The legalization of sports betting has exploded the betting industry in terms of profit margins. Several people across the globe are trying their luck at betting, with many of them successfully earning significant profits every single day.
Betting has turned out to be a mainstream source of income for many, in addition to providing a fun element to a match. Although earning profits isn’t as easy as it looks, and several risks are involved, a clear strategy with a few tried and tested tips can raise your income exponentially.
The list below discusses four tips to help you win your next cricket bet in icc world cup t20:
- GET COMFORTABLE WITH THE BETTING TERMINOLOGY
The cricket betting industry, over the past few decades, has become one of the most profitable markets in the world by establishing itself among the most successful billion dollars industries globally. The betting world is unique and uses a lot of phrases and terms that are not commonly used in day-to-day life. However, if you want to solidify your chances of becoming a professional bettor and improve your chances of winning profits, you should be aware of the betting terminology.
Successful betting is highly dependent on an individual’s ability to formulate quick decisions, and it is almost impossible to do that without any knowledge of the common phrases and terms used in the betting world. For instance, if you do not have any idea about the betting odds and how they work, your chances of winning profits will decrease because they represent the chances or probability of an event happening to help you make more informed decisions. It is, therefore, helpful to include some basic betting terms in your vocabulary to increase your betting profit.
There are several resources available online that simply the complicated phrases to increase your betting vocab. You can also try to engage in conversation with experienced bettors and learn from their phraseology.
- CONSIDER OTHER POPULAR BETTING OPTIONS
If you are tired of betting on matches, try your hand at the other popular betting options, such as the over under betting. Betting on the final outcome of matches can be difficult for a beginner because of the high competition that comes with its popularity. Over and under betting, on the other hand, is relatively easier to start with as you only have to decide whether the final score of a match will be over or under the value presented by the bookmaker.
For example, in a T20 match between teams A and B, if the final run score of team A presented by the bookmaker is X number of runs, the bettor has to decide whether the final score of team A will be more or less than the value of X. If the final run score, according to the bettor, will be more than the one estimated, they place an over bet, otherwise an under bet.
Similarly, betting platforms provide so many options for cricket betting, including bets for the player of the match, toss winner, top batsman/bowler, the player with the most number of boundaries/wickets, etc.
- ODDS ARE NOT ALWAYS RIGHT
Bookies or bookmakers use odds to represent the likelihood of a certain outcome in an event. In cricket betting, the odds represent the probability of an event occurring during a cricket match. These odds are said to be based on analysis done by bookies, using previous data and performance statistics to give bettors an idea of the team with the highest chances of winning.
But it is important to note that every person in the betting industry is there to gain profits, especially the bookies. There is no concept of charity among the bookmakers and they believe in making money off of the bettor’s money.
The betting line-ups or odds are not constant, but they change throughout the match depending on various factors such as the weather conditions, players’ performances, injuries, etc. The changing odds increase the tension between the teams and encourage people to bet on both sides. This enables the bookmakers to earn profits by balancing the number of bets on each side.
For instance, if two teams A and B have equal bets of Rs 1000 on them and one of them loses, let’s say A. Then, the bookmaker uses the Rs 1000 from the bettors of team A to pay off the profits of the winning team B and vice versa.
Therefore, it is better to do your own research for the game instead of completely relying on the odds.
- DO NOT FALL FOR THE GAMBLER’S FALLACY
The false belief that the outcome of an independent event is directly or indirectly influenced or impacted by past events is called the Gambler’s Fallacy. Also known as the Monte Carlo Fallacy, it is commonly seen in sports betting but can also lead to poor decision-making in real-life situations.
The Gambler’s Fallacy has two conflicting theories, one that believes the outcome of an independent event is less likely to occur in the future if it has occurred more frequently than normal in the past, and another with the belief that the outcome of an independent event is more likely to occur in the future if it has occurred more frequently than normal in the past. The latter is known as the hot hand in sports betting.
For example, if a player (let’s say Rahul) has been scoring full-centuries in his past three T20 matches, the bettors start to believe that the chances of Rahul scoring his 4th century are either less or more than actual. When in reality, both beliefs are incorrect as Rahul’s fourth match is an independent event, and the chances of him scoring a century in his current match are the same as his other previous matches, if the conditions for each of his matches are the same.
One way to avoid falling for this fallacy is by treating every match as an independent event if no external or internal changes such as weather, injuries, etc are present.