What is Cricket Spread Betting? Get more information on it here. Spread Betting was invented by US mathematician Charles McNeil, who prospered as a bookmaker and a securities analyst following the Second World War.
This form of betting has gained in popularity in recent times and although it is not allowed in the United States, punters from UK, Australia, and most of Europe have made a lot of dough from this kind of Cricket Spread Betting.
This kind of betting involves wagering on the outcome of a certain event where the reward is based on the accuracy of the bet rather than a simple win-or-lose bet. Spread betting involves betting on a speculation and the final reward will be based on whether the actual outcome has been more or less than the spread which has been wagered by a punter.
There are two kinds of prices in the market for cricket spread betting – the purchase price and the selling price. The difference between these two values is referred to as the spread. Bookmakers who allow their punters to indulge in spread betting usually do not charge commission for it.
Cricket is a great market for spread betting on online sports books. The popularity of the Twenty20 league competitions which have come up on a large scale among cricket playing nations has helped with this kind of betting. The kind of spread bet which is mostly preferred by punters is called a Total.
Basically, a Total bet is a stand-alone wager made by a punter on whether or not the total number of runs scored by both teams, wickets taken by both teams, run outs made by both teams, catches taken by both teams, fours or sixes hit by both sides, etc. in a particular game or over the course of a series will be over or under a particular value.
In a game of cricket, the stats that a punter will be interested in if s/he were to wager on a spread would include number of catches taken by each team, wickets, even the number of wides or no-balls.
If, in an Ashes match involving England and Australia, the bookmaker believes that a total of 8-9 dismissals will be affected through catches, the spread will be set at 8-9.
Examples of Cricket Spread Betting:
Suppose A wagers £50 on the possibility of there being more than 9 catches. If the match see’s 14 catches being taken, A will win (14-9) = 5 x 50 = £250 on his wager. However, if less than 8 catches are taken, let’s say 5 catches are taken, then A will lose (9-5) = 4 x 50 = £200 on his wager.
Live Example of Spread Betting in Cricket:
It was in the 2007 World Cup where this incident occurred, leading to a famous bookmaker, Sporting Index to take a huge hammering.
There were 16 teams in the tournament and each team was to play three group games after which eight teams were to be eliminated. Ireland, who were playing in their first ever edition of the Cricket World Cup, were expected to go out in the first round after being placed in the same group as Zimbabwe, Pakistan and West Indies.
There was a spread for the total number of runs they would score in the tournament which was pegged at 620-640 runs based on the assumption they would finish the competition with just three matches under their belt.
Instead, they qualified for the Super Eight stage, and played seven additional games, finishing with 1452 runs at the end. What that means is that if someone had bet £10 over the spread at 620-640, they would have taken home 812 (the runs Ireland scored over 640) X 10 = £8120!
A whopping £8210 made from just a mere £10!
In order to make profits from this kind of betting, punters must be winning at least 52.38% of their bets. Spread betting can be more rewarding than even investing in the stock market. For starters, punters do not have to pay any kind of commission on a spread. Secondly, one can make a lot of profit by investing very little money if their bets work out.
Although the amount of risk involved with this kind of betting is considerably more, punters also stand a chance to make a huge amount of profit if they do get it right on their spreads.