What are the odds in betting?

The term “betting odds” is heard by everyone who is at least a little interested in betting. In this article, the main information about them and their use in India is represented. Here you will get acquainted with their types, what they are, how to read betting odds, and many more useful details.

What are the odds in betting?

When you talk to someone fond of betting, you undoubtedly hear such a word as “odds”. Or, for example, if you are new to this sphere but want to develop yourself here, odds are one of the main instruments in all this mechanism.

Betting odds are special numbers that show what event will likely occur and, on the contrary, what will not take place. They also represent how much you will earn in case of this or that event.

Three main types of betting odds exist:

  1. Fractional odds also known as British: show the proportion of the winnings to the bet;
  2. Decimal or European odds: the sum one earns for every one unit placed is represented here.
  3. Moneyline odds also named American: reflect the sum one has to place to earn 100 units or the amount one might win for every 100 money units wagered, according to the favorable or unfavorable sign.

More information about these kinds of odds you will learn below in our review.

How do betting odds work?

How do betting odds work?

As we have noted, betting odds show the bookmakers’ predictions on diverse events. They also will help you define how much profit will be yours in case of a successful bet. However, how do betting odds work in practice?

When you visit the sportsbook of a company, you see lots of numbers near diverse events. These are odds. Then, when you place a bet, you choose the ones that suit your predictions more and in case of winning get an appropriate sum of money.

How to read betting odds: instructions

Below, in the table, you may understand how to read betting odds depending on their types.

OddsExampleHow to read
Decimal (European)The odds are 5.0The amount of bet is 100 INRThis type of odds is calculated by dividing 100 by the percentage likelihood of a specific occurrence (100/percent chance Equals decimal odds). For example, if a team is assigned a 20% probability of winning outright, the Decimal Odds on that event would be 5.00 or (100/20 = 5).
Thus, if you place a 100 INR bet with such odds, your winnings will be equal to 500 INR (100 x 5).
Fractional (British)The odds are 3/1The amount of bet is 100 INRThe chances are stated as a fraction in this notation. The partial equivalent would be 3/1 if we used 25%. This statement means that a bad outcome will occur three times for every four occurrences (3+1), while a good result will occur once. A ratio of losses to victories is another glance at it. Divide the numbers and increase by your initial wager to determine your profit.
Thus, if you place a 100 INR bet with such odds, your winnings will be equal to 400 INR (100 x 3/1= 300, plus your bet of 100 rupees, the total sum is 400 INR).
Moneyline (American)The odds are +400The amount of bet is 100 INRThe conventional notation is (+) or (-). A plus sign (+) shows how much money a 100-unit bet will win in profit. A negative sign (-) indicates the amount of money needed to earn 100 units. The American Chances notation for the 20% odds would be +400.
Thus, if you place a 100 INR bet with such odds, your winnings will be equal to 500 INR (400+100, your initial bet).

Tips for choosing the best odds

Here you may get familiar with our tips for choosing perfect odds:

  • Check and understand the difference between all types of odds. It will allow you to make the right decision in choosing a profitable one for some event;
  • Analyze the odds in various bookmakers. They rate the same events in different ways, that’s why somewhere they are higher and somewhere are lower;
  • Select betting on the sport you know a lot about. It is an additional strong chance to win and you will be sure what odds will be better here.

These tips are the basic ones for finding the best odds in the sphere of sports betting. Also you can read our Tips for betting.

The most profitable cricket betting odds

Cricket is beloved and pretty popular in India and other countries of the globe. For this reason, lots of online bookies provide an opportunity to bet on cricket events. Since almost all betting companies have cricket in their sportsbooks, all of them offer diverse cricket betting odds. How to figure out what is considered profitable?

The most beneficial odds are those starting from 1.5 if we speak about the decimal (European) odds. They will bring you enough profit but, of course, the higher they are, the more you will get.

Indian Premier League: what odds are better?

Indian Premier League: what odds are better?

The Indian Premier League, which will take place from 26 March to 29 May in 2022, is known as one of the main cricket events in the world. During this event, people from diverse parts of the world cheer for their favorite teams and place bets on their predictions. The event has been held since 2008 and for these 14 years, it has obtained millions of fans.

Today many bookies provide IPL betting for their customers and, of course, an issue related to odds here is also actual. Most online bookmakers offer quite profitable IPL betting odds, however, what odds can be named profitable for the IPL betting? Since this event is very popular and famous, the odds on it are higher than on some local competitions. To name the IPL betting odds profitable, they should be at least 3.0. Most often, they are even more than 5.0.

Online bookmakers with great cricket betting odds

Here is the list of the online Indian bookmaker companies with the greatest odds:

BookmakerCharacteristic
ParimatchIt is a well-known betting brand that caters to both Indian and international customers. Because the organization combines an attractive layout and navigation on its website, many believe it to be one of the finest for online cricket betting. Thousands of Indians trust this bookie thanks to its protection systems. They are also very satisfied with its odds ranging from 1.04 to 16.50.
MelbetMelbet is a betting organization with a presence not only in India but also around the world. Because it concentrates on cricket, the organization has a large variety of promos and deals for this sport. On cricket events, the Melbet bookmaker gives fairly high odds and the Indian Premier Leagues is no exception. They vary from 1.3 to 1.8.
bet365Bet365 is one of the leading betting sites in India, specializing in online sports betting. The betting brand has earned international recognition and a reputation as one of the greatest betting companies because of its high-quality and attentive work! Bet365 offers its customers the chance to wager on sports with the best odds and conditions. Of course, most of the provided incentives are available to Indian citizens who like betting on cricket, the country’s main sport. The odds on it are from 1.36 to 19.0 here.
1xbetThis brand is well-known among all sports betting enthusiasts throughout the world. As indicated by a huge number of promotions and services in the field of cricket, the bookie pays attention to and cares for its customers.  1xbet odds are the mathematical probability of the event based on numerous projections about 1xbet cricket match outcomes. The odds here are from 1.05 to 9.50.
BetwayThis betting organization has been recognized as a leader in the world of online sports betting, particularly cricket betting. The designers devote a significant amount of effort and money to developing promos and deals for cricket betting. The company also has a live betting option, which is a cool advantage. Users can get a 100% bonus of about 2,500 rupees if they place bets with the odds between 1.3 and 10.

As you can see, all the companies from our table offer quite profitable odds on cricket events. Some of them reach even 10.0 and more! Thus, you should be sure that in case of your successful bet, you will earn a lot.

Conclusion

We hope that this article helped you define what betting odds are and how they work. Moreover, we tried to inform you about the difference between all types of odds. We do believe that now you are full of knowledge about all the issues related to betting odds. Follow our tips and stay tuned to get more! Good luck!