There are two different approaches to betting that are viable ways of winning money. But do bear in mind that gambling is designed to be profitable for the bookmaker so the punter carries all the risk.
Fixed odds betting to make money
Fixed odds betting is where you place a bet on a fixed rate and the bookmaker holds the liability. Meaning they take the risk of having to pay out your winnings if your cricket bet is successful.
They calculate the fixed odds based on how much of a risk they think the bet is and they assign a rate or a price. The math can be a little more complicated, but on face value the odds often represent the likelihood of the bet winning.
Statistically speaking, the odds are always in the favour of the bookie, as most bets are bigger than a ration of 1:1 which suggests 50/50 in terms of probability or evens odds of 1/1. So over time, they are always likely to make more money than they pay out with markets often favouring higher risk bets.
Whilst it’s plausible that you can win enough money from betting to maintain a professional betting career, it is not a reliable or sustainable way to earn an income nor is it responsible. Sports matches are quite volatile in terms of outcome and winning a bet can be part knowledge but also part chance and that’s where it becomes risky.
With that said, some people have developed strategies for betting on sports to try and reduce the risk, and potentially improve their odds of winning cash. But unless you’ve got the capital to take those risks in the first place, its not a recommended choice of profession. You need money to make money in gambling and if you don’t have it already, you’re not likely to win it.
Exchange betting to make money
Exchange betting is like a marketplace for punters to bet against each other. So you can be the punter or the bookie on either side by selecting whether you back your own bets, or lay other people’s bets as the bookie with either considered possible routes to making cash though betting.
Backing your own bet on an exchange means you basically do similar to a fixed odds bet except you put your own money in, its not the bookmaker’s. You pick a market and place a bet based on how much you want to win. You can normally nudge the odds a little to see if anyone is willing to give you a better price and this creates a market for people to lay your bet .
This means that the odds for a particular event are set by the market demand, based on the volume of interested backers for that market and the willingness of other bettors to lay those odds.
Laying a bet to make money is the opposite to backing your own bet. So when someone “puts up their bet” on an exchange market, anyone can lay that bet which means they think it will lose. So you find a bet that you think will lose, you can put down the liability and risk losing that money, for the chance to take on the bettor who thinks the result will win.
So there are backers and layers on an exchange. If you’re backer you only to pay the stake for the chance to win the bet at the price you picked. If its 10/1 you put down the value for the 1 and the layer has to put down the 10.
On an exchange the bets a often treated as one pot, like a pool of money. So you don’t need 1 person specially to late you bet. You just need enough people to contribute to the lay so there is a enough liability in the exchange to cover the backers bet.
You can make money laying bets on an exchange, but you risk losing substantially more if you chose to lay a winning bet whereby you had to invest as a layer than what the back staked.
Can You Make Money Cricket Betting?
Cricket betting is a matter of skill, luck and betting responsibly. The most successful cricket betting customers do not make money every cricket match that is taking place. Instead, they use their knowledge and expertise to place selective bets. The key is often to identify value betting opportunities and always gamble feeling as though you have an edge over the bookmakers. Here are some tips on being more skilful with your bets
Work Out the Best Value Cricket Bets
Anyone can put up a cricket betting tip at odds of 1.10 and back a winner. However, it’s far more profitable to back selections at bigger prices. Indeed, betting always comes down to price and that is certainly the case whether you are wagering on the IPL, Big Bash League or The Hundred.
We recommend taking a look at the cricket betting coupon and working out whether a price represents value for money. There is an implied probability with all betting odds. If you think that the probability is higher, then it could be that you have identified a winning pick.
Do Some Research
There are lots of factors in cricket that affect the outcome of the event and the amount of research you do will help you make mor informed decisions. Part of betting responsibly is about choosing a bet that you are knowledgeable in and not just picking a bet that you have found on a tip site or you see fancied odds.
Player Research
Work out which players are top performing players and that will offer some hints towards the outcome of the game
- The best bowers tend to influence the game in a teams favour if the wicket is bowling pitch
- Does the pitch spin? Catches and Stumpings are effective with spin pitches
- Will the ball swing? If the fast bowling attack can swing a ball, caught behind comes into play
- Confident in form batters are great for run based betting
Team Research
How are the teams performing and what are the results like in this fictire
- Head to head results are a great indictor of how teams perform against each other
- Are the teams in form. Especially in tournaments, what are the averages?
- Does the team have the strongest line up available or are there injuries
Pitch & Weather Research
What type of results do you get at this ground?
- Some pitches are batting grounds, so high run scores are common
- Some pitches are hard and favour fast bouncers or spin as they deteriorate
- Does it rain, can you expect the pitch to get wet limiting the bowling attack
- If rain is expected, what’s the likelihood of a draw or a Duckworth Lewis outcome
You Won’t Back Winners Every Time
Here at CricketBetIndia.com, we are keen to provide value betting selections. However, customers shouldn’t get dismayed if they lose a few bets along the way. After all, there is always an element of luck involved when it comes to winning a cricket bet and there might be some bad breaks along the way.
If you adopt the mentality of aiming to make a long-term profit, then you won’t be too disappointed when backing a losing selection. However, you should certainly look to identify a trend or market where you are or aren’t having a successful time.
Manage Your Bankroll Effectively
A successful cricket betting customer might assign a certain amount of money that they are willing to stake on either a daily, weekly or monthly basis. There might be a maximum amount of money that they are willing to bet on any selection and it might be odds dependent as to how much they wager.
Don’t Get Caught Up With In-Play Betting
There are customers who are able to place winning bets by backing In-Play cricket betting selections although it’s very easy to get sucked into the live betting odds. Naturally, when you start betting on a ball-by-ball basis, it’s easy to go chasing any losses and there is a huge element of luck involved in predicting the outcome of each ball.
In-Play betting can be rewarding if you identify the markets where more skill and judgement can be used rather than luck. For example, the Match Winner market can chop and change odds-wise throughout a match and there might be the right time to back a certain team to win.
Finally – Be Responsible With Your Money
If you don’t have the cushion of existing capital than can fund the risk of career betting, you’re probably gambling out of what could be considered desperation. You’ll play into the bookies hands and they’ll profit from you’re inexperience. Of course you can make small amounts of money, if you have enough to risk the occasional wager for the chance of picking up a win here and there. But it’s not a career, it should be a hobby and something you only participate in with money that you can definitely afford to lose and still function financially
