Written by Saksham Kathuria · Updated March 2026 · 13 min read
What Are Cricket Betting Odds?
Odds represent probability expressed as a number. They tell you two things: how likely the market thinks an outcome is, and how much you’ll win if you bet correctly.
On the Laser Book 247 exchange, odds of 1.50 mean the market thinks there’s roughly a 67% chance of that outcome. Odds of 3.00 imply a 33% chance. The higher the odds, the less likely the market believes it’ll happen, and the more you stand to win.
Here’s the key concept: odds aren’t predictions. They’re a reflection of where money is flowing. If 70% of users are backing MI to win, MI’s odds will be low (say 1.60). That doesn’t mean MI has a 62.5% chance of winning. It means that’s what the collective market believes. When you disagree with the market, that’s where betting value exists.
Decimal Odds Explained
Laser Book 247 uses decimal odds, which is the most common format on exchanges globally. They’re simple to calculate once you understand the formula.
The Formula
Payout = Stake x Odds
Profit = Stake x (Odds – 1)
If you bet Rs 1,000 at odds of 2.50:
- Total payout if you win: Rs 1,000 x 2.50 = Rs 2,500
- Profit: Rs 1,000 x (2.50 – 1) = Rs 1,500
- If you lose: you lose your Rs 1,000 stake
The “1” in the formula represents your original stake being returned. So odds of 2.50 mean you get 1.50x profit on top of your money back.
Common Odds and What They Mean
- 1.20 odds: Strong favorite. Rs 1,000 bet returns Rs 1,200 (Rs 200 profit). Market says ~83% likely.
- 1.50 odds: Clear favorite. Rs 1,000 bet returns Rs 1,500 (Rs 500 profit). Market says ~67% likely.
- 2.00 odds: Coin flip. Rs 1,000 bet returns Rs 2,000 (Rs 1,000 profit). Market says 50% likely.
- 3.00 odds: Underdog. Rs 1,000 bet returns Rs 3,000 (Rs 2,000 profit). Market says ~33% likely.
- 5.00 odds: Long shot. Rs 1,000 bet returns Rs 5,000 (Rs 4,000 profit). Market says ~20% likely.
- 10.00 odds: Unlikely. Rs 1,000 bet returns Rs 10,000 (Rs 9,000 profit). Market says ~10% likely.
Decimal vs Fractional Odds
Some bettors are used to fractional odds (like 3/1 or 7/4) from UK markets. Here’s how they compare. The exchange uses decimal, but understanding both helps when you read betting content from different sources.
Decimal Format
- 1.50 = you get Rs 1.50 back for every Rs 1 wagered
- 2.00 = you get Rs 2 back for every Rs 1 wagered
- 3.50 = you get Rs 3.50 back for every Rs 1 wagered
- Includes your stake in the number
- Used on Laser Book 247 and most exchanges
Fractional Format
- 1/2 = you profit Rs 1 for every Rs 2 wagered (= 1.50 decimal)
- Evens (1/1) = you profit Rs 1 for every Rs 1 wagered (= 2.00 decimal)
- 5/2 = you profit Rs 5 for every Rs 2 wagered (= 3.50 decimal)
- Shows only profit, not total return
- Used mainly in UK bookmaker markets
Quick Conversion
Fractional to Decimal: Divide the fraction and add 1. So 3/1 = 3.0 + 1 = 4.00 decimal. And 7/4 = 1.75 + 1 = 2.75 decimal.
Decimal to Fractional: Subtract 1 and express as a fraction. So 2.50 decimal = 1.50/1 = 3/2 fractional. And 1.80 decimal = 0.80/1 = 4/5 fractional.
On Laser Book 247, you’ll only see decimal odds, so don’t worry about converting during live matches. This is just for background understanding.
Back vs Lay: The Core of Exchange Betting
This is what separates the Laser Book 247 exchange from every traditional bookmaker. You can both back (bet for) and lay (bet against) any outcome.
Back Bet (Betting FOR)
A back bet is what most people think of as a “normal” bet. You’re saying: “I think this will happen.”
Example: CSK vs MI match. You think CSK will win. CSK’s back price is 2.10.
- You back CSK at 2.10 with Rs 1,000
- If CSK wins: you receive Rs 2,100 (Rs 1,100 profit)
- If CSK loses: you lose your Rs 1,000 stake
Lay Bet (Betting AGAINST)
A lay bet is the opposite. You’re saying: “I don’t think this will happen.” You’re essentially playing the role of the bookmaker for that bet.
