Betting odds are one of the most important clues which tell which team is the strongest one in the ICC world cup matches or any other matches and which one is the weaker team. There are many types of odds used worldwide. We will discuss just a few of them which are used in the ICC world cup betting odds. Let’s discuss it in some more detail.
What are betting odds
In Icc world cup betting odds can be understood as the probability of winning or losing the bet or how much amount the bidder will need to pay. Though it tells you about the probability of how much money one will win or lose, it can’t be compared with the mathematical probability which is quite a different concept. With the help of these concepts, one can easily know how much money they need to bet with and on those bets how much profit they will gain if they win. There are mainly three types of betting odds. Let’s know each of them one by one.
Fractional odds are one of the widely used betting odds. Other than the ICC cricket matches, it is also used in many other cricket matches and in some other games. Some of the other games where these types of betting odds are used are football, badminton, and tennis. Odds of these types are shown as 6/2,5/3 2/1, etc. Here the Numerator of the fraction shows the amount you win and the denominator shows how much you need to wager to win that amount. These odds are also known as British odds and along with the UK, it is also used in many European countries.
If any bet shows 5/1, it means that if you win, you will get five times the amount you bet with. For example if you bet with $100 and win, you will receive a total of $600($500+$100).
In many of the ICC cricket matches, you can also find Decimal odds many times. These odds are known as the simplest odds to understand. This is so as these types of odds clearly show how much money you will totally get and how much you need to bet with. For example, if any odd is written like $1.23, it means you will win a total of $1.23 if you bet with $ one.
These American odds are widely used in the United States and that is the reason these odds are also known as US odds. In these odds, the odds are represented using plus or minus signs along with some numbers. The Minus sign shows the total amount you need to pay to win $100 and the Plus sign shows the total amount won for every $100 bet with. For example -$120 shows if you bet at $100 you win $120. On the other hand, if the number will be written like +$120, it will depict that you will win $120 if you bet at $100.