How Do Bookmakers Set Cricket Match Odds
As you may already know, cricket is one of the world’s most-watched sports and the industry gains sensational media attention from around the world. For this reason, there are a number of high-quality betting sites where punters use odds to determine which player, team, or league will win and which will lose.
As it stands, cricket betting odds are heavily relied on by the masses and we have to wonder, how do bookmakers set cricket match odds? If this thought has ever crossed your mind, allow us to shed some light on the matter.
The Key Factors of Bookmakers and Cricket Odds
- Determining the Odds
- Adjusted odds by bookmakers for profits
It is important to remember that setting these odds aren’t easy and that most sportsbooks. Although making a profit, are the best way to gauge a winning bet.
Bookmakers will always try to make a profit, no matter the outcome and so can rest assured knowing that these sorts of sites can be trusted to cast accurate enough odds.
Bookmakers do thorough research on cricket odds, the teams, the players, the IPL’s, and even the pitch being played on. All these elements and metrics are taken into consideration and are only some of the contributing factors to accurate odds. Moreover, these odds are adjusted to profit the bookmaker as a sort of ‘payment’ for a service rendered.
Determining the Odds in Cricket
The bookmaker will determine the outcome of the game. This includes the winner, the losing team, the man of the match, the underdog and the Moneyline. Each and every aspect is measured and tallied based on past matches played. The players in the team and what their strengths and weaknesses are.
In determining these accurate odds, historical measures must be met and players’ strengths and weaknesses also depend on the pitch. Some teams play stronger in their home country as opposed to being away from home. This too is factored in and analyzed.
This is then the odds the bookmaker will forecast after they have been adjusted to factor in a win which is where the bookmaker adjusts these odds to not be entirely true but rather grant some leeway in which it can take a percentage or a cut of the wager.
Naturally, the better the quality of the sportsbook the lower the percentage the bookie takes for the service rendered. However, the bookmaker does, in fact, need to take a cut and so there will always be the true odds and the bookmaker’s odds.
How the Odds are Adjusted by Bookmakers
The formula used in projecting accurate odds in cricket can become overly complicated. But there are simpler means of explaining how it works as follows.
The odds are decreased in a ration that works similar to a 3:2:1 and the percentage are then worked in a relationship that is akin to proportional decreasing. This would lead to, for example, odds that resemble 6/8 or 5/2. The bookmaker adjusts these odds to take, in essence, a cut of 20%. This is referred to as the bookmaker’s margin and most punters are familiar with this.
Why Odds are Adjusted Before a Match
Many returning punters will notice that the odds often change just before a cricket match or league begins. This is mainly due to the assumption that players will wager on these odds. Because they are close in accuracy and the margin is already totaled in.
However, if players bet far more than the bookmaker expected in say one wager, then the bookies amount to be paid out also changes and so the bookmaker adjusts these odds to make provision for less of a liability and cover its losses just before the match begins.
Cricket tours are a massive source of income for bookmakers and if you know and understand how bookmakers cast their odds, it will help you place a more accurate wager.