Example: Same match. You don’t think CSK will win. CSK’s lay price is 2.12.
- You lay CSK at 2.12 with a liability of Rs 1,120
- If CSK loses (you were right): you win Rs 1,000
- If CSK wins (you were wrong): you lose Rs 1,120
The liability calculation: (Lay odds – 1) x stake = (2.12 – 1) x Rs 1,000 = Rs 1,120. This is the maximum amount you can lose on the lay bet.
Why Would You Lay?
Three common reasons:
- You think a team is overvalued. Maybe RCB at 1.80 implies a 55% win probability, but you think it’s closer to 45% based on pitch conditions. Laying RCB at 1.80 is a value bet.
- You want to trade. You backed MI at 2.20 pre-toss. MI wins the toss and odds drop to 1.80. You lay MI at 1.80 to lock in profit regardless of the result.
- You want to hedge. You’ve got an outright bet on KKR to win the IPL at 8.00. KKR makes the final. You lay KKR in the final at 1.90 to guarantee profit either way.
The ability to lay is what makes exchange betting fundamentally different. For a beginner-friendly walkthrough, try it on the demo ID first.
How Odds Form on the Exchange
On a traditional bookmaker, a team of traders sets the odds and builds in a margin. On the Laser Book 247 exchange, odds form from user activity. Here’s the process.
Supply and Demand
When more users want to back CSK, demand pushes CSK’s odds down (shorter price, lower payout). When more users want to lay CSK, supply pushes odds up (longer price, higher payout). It’s the same principle as a stock market.
The exchange displays the best available back and lay prices at any moment. If the current best back price for CSK is 1.88 and the best lay price is 1.90, the spread is 0.02. That’s a highly liquid market with lots of activity on both sides.
Market Depth
Behind the top back and lay prices, there are more orders waiting at different prices. This is called market depth. On a big IPL match, you might see:
- Rs 50,000 available to back CSK at 1.88
- Rs 30,000 available to back CSK at 1.86
- Rs 40,000 available to lay CSK at 1.90
- Rs 25,000 available to lay CSK at 1.92
This depth tells you how much money is sitting at each price level. Deep markets (lots of money at each level) mean your bets get matched quickly and odds are stable. Thin markets (little money) mean your bet might move the odds or take time to get matched.
The Commission
The exchange doesn’t set odds or take a position on who wins. It makes money through commission on net winnings. On Laser Book 247, the commission is typically 2-5% on your net profit for a market. If you profit Rs 1,000 on a match and commission is 3%, you keep Rs 970. If you lose, you pay zero commission. This is fundamentally fairer than the bookmaker margin, which is built into every bet whether you win or lose.
Implied Probability: What Odds Actually Tell You
Every odds number carries an implied probability. Knowing how to calculate it helps you identify when the market is wrong.
The Formula
Implied Probability = 1 / Decimal Odds x 100
Examples:
- Odds 1.50: 1/1.50 x 100 = 66.7% implied probability
- Odds 2.00: 1/2.00 x 100 = 50.0% implied probability
- Odds 3.00: 1/3.00 x 100 = 33.3% implied probability
- Odds 4.00: 1/4.00 x 100 = 25.0% implied probability
Finding Value with Implied Probability
Value exists when you believe the actual probability is higher than what the odds imply. Here’s a real-world scenario.
Match: PBKS vs GT at Mohali
Exchange odds: PBKS 2.30 (back), GT 1.75 (back)
Implied: PBKS 43.5%, GT 57.1%
You’ve checked the pitch report. Mohali is a batting paradise today, and PBKS have the stronger batting lineup at home. You think PBKS actually wins this 50% of the time, not 43.5%. That 6.5% gap between your estimate and the market’s estimate is your value edge.
If you’re right about the 50% probability, backing PBKS at 2.30 over 100 similar bets would yield a positive return. Your expected value per Rs 100 bet: (0.50 x Rs 130) – (0.50 x Rs 100) = Rs 15 profit per bet on average.
This is the core of smart betting: comparing your probability estimate against the market’s implied probability. When they diverge, that’s a bet worth making. Our betting tips page covers how to build this analysis into your routine.
Odds Movement During Live Matches
Pre-match odds are relatively stable. Once the match starts, everything changes. Here’s how odds move during a live IPL match on the exchange.
