Take this a step further by considering a dice roll. With six possible outcomes, the probability of hitting any single number is 0.167, i.e. 1 / 6 = 0.16666 (rounded up to 1.67). If we want to express that number as a percentage, multiply it by 100 to get 16.7%.
They are calculated as the ratio of the number of events that produce that outcome to the number that do not. Odds are commonly used in gambling and statistics. Wikipedia. Cricket odds are the term used by the cricket betting bookies to show the occurrence of a particular outcome in the cricket event.
Wager amount x betting odds = Payout. 1,000 x 1.66 = 1,660. So you simply multiply your wager amount with the betting odds to find out how much you will receive after your bet has won. If you bet 325 rupees on Australia to win, at the odds of 4.60, you would receive 1,495 rupees if Australia beats India – 325 * 4.60 = 1,495 rupees. 325 x 4.60 = 1,495
Chennai would have odds of 1/3, which means you would win INR 1 for every INR 3 that you bet. Hyderabad would be 2/1, so those betting on them would win INR 2 for every INR 1 that is wagered. Most online cricket betting sites have the option to convert the odds into whatever IPL cup rate you prefer.
IPL Betting Odds. View all available outright and match odds, plus get news, tips, free bets and money-back offers. All you need to bet.
De Silva and Swartz (1998) have shown that playing cricket at home increases the chance victory by log odds 0.5, which supports the odds and risk ratios from both of our models. The Asian style of cricket is not homogeneous with the rest of the world.
Earning money in cricket betting is so hard if we just bet on single team,so the thing we need to do is just placing bets on weak team at low odds as 2x (normally if we bet x rs then place twice)and wait for the odds to get higher and trade one x at higher odds and leave the other one, so that whatever team may win we will win some money
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%: ( 250 100 + 250 × 100 ) .
The aggregators have offered odds that are quite low considering Afghanistan is no longer a minnow in world cricket. Imagine they have qualified ahead of Sri Lanka and Bangladesh for the Super 12s! They have even beaten West Indies in a three-match international tri-series 2-1 held in India a couple of years ago.