As integral as odds are to cricket wagering, it’s time to lift the lid on the model that determines profits for the punter and the sportsbook alike. After all, information is the power.
Indians are presently more mindful of cricket betting odds than ever before, and the trend has a sound rational foundation to it. The bottom line with wagering is to coin it and odds are the most profound determinant of wagering gains in cricket or any other sport. Even a minor difference in odds can cause a major change in the final earnings of the punter. When all said and done, it all boils down to one basic question – how are the odds determined. If the question resonates with you too, then join us on a riveting journey to unravel the mystery.
Odds are all about teamwork:
Like in all major business undertakings, it takes a team effort to decide the cricket betting odds. The sportsbooks usually deploy a team of specialists, known as traders or risk analysts in the industry circles, tasked with rolling out odds that represent true probabilities of outcomes across all markets. The job is apparently an uphill one due to the sheer variety of betting markets and variables that need to be taken into account before releasing odds for a contest.
What they typically factor in:
Typically, the traders start with factoring in the form of the teams and their key players, injury issues ailing both teams and their respective bench strengths for apparent reasons. Weather conditions often determine the duration and outcome of the match, making it essential for the risk analysts to consult the weatherman before dishing out odds for an event. Pitch conditions are also considered and so is the venue because of the massive advantage the home team gets.
The Balancing Act:
Although profitability for their employer is central to traders, they cannot leave punters out in the cold, as this will be counter-intuitive to the very nature of betting. So, they have to pre-empt the amount of money that is likely to be placed on each individual market. The risk analysts then fix a certain percentage to a “book” to create revenue for the sportsbook. Caution is maintained when adding the percentage, as a higher one will bring down the punter’s earnings. Competitor activities are also monitored consistently to provide competitive odds.