Toss
The first major odds movement. If the favorite wins the toss and elects to bowl in an evening game (where dew favors chasing), their odds typically shorten by 0.10-0.20. A toss loss can lengthen odds by a similar margin. We’ve tracked this across 30+ IPL matches.
Powerplay (Overs 1-6)
Early wickets cause sharp odds movement. If the batting team loses 3 wickets in the powerplay, their odds might jump from 1.80 to 2.80 in minutes. A flying start (60+ without loss) does the opposite, pushing odds down to 1.40-1.50. The powerplay creates the most dramatic odds swings in the first innings.
Middle Overs (Overs 7-15)
Odds settle into a pattern here. Movement is gradual unless a set batsman gets out. The market is pricing in the projected total based on the current run rate. If you’ve a strong opinion on whether the batting team will accelerate or collapse, this is where you can find value before the market catches up.
Death Overs (Overs 16-20)
Volatile and fast-moving. A 20-run over can swing odds by 0.30-0.50. The market tries to predict the final total, and every boundary or wicket updates that projection. Trading in the death overs requires fast execution, which is why the Laser Book 247 app matters for live bettors.
Innings Break
Odds reset based on the target. If the first innings total is above the venue average, the chasing team’s odds lengthen. If it’s below average, they shorten. The innings break is a good time to reassess because the market has had time to process and the second innings presents a fresh set of conditions.
Chase Phase
Required run rate drives everything. As long as the chasing team stays at or below the required rate, their odds stay short. The moment it climbs above 10 RPO (runs per over), odds start drifting. Above 12 RPO, the market heavily favors the bowling team. Key wickets during the chase cause the sharpest odds spikes of the entire match.
Trading: Using Odds Movement to Lock in Profit
Trading is the most powerful technique available on the exchange. It lets you profit from odds movement without needing to predict the final result.
Example: Pre-Match to Post-Toss Trade
Step 1: Two hours before the match, you back RR at 2.20 with Rs 1,000. You believe RR will win the toss, and winning the toss at their home ground is a big advantage.
Step 2: RR wins the toss. Their odds drop to 1.85. You lay RR at 1.85 with Rs 1,189.
Result calculations:
- If RR wins: Back bet pays Rs 2,200. Lay bet costs Rs 1,189 + Rs 1,011 liability = you pay Rs 2,200 total. Net: Rs 0 from these, but you wagered Rs 1,000 and received Rs 1,189 lay stake. Profit: Rs 189.
- If RR loses: Back bet loses Rs 1,000. Lay bet wins Rs 1,189. Profit: Rs 189.
You’ve locked in Rs 189 profit regardless of who wins. The trade worked because odds moved in your favor between your back and lay bets. No prediction of the final result was needed.
Example: Live Match Trade
Step 1: First innings. SRH are batting and score 55/0 in the powerplay. You back SRH at 1.65 with Rs 2,000.
Step 2: SRH finish on 210/3. Their odds in the chase are now 1.35. You lay SRH at 1.35 with Rs 2,444.
Result:
- If SRH wins: Back pays Rs 3,300, lay costs Rs 2,444 + Rs 856 = Rs 3,300. But you wagered Rs 2,000 and received Rs 2,444. Profit: Rs 444.
- If SRH loses: Back loses Rs 2,000, lay wins Rs 2,444. Profit: Rs 444.
Locked in Rs 444 profit. You read the first innings momentum correctly and traded out before the chase. For more live betting techniques, see our betting tips guide.
Reading the Odds Board
When you open a match market on the exchange, here’s what you see and how to read it.
- Blue column (Back): The price to bet FOR that team. This is the odds you get if you back.
- Pink/Red column (Lay): The price to bet AGAINST that team. This is the odds you offer if you lay.
- Numbers below prices: The amount of money available at that price. Higher numbers mean more liquidity.
- Spread: The gap between back and lay. A spread of 0.02 is excellent. A spread of 0.10+ means low liquidity or an uncertain market.
- Green number (if you’ve a position): Your potential profit if this outcome happens.
- Red number (if you’ve a position): Your potential loss if this outcome happens.
What the Spread Tells You
The spread is a quality indicator. Tight spreads (0.02-0.04) mean:
- High trading volume and lots of users active
- You’ll get close to fair value on your bets
- Orders get matched quickly
Wide spreads (0.10+) mean:
- Low volume or early market (match is hours away)
- You might not get your bet matched at the displayed price
- Consider waiting until closer to match time when volume picks up
During IPL 2026, major matches (MI vs CSK, RCB vs KKR) will have the tightest spreads. Smaller matchups might have slightly wider spreads but still tighter than bookmaker margins.
