Cricket fans can find out how cricket spread betting works whilst if you’re a fan of horse racing you can get the low down on how to spread bet on horse racing here. Use the grid below to navigate to your favourite sports and find out how to spread bet on them! Odds may be written 1.50 or 1.5/1. In both cases, you stand to make 1.5x times your betting amount as return. How to understand Bet365 cricket odds? Cricket betting odds are exactly the same. Let us explain the meaning of some typical cricket odds. For example, India is.

In order to understand odds in sports betting, it is important first to understand some basics. The simplest example of odds is a two sided coin, heads and tails. Each time the coin is flipped there is a 50% chance that it will land on heads and a 50% chance that it will land on tails. Both of these percentages add up to 100%, where the probability of all possible outcomes must adds up to 100%.

To put it simply, the odds are the probability of a certain outcome. The way they are displayed in various forms helps punters identify how they will be paid on the various odds. We will show you how to read betting odds by explaining how they are notated as well as betting and payout examples. Be sure to see our odds notation conversion chart at the bottom of the page.

Odds Notation: Decimal Odds, Fractional Odds and American Odds

1. Lastly, using the American methodology, Australia's odds to win the 2015 ICC Cricket World Cup is -250. Therefore, the implied probability equals 71.43%:  ( 2 5 0 1 0 0 + 2 5 0 × 1 0 0.
2. Key Cricket Betting Odds Terms Favourites – The team that is expected to win. Underdogs/Outsiders – The side that goes in with a lower chance of winning the match. Odds-on Favourites – This refers to the side that is heavily tipped to win the match.

You will notice that odds are sometimes displayed differently. We will explain the main odds notations you will see at various sports books. Often sports betting sites will allow for punters to choose the way the odds are displayed. Just keep in mind that they are ultimately displaying the same odds, just in a different way. It is good idea to be familiar with all types in case you are not given the choice, but find a good site that provides favorable odds. It is a personal preference, but I typically like to use the decimal system when available. It is the most straightforward.

Decimal Odds (European Odds): 4.00

This form of odds divides 100 by the number percent of a certain outcome (100/%chance = decimal odds). For instance, if a particular team is given a 25% chance to win outright, the Decimal Odds on such an event would be 4.00 or (100/25 = 4).

Payout Structure: If you were to place a bet on these odds and win, you would get a 4 to 1 payout. So for every 1 unit of currency played, the player would receive 4 back in total payout if they win. Notice that this includes the profit of 3 and initial bet of 1.

(Decimal odds x Initial Bet = Total Payout)

Betting Example: Let’s suppose you bet Rs. 1000 on decimal odds of 4.00 and you win. The math would be as follows: (4 x 1000) = Rs. 4000 Payout. Again, this will include your profit + initial bet.

Fractional Odds (English Odds): 3/1

This system of notation is typically found among UK bookmakers. This odds notation is expressed in a fraction. If we used 25% again, the fractional form would be 3/1. This expression is saying that for every 4 occurrences (3+1), a negative outcome will occur 3 times and a positive outcome will occur 1 time. Another way to look at it is a ratio of losses to wins (Losses/Wins). To calculate your profit, simply divide the numbers and multiply it times your initial bet.

Payout Structure: If you placed a bet on 3/1 odds and won, you would win 3 units, plus your initial unit bet for a total payout of 4.

(Fractional Odds x Initial Bet = Profit) => (Profit + Initial Bet = Total Payout)

Betting Example: So, if you placed a bet of Rs. 2000 and won on these odds, you would ‘win’ Rs. 6000 and also receive your original bet of Rs. 2000 for a total payout of Rs. 8000. Where 3/1=3, and 3 x 2000 = Rs. 6000 in profit. Again, you would also get your initial bet back of Rs. 2000 for a total payout of Rs. 8000.

Let’s say the odds were 3/2 instead. The math would look like this (3/2 = 1.5) => (1.5 x 2000 = Rs. 3000 Profit ) => (3000 Profit + 2000 Initial Bet = Rs. 5000 Total Payout).

American or US Odds: +300

You will notice that a lot of US facing bookmakers use this notation. These odds are sometimes referred to as “lines” or “money lines”. This notation is easier when betting in $100 increments, but of course it can be used for smaller bets as well.

It uses (+) or (-) as standard notation. A plus sign (+) indicates how much will be won in profit for a 100 unit bet. A minus sign (-) shows how much is needed to bet in order to win 100 units. For the same 25% odds, the American Odds notation would be +300.

Payout Structure: For US odds of +300, you would ‘win’ 300 units for every 100 bet, and receive your initial bet of 100 for a total of 400 units. If the odds were -150, you would need to bet 100 in order to ‘win’ 150 for a total payout of 250.

Betting Example: If you bet $100 on +300 American odds and won. You would ‘win’ $300 and get your initial investment of $100 back for a total payout of $400.

