After creation of an online account and registering with an online sports betting website like https://uk.mansionbet.com/sports/cricket/, the player gets to know about all the cricket matches for which betting has already started or is about to start. He has to choose the type of game he wants to bet on like:
- Test cricket,
- One-day cricket,
- T20 cricket or
- Any other format of cricket like the county championships etc.
A simple explanation
After deciding on the same, the newbie gambler needs to understand the odds mentioned on the website. For a bettor to be successful in the long run, he needs to know:
- What probabilities the betting odds express and
- How to ensure conversion of these odds into their probabilities.
The calculation is actually very simple and profit calculation follows the formula (Stake X Odds) – Stake. Odds are actually a bookmaker’s assessment of the chances a team has of winning a particular match against another team. If the online sports betting website says that the odds of Team A winning are 1.67 it refers to the likelihood of the occurrence of the outcome. These odds can be converted into their implied probabilities by using the formula 1/decimal odds.
An example for better understanding
Hence if in a match a team A is at the odds of 2.75 to win the match against team B, the implied probability is about 0.363636 or 36.36%. If a person, betting on this match stakes $10 and if team A wins the match, his profit would then be ($10*2.75)-$10 which is about $17.5. This is the basic concept which every first timer needs to understand initially.
But even after understanding the odds, it is important to note that a punter should never chase after losses in the hope of a win and should never exceed the maximum amount that he can afford to lose.