Practical Tips for Reading Cricket Odds
Tip 1: Don’t Chase Short Odds
A team at 1.20 gives you Rs 200 profit on a Rs 1,000 bet. But if they lose, you’re down Rs 1,000. You need to win 5 out of 6 bets just to break even. Heavy favorites lose more often than 1/6 times in T20 cricket. The format is too volatile for odds under 1.30 to offer consistent value.
Tip 2: Look for Odds Between 1.80 and 2.50
This range is the sweet spot for cricket betting on the exchange. The implied probability (40-55%) aligns with the natural unpredictability of T20 matches. You get meaningful profit on wins without needing an unsustainably high win rate. Most profitable cricket bettors we’ve spoken to operate primarily in this range.
Tip 3: Compare Pre-Match to Live Odds
Track how odds move from pre-match to toss, toss to powerplay, and so on. After watching 10-15 matches, you’ll start recognizing patterns. Maybe you notice that odds overreact to toss results at certain venues. That’s an edge you can exploit in future matches.
Tip 4: Account for Commission in Your Calculations
If the exchange charges 3% commission on net winnings, your effective odds on a 2.00 back bet are actually 1.97. Factor this into your value calculations. A bet that looks marginally profitable before commission might be breakeven or negative after it.
Getting Started with Exchange Odds
If this is your first time on an exchange, here’s a step-by-step plan.
- Get a demo ID and open the exchange during a live match. Don’t place bets yet. Just watch the odds board for an entire match.
- Track the odds movements. Note down the back and lay prices at toss, after powerplay, at innings break, and at the end. You’ll see how much odds shift during a match.
- Place demo bets in the next match. Try one back bet and one lay bet. See how the profit/loss calculates in real time.
- Try a trade. Back a team before toss and lay them after toss. See if you can lock in a small profit. The amount doesn’t matter. The exercise is about understanding the mechanics.
- Switch to real money only after you’re comfortable with back, lay, and trading. Start with the minimum bet size. Follow the bankroll management rules from our betting tips page.
Need help with your account? Register here or reach out through our contact page. The customer care team can walk you through your first bet if you get stuck.
Frequently Asked Questions
What type of odds does Laser Book 247 use?
Laser Book 247 uses decimal odds on all markets. Decimal odds show your total return per unit staked. Odds of 2.50 mean you get Rs 2.50 back for every Rs 1 bet, including your original stake. This is the standard format on betting exchanges worldwide.
What’s the difference between back and lay on Laser Book 247?
Back means you’re betting that an outcome will happen (e.g., Team A wins). Lay means you’re betting it won’t happen. Both options are available for every market. Laying is unique to exchanges and lets you profit by predicting what won’t happen rather than what will.
How do I calculate my potential profit from cricket odds?
Multiply your stake by the odds, then subtract your stake. For a Rs 1,000 bet at odds of 2.30: Rs 1,000 x 2.30 = Rs 2,300 total return. Subtract your Rs 1,000 stake = Rs 1,300 profit. The exchange may deduct 2-5% commission from your net profit.
Why do odds change during a live cricket match?
Odds change because users are constantly placing new bets based on what’s happening on the field. A wicket, boundary, or even a dot ball shifts the perceived probability. The exchange odds reflect this in real time. During an IPL match, odds can move every few seconds as users react to each delivery.
Can I lock in profit before the match ends?
Yes. This is called trading. If you backed a team at higher odds and the odds have shortened (moved in your favor), you can lay the same team at the lower odds to guarantee a profit regardless of the result. This is one of the biggest advantages of exchange betting over traditional bookmakers.
What does the spread between back and lay prices mean?
The spread is the gap between the best available back price and the best available lay price. A tight spread (0.02-0.04) means high market activity and better value for bettors. A wide spread (0.10+) means lower activity. During IPL matches, spreads are typically very tight due to high user volume.
What commission does Laser Book 247 charge on exchange bets?
The exchange charges 2-5% commission on net winnings only. If you lose a bet, you pay zero commission. This is different from bookmakers who build margin into every bet. Over a season of betting, the exchange commission model typically costs less than the bookmaker margin model.