Let’s say you bet $50 on the same +300 American odds and won. In this case you would win $150 in profit, plus your initial investment of $50 for a total payout of $200.

If you bet on -150 odds, in order to win $100, you would need to bet $150. If you won, you would receive your profit of $100, plus your initial bet of $150 for a total payout of $250.

Let’s say you bet $75 on the same odds of -150. If you won the bet you would receive $50 in profit, plus your initial investment of $75 for a total payout of $125.

Odds Conversion Chart

If there’s one thing you know, it’s sports. You’ve been making friendly bets with your buddies for years, and almost always come up a winner. But do you really understand odds in sports betting?

Sports betting odds can be tricky to understand at first, especially since you may see the odds posted in more than one way.

From plus/minus to decimal, to fractional — how is anyone supposed to know how to place the best bets?

Don’t sweat it, we’ve got you.

In this guide, we’ll explain everything you need to know about how to understand odds in sports betting, and how you can start creating your own odds.

Understanding Sports Odds: What Are They?

So, you want to place a bet on the upcoming match but you’re not sure how to get started.

First things first, you have to understand the odds to know which bets are worth the risk. We’ll touch more on that in the sections below.

Secondly, you need to know that there are a variety of formats for which odds are displayed, such as:

• American (plus/minus)
• Decimal Odds
• Fractional Odds

All of them are easy to understand, and we’ll show you in the upcoming sections of this article.

Lastly, odds are used to calculate the implied probability of a particular outcome in any sporting event.

Once you have a solid understanding of how the odds work, you’ll be able to determine which bets offer the best payouts and how much money you are willing to wager.

Sports Odds Explained: American Odds

If you don’t know how to calculate sports betting odds, don’t worry, you’re not alone.

The most common type of sports odds used in North America is American Odds, which uses a plus/minus system for calculating payouts.

Below, we’ll answer your question: how are odds calculated in sports?

We’ll start with the American way, and give you some betting odds examples so you know exactly what you’re looking at the next time you want to make a wager.

How To Understand Cricket Betting Odds Against

But first, it’s important to know what odds are designed to do.

1. Odds flag potential bettors as to the implied probability of the bet
2. Odds announce the payout you could win if you bet on that outcome

However, odds can be influenced by more than the events that are relevant to the outcome of the game or match.

Many traditional sportsbooks are known for manipulating the odds in their favor and factor in how much the book is charging for you to place your bet. You may hear fellow wagerers refer to this cut as the “juice”, “vig”, or “cut.”

How Does Plus/Minus Work in Sports Betting?

When you see +130/-240 (or any other three-digit combination) you know you’re dealing with American odds.

The plus or minus indicates whether you’re betting on the favored team or the underdog.

A negative number on the betting line implies the favorite, and exactly how much you have to bet to walk away with a $100 payout.

Positive numbers belong to the underdog, and let you know how much you’ll win if you bet $100.

For example:

How Do You Understand Odds in Sports Betting With American Odds?

Using the above example, calculating your odds look like this:

To win $100 on the Vikings (favorites), you would need to wager $130. If you bet $100 on the Packers (underdogs), you’d be paid out $260 in addition to receiving your $100 bet back.

Calculating Payouts

Let’s say you don’t want to bet $100 of your money — we get it, that can add up.

Many people prefer to place a series of smaller bets on multiple games to get the most out of the experience.

Winning two and losing one can be more appealing than losing it all in one shot.

With the above example, let’s calculate the odds of betting the underdog with only $10, instead of $100.

Using the +260 odds on the Packers, a $10 bet would payout $26 in profits, plus the return of your original $10 bet for a total of $36 back in your pocket.

In most cases, the sportsbook you’re betting with will do the calculations before you even place the bet.

You’ll know the exact payout before you confirm your bet.

Calculating Implied Probability

If you’ve started to research exactly how sports betting works, then you’ve probably heard the term “implied probability”.

The odds are what suggest a particular outcome in any match, and the implied probability refers to the prospect of that outcome.

To calculate the implied probability you need to convert the odds into a percentage.

The reason you’d want to calculate the implied probability is to determine if the estimated probability of a match you wish to bet on is different from the sportsbook so that you can adjust your bet accordingly.

Remember, that all odds available at a sportsbook include the “juice” or “cut” so you’ll need to factor that in, as the implied probability of every conceivable outcome of a match is going to be above 100%.

This is called overround, and it’s the reason you should remove the “juice” from betting lines before calculating what the oddsmakers actually expect the outcome to be.

Sports Odds Explained: Decimal Odds

Of the three types of odds you’ll come across, betting with decimal odds are the easiest to learn.

Decimal style odds are typically used in Europe, but many Sportsbooks default to American odds. However, you should be able to set the preference to any betting style.

Decimal odds look like this:

How Do You Understand Odds in Sports Betting With Decimal Odds?

