How Betting in Cricket Done?

The first thing that you have to understand is that sports/cricket betting is a lot like the share market. 
A lot of people might not agree with this but it is the truth. You analyse the situation and make an educated guess about the outcome and earn money from it. In cricket,you have to consider a lot of factors. Weather,pitch report,team combination,strengths and weakness of players,spin and pace combination,past records,player form etc. Even after analysing all these things,you cannot always predict the winner.

In a lot of the matches,you can predict the winner with around 90% accuracy. Like,in a match between Australia and Kenya,we all know who is going to win 99.99% on the times. But you can never earn money from these matches. The ratio offered on Australia win would be so less that even after investing huge amount of money,you would just be getting pennies in return.

You earn money from matches between two good teams. 
Here,I am going to try to answer your original query.
Betting is all mathematics. The ratios offered are completely dependent on the situation of the match at a particular instance and the amount of money already put on each of the teams. Bookies earn their money from balancing the amount of money being invested in each of the teams. 
If the team which was favourites to win the match does win,having dominated throughout the match,there is not a lot of scope for a bookie to make money from the outcome of such a match. But they make sure that they do not lose money as well. 

Consider this example to understand how money is make.

Case - Australia vs India. Venue - Mumbai.
India start as favourites considering the home advantage.Whenever there is a match between 2 good teams,home advantage always tiltes the betitng odds in favour of them. 
Now ratio on India 8/11 and Aus 11/10. This means you put 1100 on india,if they win u get 800+your original 1100 back.
2 people bet on india,1100 each. 1 bets on Aus,1000 bucks. 
If it so happens that india happens to dominate the entire match and go on to win it,bookie would stand at a loss of (1000(from aus) - 1600(india)) = -600 bucks.
After a good power-play, Aus stands at 50/0 in the first 10 overs.Now the rate on both teams become 10/11. The balance shifts. A lot more people now bet on these odds. Then the next situation,new odds,more bets. The odds are always so accurate that whatever the result might be,the bookie will never happen to lose a lot of money. It is pure mathematics.

A match between good teams always swings once or twice and the rates fluctuate accordingly.Throughout the match, a lot of people bet on score predictions and stuff like that and bookies earn a lot of money from that.

Also since you seem to be interested in the betting scenario,here is some friendly advice as well.

• There is one golden rule that winning small is much better than losing big. People who understand that will always try to safe their bet. Like when you bet money on Aus,you are getting a 110% return. If it so happens that Aussies go crazy batting first and fire away 70/0 in the 10 overs of the power-play,the odds will drop to 1/2 on Aus and something like 13/10 on India. At that time, intelligent people put some money on India, to secure their bet. If India wins,they do not win money,but they do not lose it either. If Aus wins,they win 200 bucks,without actually risking anything.
• Keep you emotions and ego in check.Most of the times,these two factors make you lose money.
• If you understand the sport,are good and fast at mathematics and can watch the entire match,you can earn money from this. But it rarely happens. Its mostly the house that wins because people always tend to do some stupid mistake or the other.

It seems like a lot of people are interested in this field. I am thinking of starting a Whatsapp group to help out the beginners. 

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