In cricket betting, successful money management is a function of different strategies. Some strategies are best suited to beginners, while others are more complex and explored by professional bettors. In this article, we will discuss some of these IPL betting strategies that can lead to long-term success.
Confidence Models
The word ‘confidence’ may sound a little bit exaggerated in the context of cricket betting or sports betting for that purpose because outcomes are highly unpredictable and influenced by several variables.
This model motivates you to up your unit bet in cricket matches where you are more confident of the outcome, irrespective of whether you have done your analysis properly or your sportsbooks have provided the right odds.
Let’s explain with a suitable example. Mumbai Indians are valued at 5/9 to beat Royal Challengers Bangalore in the Indian Premier League. However, after you analyze MI’s current form, you may tend to think that it will have a shorter price. Therefore, you can increase your betting amount or think about spreading your bets to pursue more rewarding returns.
Your primary betting unit will not change in this case. However, you may want to multiply this by 2, 3, 4 or even bet a fiver because you feel ‘too much confident’. This model is usually employed by seasoned sports bettors.
Kelly Criterion Model
While this model was introduced as a system for all types of betting including sports betting, it is now mostly involved in financial investment and trading. It’s used to calculate the optimal amount of money that you, as a punter, can commit to a single bet on IPL. There is an equation to help you calculate the amount for sports betting.
F = (BP – Q) / B
Here, ‘F’ is the bet size based on a percentage of the bettor’s total bankroll, ‘B’ refers to the bet’s decimal odds -1, while ‘P’ stands for the implied probability of a successful bet. Lastly, ‘Q’ represents the probability of the bettor losing a bet and is usually expressed as 1-P.
Let’s take another example. You wished Kolkata Knight Riders to defeat Punjab XI in an IPL match at odds of 1.82, implying a 55% probability of a victory for the KKR, while the chances of your winning the bet is 45% as the draw is considered here. This equation is represented as:
0.0012 = (0.82*0.55 – 0.45) / 0.82
You can create a unit bet by multiplying 0.0012 by 100 and this will be only 0.12% of your bankroll. In such a case, you can think in either of two ways – betting no more than a single unit bet or slowly sizing down your average stake. If your analysis shows that KKR’s chance of winning is higher, you can increase your bet accordingly.
Flat Betting
This is the most straightforward strategy for cricket betting bankroll management, requiring you to establish an initiation betting unit and stick to it. This essentially translates into your staking the same amount on each outcome or match, irrespective of your analysis, odds and confidence levels.
You would bet the same amount regardless of whether you support a 1.50 favorite or 7.00 underdog. If your single betting unit was $6, successfully backing a 1.50 outcome will yield $7.50 (your stake is included). However, betting $5 on a 7.00 underdog will return $35.00 in total.
In some cases, you may like to include your flat betting strategy in the sportsbook’s vigorish after Indibet app login. This holds true especially when supporting heavy betting favorites with odds at -110, as you will have to increase your unique bet incrementally to 1.1 if you want to win 1.0.
Here, the goal is to maintain consistency in your betting as much as possible and avoid incurring significant losses. This is a long-term strategy intended to minimize losses over time even if it means avoiding bets that can yield potentially higher returns.
Percentage Betting
The percentage betting model is a lot like the flat betting strategy, so much so that the only difference between these two is you set betting units as per the bankroll size, which is susceptible to fluctuation over time. However, you won’t consider any other alternative.
Let’s imagine that you have $1000 in your betting account and halfway through the IPL season. Your unit bet is 2.5% of the amount, meaning it will be $25 and your next bet wins at odds of 2.00. This will give an immediate boost to your bankroll, taking it to $1050 and 2.5% of the sum will amount to $26.50.
The key advantage of percentage betting strategy is it will allow you to capitalize on wins and boost your unit bets in a responsible way. However, it requires regular re-calibration and calculation of your bankroll, while a series of losses can reduce your bet size over time.
