretical profit for the bookmaker. Any margin below 100% implies a theoretical losing book for the bookmaker. In a horse race bet, a horse quoted at 5/4 would generally be a strong favourite. The odds are slightly bigger than Evens. A bet with a stake unit of 100 would return 225 at 5/4. At Evens money the return from a bet for 100 units is 200 units.

Any odds displayed in this way use the fractional format. The equivalent odds in decimals and the Americana format are 1.33 and -300. The calculation to work out the contribution to the total margin made by odds of 1/3 is as follows:

+((100/) 3 +1 /3 = 75.19%

In a two-market, such as the winner of a tennis match, if the favourite is 1/3, the outsider will be 2/1 which has the following calculation:

+((100/) 2 +1 /1 = 33.33%

Therefore, the total theoretical margin for this market is 108.52%. These odds are typical for a tennis match or any head- to-head market which produces a definite outcome. The bookmaker enjoys a relatively high margin in two-way markets and there cannot be a tie.

The most bet on 3-way sports market is the result of a football match after 90 minutes. The possible outcomes are Home Win, Draw, Away Win. If the favourite is 1/3 the market is as follows:

Favourite             1/3

Draw                    4/1

Outsider               7/1

The theoretical margin for any 3-way market with a 1/3 favourite is usually about 107%. However, some bookmakers offer better value by quoting bigger odds for the Draw and Outsider. In any ante post market on the outright winner of a league or tournament, a 1/3 option will be a strong favourite. You could see that quote towards the end of a football league season in which one team is well ahead of the opposition.

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