As a beginner, you need to know the basic workings of these online betting platforms. It will be helpful if you know the ins and outs of the betting platforms. Some people do like to know about how does betting exchange earns money before they set up their account on the platform. If you are also one of those people, then you are on the right blog. We explain a detailed working procedure on how these betting exchanges earn money from the bets you place. Just remember that this work is almost the same for every exchange but for instance, we will be talking about CricBet99 for explanation purposes.
What does Vigorish mean?
This term is not that recognized in India, so there is little to no chance that you might know what this term represents. To explain it in simple terms, it is just a simple percentage of your bet taken by the operator that is in association with your provider of betting ID. This is a really simple technique. All the bookmakers keep a proportion of the bet as a margin, which in other terms is known as VIG. If the operator does not have VIG as a source of income, they would be at a great loss. Just so you know there are three types of odds and each one of the said odds represents the winning probability of the person and the fairness of it on CricBet99.
What are Fractional Odds?
These odds were previously known as Traditional or British odds. The writing format of these odds is in the fraction form. For a better understanding let us take an example, 7/1, normally you read it as a seven-to-one. It means that if you place a bet of Rs 100 on CricBet99 you will receive Rs 600 in the win/loss situation, whichever the case is.
Meaning of Decimal Odds
This is the second type of odd out of the three odds present in the betting field. This type of odd is much easier to calculate and understand in comparison to the others. The reason is that the calculation solely depends on a single number. Let us take an example for a better explanation, on CricBet99 if the odds are 5.00 and the better is betting for Rs 30 for any IPL team or other team, he will receive Rs 150 as per the winning or losing condition of the platform.
Summing it Up!
There is only one other type of Odds left known as Moneyline Odds, it is mainly an American betting system. So, if you are looking forward to learning more about this concept then you need to conduct more research on the other platforms as the concept of this odd is different than the others and slightly more complicated. All the betting ID providers such as CricBet99 set out their odds as per their condition depending upon the advice of their experienced professional compilers.