Calculating your potential winnings with decimal odds is easy. All you have to do is multiply the amount of money you’re wagering with the odds attached to the team you’re betting on.

For example:

Calculating Implied Probability

Calculating your implied probability is a valuable tool to determine if a wager is worth the risk.

Using our example above, we’ll determine implied probability using the following formula: 1 / Decimal odds

With the above example, the Toronto Blue Jays implied probability of winning is:

1 / 2.10 = 47.6%

And the New York Yankees implied probability of winning is:

1 / 1.40 = 71.4%

In this case, the New York Yankees have a much higher probability of winning, and therefore the safer bet… unless you know something we don’t.

Sports Odds Explained: Fractional Odds

Fractional odds are most commonly used in the UK and can typically be seen when placing bets on horse races.

They’re sort of funny looking odds, but when you understand what they mean, they are really easy to calculate.

How Do You Understand Odds in Sports Betting With Fractional Odds?

Let’s say you want to bet on a horse in the Breeders’ Cup Classic.

You open up your betting app and see strange-looking figures such as 8/3 or 1/2 (which, by the way, we would say “eight to three” or “one to two”).

So, how do you calculate these odds?

Simple.

The number on the left (8) tells you how many times the oddsmaker expects the related outcome to fail. And the number on the right (3) dictates how many times the outcome should succeed.

So, what does this mean for your pocketbook?

Calculating Payouts

Calculating your payout for fractional betting is really quite easy.

Multiply your bet by the numerator (or top number), then divide the result by the denominator (bottom number).

For example, if you place a $50 bet on 8/3 odds the calculation would look like this:

(50 x 8) / 3 = $133.33 (a total of $183.33 coming your way).

Or if you placed your $50 bet on the 1/2 odds, then the calculation would look like this:

(50 x 1) / 2 = $25 (for a total of $75 in your pocket).

Calculating Implied Probability

Figuring out the implied probability for fractional bets can be done fairly easily.

Let’s say your horse of choice has 8/3 odds on him, this means that out of 11 races (8+3) your horse is expected to win eight times. Pretty good right?

Now divide the number of times he’s supposed to win by the number of races on the roster and you get your implied probability: 8 / 11 = 72.7%

Remember though, it costs money to play, so anytime you’re calculating odds, whether American, decimal or fractional,the outcomes when added together will always equal more than 100%… that’s the “vig” or the “cut” we’ve been talking about.

What is a Push?

A push — while not related to odds — can directly affect your payout so we thought it was worth mentioning here.

Being aware of the possibility of a push before you place your first bet on a sports match is important.

So, what is a push, exactly? In simple terms, it’s a tie.

You will not see a push on the moneyline when placing bets, so you need to know in advance if it’s an outcome you can bet on. Typically this only applies if you’re betting against the spread or making a totals bet.

If a push occurs and hasn’t been bet on, then you’ll just get your money back, as it’s considered neither a win nor a loss.

A point spread will usually add half a point to each number so that a push can’t happen, but that’s not always the case, so keep your eye on your bets and all possibilities of a push.

What Is ZenSports?

Now, that you know how to figure out odds in betting this is where it gets really interesting.

ZenSports is an online peer to peer betting marketplace that removes the need for a bookmaker, and thus the “vig”, “cut”, or “juice”.

How To Understand Cricket Betting Odds For Today

By eliminating the bookmaker, ZenSports can charge 50-90% lower fees than traditional bookmakers do.

On top of saving a lot of money, every customer that uses ZenSports is betting against other sports bettors (not greedy bookmakers), so customers feel good knowing that they’re going up against people that are just like them.

Create Your Own Bets and Odds With ZenSports

How does peer to peer betting work, exactly?

By eliminating the bookmaker, ZenSports has essentially created a marketplace for which every bettor plays a role in creating a fun, decentralized ecosystem for everyone involved.

Here’s a five-step overview of how the ZenSports process currently works:

Betting Odds Meanings

1. Makers create bets. Anyone can create any imaginable sports bet they want with their own terms, payout, and wager amount.
2. Takers accept bets. Anyone can accept part of or a whole bet created by a Maker.
3. Makers submit the results of the bet outcome. To prevent a Maker from submitting false results, Makers have an escrow fee of 10% of their bet set aside in case of a dispute by the Taker.
4. Takers can dispute results. A Taker can dispute any outcome but are required to hold 5% of their bet in escrow aside to prevent the Taker from making false disputes.
5. The Marketplace resolves disputes. The Marketplace is incentivized to vote correctly because they will receive half of the losing party’s escrow amount if they vote alongside the majority of the voters. The prevailing party received a full refund of their escrow fee, along with half of the losing party’s escrow fee.

All bets are then paid out accordingly.

ZenSports is the only mobile peer to peer sports betting marketplace, where anyone can create and accept bets around the world without the need for a centralized bookmaker.

How To Understand Cricket Betting Odds

The future of online sports betting is here.