IPL Betting Odds Explained: Types, How to Read & Calculate Odds

The fixture for the Tata IPL 2022 has been declared and with this, the aspiring bettors have started to look for the best available odds around. The online betting exchanges are working overtime to attract the budding punters with lucrative joining bonuses and offer on a variety of markets and odds. The sites that can provide secure and safe environments coupled with easy-to-use processes are always on top of the radars of the betting enthusiasts.

FairPlay Club is one such sport betting exchange that gets the top billing for the trust it generates over the safety and security of the player’s data. The sportsbook and live games that are on offer on this site are unique which no other sites can afford to match. 

The best part is the chance for the players to bet against each other and not the club thereby enhancing the win strike rate. This entire process is being carried out in a completely transparent environment which adds value to the overall gaming experience. 

With the mouth-watering bonuses and returns on the bets placed by the punters, FairPlay club has become the number one destination for IPL betting. This year the fans will have their hands full of opportunities to win hugely because:

1. Two new teams i-e, Gujarat Titans, and Lucknow Super Giants have been added to make it a ten-team league/ knockout tournament.

2. 74 matches will be played this year against the 60 matches played each year up till now.

3. The tournament is being played in a revised format. There will be two groups of five teams each. And each team will play two times with each team of its group and once with the teams of the other group. Each team will play one more game against another team of the other group as decided by the organizers.

Also read: IPL 2022: Betting Tips to Win Big in IPL 2022

4. This time the tournament will be played with new rules:

       a. Two DRS referrals in place of one for each team in each innings. 

       b. New batter to take strike after dismissal through a catch even if the ends have been changed by the batsmen during the action.

       c. Matches to be rescheduled if teams are unable to field a team because of COVID.

       d. In case of the Final not being decided despite Super Overs, the ranking in the league phase will come into play. The team with a higher ranking will be declared the winner. 

5. The entire league stage matches will be held in four venues in Mumbai and Pune.

6. All the teams will have to play with new combinations because of BCCI’s new auction policy.

With the above, there is a great air of suspense as to how the teams are going to perform with the new set-up. As a result, you are set to get a greater range of match odds.

If you are a novice in betting, one question that strikes you the most is –what are the match odds and how are they decided? How do we decode them in the best possible way to decide which bets to choose from for sustained winnings?

How do odds work in IPL Betting?

Odds are the calculations of the various permutations of a possible result of the match and indicate how much money is to be won or lost on each bet. For example in a Mumbai Indians versus Chennai Super Kings match, the odds on MI is 60 and on CSK it is 62. If you place a bet on Mumbai Indians you are set to win 60 rupees on each bet of Rs. 100 as the bettor gets Rs. 160 in return. Likewise, he will get Rs. 62 if CSK wins the match.

Another way of calculations is 

Suppose you are given odds of 1.50 for Lucknow Super Giants beating Gujarat Titans, the probability will be calculated as 

1/decimal odds

1/1.5 which is equal to 66.66%

In simple words, if you are placing an amount of Rs.1000 on this odd on LSG to win, you are set to win as under:

1000*1.5 = 1500

Your profit in this scenario will be 500 rupees i-e, 1500 winning amount-1000 betting amount.

The different types of Odds available in the IPL 

Generally, there are three types of odds most commonly in practice in the IPL:

Fractional Odds

These odds are the indicators of your possible profit. For instance, in a match between Kolkata Knight Riders and Punjab Kings, if you place a bet of Rs 1000 at odds of 7/2 on KKR, you are set to win 3500 rupees as your net profit in addition to the initial stake of 1000 rupees placed by you.

Decimal Odds 

Decimal odds show you your total returns after you win a bet. Let’s assume you place a bet on a Delhi Capitals win by placing an amount of Rs. 1000 on an odd of 1.60 versus match against Royal Challengers Bangalore, your total returns on winning this bet would be 1600 rupees with a net profit of 660 rupees.

American Odds 

In this method, the positive sign(+)indicates how much you are going to win by placing bets on the underdogs and the negative sign (-) is for the favorites. For example, the Mumbai Indians are hugely favored to win a match against Rajasthan Royals with an IPL betting odd of -350 which means you have to place a bet of Rs 350 to win 100 rupees in case of the MI win. If you have to place a bet on Rajasthan Royals to win at a +200 odd you will get a profit of Rs. 200 on every 100 bucks placed by you.

Value Bets 

The value bets can be calculated with the following formula

Value bet = (decimal odds *assessed probability)-1

Let’s assume in a Sunrisers Hyderabad v/s Delhi Capitals match the bets are being placed on Sunrisers Hyderabad beating Delhi Capitals with the odds of 4.00 with a win probability of 30% the value we get is:

(4.00*0.30)-1= 0.2 

If the value is higher than zero it means a value bet. In this case, you have a value bet of 20% in a possible Sunrisers victory over the Delhi Capitals. 

The Functioning of a sports betting exchange

In this type of betting, you can lay a bet on a team to lose rather than win. Every bet placed here has two types of bets i-e one bet placed for a team to win and at the same time placing a bet backing the same team to lose.

For example, if you bet Rs.1000 on the Mumbai Indians to win a match against Delhi Capitals at 2/1 which returns a net profit of 1000 rupees, you should look for another bettor to place a bet on 1/ 2 for 1000 rupees. The betting exchange for that matter is not concerned about who wins or loses as they charge commissions on the winnings.

Betting with the best cricket betting exchange like FairPlay Club gives you maximum choices to lay your bets. You need to find someone to take the risk on the same markets and odds where you are betting. Here, you also get higher values as the exchanges charge a minimum percentage of the winnings.

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