Match Betting — This is by far the most common form of cricket betting. The objective is to correctly identify which of two teams will prevail in an individual match, such as a One Day International (ODI) or a single game within a Series Challenge or Tournament. The odds are weighted so that the payout for a winning favorite will be at less than even money, while a winning underdog will pay greater than 1-to-1. Note that Match Betting markets are typically declared void if the official result is a Tied Match. Also, bets on such markets may be deemed void unless 20 overs have been completed. Other names for Match Betting are “Match Odds” and “To Win the Match.”
Tied Match — Most bookmakers allow wagering on the possibility of Test matches ending in a draw. This bet, which also goes by the name “Draw No Bet,” can be used in combination with Match Betting as a form of hedge in case weather conditions, slow play or other circumstances might cause the match to end without a winner being declared. In fact, some bookmakers have a wager known as “Double Chance,” which allows betting on a “side to win or draw.” It is also possible to bet against a Tied Match by taking “both sides” in the Double Chance.
Series Winner — It is quite common in cricket for teams to play a three- or five-game series rather than a single match. A good example of this is “The Ashes,” a biennial five-game series played between England and Australia. The objective of wagering on the Series Winner is to pick which side will in the best of three or five games.
Outright Winner — This type of futures bet is applied to tournaments, such as the Cricket World Cup, the ICC Champions Trophy, the World Twenty20 or the ICC Women’s World Cup. The objective is to select the team that will win the entire tournament, not just a single match. With so many sides to choose from, picking the Outright Winner is no easy feat, which explains why the odds are significantly higher than for Match Betting. One good strategy is to narrow the field of potential winners down to two or three likely teams and wager on each of them to ensure a profit no matter which one of the selections succeeds.