Cricket, in India, dominates over other sports with its huge fan following. The introduction of various cricket leagues, such as the Indian Premier League, has made the sport even more interesting, entertaining, and commercial.
Online cricket betting website have provided a perfect opportunity for cricket fanatics to earn money without leaving the ease of their homes and offices. Online bookmakers have simplified the process of betting for beginners, and more people are trying their luck with cricket betting every day.
The list below discusses three important tips to keep in mind before placing your first cricket bet. Let’s get started!
- BEWARE OF THE HOT HAND FALLACY IN CRICKET BETTING
The Hot Hand Fallacy is an extension of the infamous Gambler’s Fallacy. Also known as the Monte Carlo Fallacy, Gambler’s Fallacy is the irrational belief that the outcome of an independent event is influenced by past events. Out of its two conflicting theories, the Hot Hand Fallacy resonates with the one that believes the outcome of an independent event is more likely to occur in the future if it has occurred more frequently in the past. This fallacy tempts the punters to bet more based on a supposed ‘hot streak’ without considering the actual probability of their victory.
For example, in an IPL match between Mumbai Indians and Chennai Super Kings, Mumbai Indians’ Rohit Sharma is believed to be in really good form. Let’s say that the player has been scoring full centuries in the past three IPL matches against different teams. In this scenario, the Hot Hand Fallacy makes the bettors believe that the chances of Rohit scoring his fourth century are more than actual and that the player is more likely to maintain his ‘hot streak’. When in reality, the chances of Rohit scoring a century in his current match are the same as his other previous matches.
But there is a catch, the chances of his fourth century will be equal to the last three centuries if the conditions for each of his matches are the same. This means that an independent event is more likely to be influenced by past events if there are no changes in the other external and internal factors affecting the game.
But cricket is a game full of uncertainties, as there are hundreds of different factors impacting the outcome of a match, such as weather conditions, the nature of the pitch, and injuries, in addition to players’ performances and their forms. So, it is never a good idea to bet solely based on the form of cricketers. One good way to avoid falling for this fallacy is by treating every match as an independent event and placing your bets logically after considering the other important factors.
- BE NEUTRAL IF YOU LOSE
Betting on cricket is a game of risks, and the concept of wagering involves profit and loss. You will either earn money or lose money, there is no in-between. While it is natural to get upset if you lose, reckless behavior will do more harm than good. Do let your frustration lead you to an illogical conclusion.
Instead of getting discouraged by the loss, try to find the loopholes within your strategy and identify the areas where you made mistakes. This will help you prepare a better strategy for future bets. It is common for people to make poor decisions in betting, but what matters is what you learned from those mistakes. Professional bettors have the right mindset to acknowledge their mistakes. That is the reason why don’t get affected by their losses.
Don’t take this the wrong way, as acknowledging your mistakes doesn’t mean you have to continue betting. It is never a good idea to chase your losses by betting more and risking more money. Sometimes, it is better to be superstitious enough to believe that some days are just bad and there is nothing you can do about it. The most common mistake that wagers do, especially beginners, is not having a strict betting budget and stop loss limit. This encourages them to risk all their money in greed to earn more. Therefore, it is advised to keep your calm while betting and think twice before taking any decision.
- AVOID PARLAY BETS IF YOU ARE A BEGINNER
When a bettor puts his money on multiple smaller bets and links them together into one bigger bet, the bet is known as a parlay. But the catch is, you will have to win all the smaller bets to win the parlay, and if lose even a single bet, you don’t get a penny. The risk is high but also rewarding. People get attracted to the strategy because of their greed to return home with pockets full of cash. To make it worse, bookmakers encourage you to add more bets to your parlay by promising bigger payouts. But the more bets you add to your parlay, the more likely you are to lose as the number of events increase with the increasing smaller bets.
For instance, if you have placed a parlay of Rs 100 in an IPL match between Sunrisers Hyderabad and Mumbai Indians with three different selections, one for Mumbai Indians’ Rohit Sharma to score a century, second for Sunrisers’ Rashid Khan to take maximum wickets, and third for Mumbai Indian to win the match. For your parlay to win, all three selections should be accurate. If any one of the three selections turns out to be wrong, you lose your entire bet.
Although there are chances for you to get huge payouts, but if you are here to make money and make money sustainably, a parlay is not for you. This is because the chances of winning individual bets are always more than multiple bets linked together, as in parlay bets. Therefore, it is better not to risk parlay bets if you are not 100 percent confident about the outcomes lading in your favor.
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