The first time anyone looks at a cricket betting market, the odds look like random decimals. Mumbai Indians 1.85. Chennai Super Kings 2.10. Tie 9.50. What do those numbers mean? Which is the favourite? How much do you win?
This post explains cricket odds in plain English. After 10 minutes, you’ll know exactly how to read every market on Funexchange.
What odds actually mean
Odds on Funexchange (and most modern exchanges) are written in decimal format. The number tells you two things at once:
- The implied probability of the outcome
- How much you win per ₹1 bet (including your stake back)
Take Mumbai Indians at 1.85. If you bet ₹100 on Mumbai and they win:
- You get ₹185 back total (₹100 stake + ₹85 profit)
- Your profit is ₹85
The formula: profit = stake × (odds – 1).
If Mumbai loses, you lose your ₹100 stake. That’s it. No additional risk.
How to convert odds to probability
The implied probability of any decimal odds: 1 / odds × 100.
- Mumbai at 1.85 = 1/1.85 = 54% implied probability
- Chennai at 2.10 = 1/2.10 = 47.6% implied probability
- Tie at 9.50 = 1/9.50 = 10.5% implied probability
Add them up: 54 + 47.6 + 10.5 = 112.1%. That’s above 100% because of the operator margin. The 12% excess is the bookmaker’s edge (in a bookmaker market) or the liquidity gap (on exchanges, usually much smaller, around 1 to 3%).
On Funexchange, the gap is typically 1 to 3% because we charge commission on winnings instead of building margin into the odds. Other Indian sites often run 8 to 12% margins.
Favourites vs underdogs
Lower odds = higher probability = bigger favourite. Higher odds = lower probability = bigger underdog.
- Odds below 1.50: heavy favourite (66%+ implied probability)
- Odds 1.50 to 1.99: moderate favourite (50% to 66%)
- Odds 2.00 to 3.00: slight favourite to roughly coin-flip (33% to 50%)
- Odds 3.00 to 6.00: clear underdog (17% to 33%)
- Odds above 6.00: long-shot (under 17%)
Quick mental shortcut: divide 100 by the odds. That’s roughly your win probability percentage.
Pre-match vs in-play odds
Pre-match odds are set hours or days before the match. They reflect what traders and the market collectively think.
In-play odds move every ball. A wicket in the powerplay can push the bowling team’s match-winner odds from 2.10 down to 1.65 in 20 seconds. A six can move them back.
For new bettors: stick to pre-match for your first 20 to 30 bets. In-play markets reward people who understand cricket cadence and can read momentum shifts. That takes practice.
The 4 most-traded markets, decoded
Match Winner
Simplest market. Two teams plus tie (in T20). Odds reflect the chance each side wins.
Example: India 1.55, Australia 2.55, Tie 19.00 means India is about 65% to win, Australia 39%, tie 5%.
Top Batsman
Pick the player most likely to score the most runs in their team’s innings. Usually 5 to 7 options per team. Openers often around 3.00 to 4.00. Finishers around 6.00 to 12.00. Weak-link batsmen around 20.00+.
Total Match Runs
Over/under on combined runs of both innings. Set as a line: “Over 320.5” or “Under 320.5”. Both sides usually price around 1.90 (close to coin-flip, with a tiny exchange gap). Bet over if you think it’ll be a high-scoring game.
Toss Winner
Which team wins the coin toss. Almost always priced at 1.90 / 1.90. Pays out within 60 seconds of the toss happening.
How odds move during a match
Three forces move live cricket odds.
Match events. Wicket, four, six, dot-ball maiden over. Each shifts the market in real time.
Player-specific information. Star batsman walks out for the chase: odds tighten. Star batsman dismissed cheaply: opposition odds tighten.
Trader adjustments. Sometimes the math model the trader runs identifies a mispricing and they manually adjust. This is the kind of price move you can profit from if you spot it before the rest of the market reacts.
Five rules for reading odds like a pro
1. Always check the implied probability, not just the odds number. 1.85 vs 1.95 looks like a small gap. It’s 54% vs 51% probability, a 3-percentage-point difference, which is significant.
2. Compare odds across markets. If a sharp bookmaker has Mumbai at 1.80 and Funexchange has them at 1.92, the exchange price is better. Always check.
3. Watch the closing line. The odds at the moment the match starts are the closest the market gets to “fair value”. If you consistently bet at odds better than the closing line, you have an edge.
4. Don’t bet at odds below 1.30. The expected value is too thin and a single loss wipes out 4 to 5 wins. Stick to odds 1.50 and above for any meaningful turnover.
5. Ignore “lucky” numbers. Round-number odds (2.00, 3.00, 5.00) are not better or worse than odd-decimal odds (1.97, 2.85, 4.95). Don’t bet on a number because it looks neat.
FAQs
What does “decimal odds” mean?
The format used on Funexchange and most modern exchanges. The number is the total return per ₹1 bet, including your stake. 1.85 means you get ₹1.85 back (₹1 stake + ₹0.85 profit) on a winning bet.
How do I calculate my potential winnings?
Multiply your stake by the odds. ₹500 bet at 1.85 odds = ₹925 total return (₹500 stake + ₹425 profit) on a win.
Are odds the same on Funexchange as on a bookmaker?
No. Funexchange is an exchange, so odds reflect what other players are willing to take, with no house margin. Bookmakers build a 5 to 10% margin into their odds. Same outcome, different prices.
Why do odds move so fast during a live match?
Every ball changes the game state. The market reprices instantly based on the new probability of each outcome. Wickets and boundaries move odds the most.
Where can I see odds on Funexchange?
Visit Funexchange Cricket to see pre-match and in-play odds for every match. Click any market to add a bet to your slip.
Open your Funexchange ID to start betting with confidence.