Cricket betting, one of the most controversial topics in the news today and yet a source of income to a huge portion of the population. Cricket betting is a vast online market that works on the grey lines between the betting laws in India.
Online bets are placed on websites that usually work on foreign grounds. As the law cannot forbid betting that takes place in the country where betting is legal, Indians bookies take advantage and earn huge ROI. Indian betting websites help you learn about cricket odds, how to create a betting account and how to place a bet. All the learning process is covered here, however, the website takes you to a foreign link to place a bet, making the process completely legal.
Let’s tap into other terms of Cricket betting, shall we?
What does the term ‘odds’ mean?
Cricket “odds” is a crucial aspect of cricket betting. Without understanding this terminology, you cannot proceed with your bet. If you do, you risk facing a loss as half knowledge is dangerous.
Cricket odds primarily represent the chances of winning of a particular team. The odds work on the ratio, which is the visibility of your profit statement. There are various online sites that help you compare the odds. To be sure about your bet, you can compare cricket odds at BetIndia. Now, to understand the term in more detail, read on!
Let’s say, a match is going on between India and Australia, the odds of India winning is 16/1, and you place your bet of rupee 1 on India’s win. If the team wins, you will earn a profit of rupees 16. That is, the total amount you will receive is your original bet amount and your profit (16 + 1 = 17).
The important point to be taken into consideration is that, the larger the odds, lesser are the chances of that team winning and the higher profit you make. This looks confusing but it’s a fact that bookies are very sharp-minded, they will plan and set up the odds in such a manner that they don’t face any loss.
For example, for a match between India and Kenia, everybody knows that India has a higher chance of winning. The “odds” will be set up in such a way that if India wins the match you will earn less profit and if India loses a match you will be earning great profits.
Let’s say, the odds set of India winning is 11/10 and the odds set of India losing the match, as this is not likely going to happen, is 17/1. Now, if you bet on India’s victory, on a bet of 10 rupees you will only earn a profit of 11 whereas, if the bet is placed on India losing the match, rupee 1 at stake can earn you a profit of 17 bucks.
How to easily calculate your payout?
Wager amount x betting odds = Payout
Another example to make things simpler! If you bet on India, you can do so at the odds of 1.54. This means that if you bet 1,000 rupees on India to win, you would receive 1,540 rupees if India beats Australia – you get back your wager of 1,000 rupees plus 540 rupees which is your winnings.
There are few Indian terminologies that are used quite often along with cricket odds, that is ”Khana” and “Lagana”. The term “Lagana” is used for placing a bet on winning a team. In the example above, if a bet is placed on India’s win then it is termed as “Lagana”. If the “odds” of winning are rupees 15 for India and you place a bet of rupees 1000, you may reap a benefit of only rupees 150.
The same is for “Khana”, this Indian slang is used for the loss of a team. Suppose the odds of India losing is rupees 17. Then with only rupees 170 at stake, if the team loses you will make a profit of rupees 1000. It is clear from the above example that “Khana” is more profitable than “Lagana”.
Every country has its way of describing the odds but with that the connotation of the word doesn’t change. It is the pillar of betting! If these basic concepts are not cleared in your mind, you cannot gain profits and your precious time and money will just be wasted. Gain the required knowledge and bet away my friend!