There’s a massive difference between sports betting and casino gaming. If you’re taking on a casino with a house edge, you’ll never win. And if you’re backing sports bets on a whim, you’re pretty much doomed.
But if you do your research and select your cricket bets carefully, it’s possible to make money consistently. Some people even turn professional, making their living from betting on cricket. Sounds pretty sweet, right?
Do your homework
Sorry to sound like your teacher, but there’s no excuse for not doing your homework – and saying your dog ate it will only mean you suffer in the long run.
The more you research a cricket game, the more accurately you’ll be able to predict the outcome of the match. As a fan of the sport, you should already have a good foundation of knowledge about the key teams and players. Building on that with reading and research will improve your game immeasurably.
Let’s say you’re a huge supporter of the Mumbai Indians, and read every article about them you see. That’s a great start. But what about their opponents? If you only know about one team, you’re still doing a lot of guesswork. Instead, try to read about every team in your chosen league, whether that happens to be the Indian Premier League (IPL) or something else. Stock up on team knowledge and reap the rewards at the bookies.
Back your bet quickly
Get ready to rise and shine, ladies and gentlemen; the earlier you bet, the more likely you are to spot an error by the bookies. As time goes by, online cricket betting sites that have made a mistake will correct it as they notice a lot of punters’ money moving in that direction. To beat the crowd, you have to be ready to go as soon as possible after the odds are first released.
One unforgettable example of a bookie making a huge oversight came in the 1999 Cricket World Cup. They made a huge error in predicting 255 wides to be bowled across 42 games. Punters smelt blood in the water and lumped on heavily, relying on England’s pitch conditions to help produce far more. Bettors were proven right; there were a stonking 979 wides bowled, leaving the bookies red-faced and out of pocket.
Sniff out value bets
Bookie errors are tough to find, but value bets are slightly easier to come by. They’re essentially similar, as you’re still looking for bets where the bookie is providing odds which you deem too big. But instead of huge oversights, you’re looking for marginal value.
To calculate the value of a team you need to follow a few simple equations, but you’ll also need to factor in your own research and knowledge.
In order to convert the bookies’ decimal odds to a percentage showing how likely the team is to win, follow this equation:
100 / Decimal odds = Percentage odds of winning
For example, let’s say the Mumbai Indians are marked up at odds of 1.9. We divide 100 by 1.9 to get 52.63%. However, your own calculations make them a 60% favorite. Next, we follow this equation:
(Our percentage x bookies’ odds) – 100 = Value percentage
In this case, that would be (60 x 1.9) – 100 = 14%. This doesn’t prove the Mumbai Indians will definitely win by any stretch, but it gives us the chance to secure a bet which represents good value.