Trading T20 Games

With the T20 Blast Finals Day coming up on Saturday, I though I'd share how I approach trading T20 games, and give you an idea of how to use the stats on the ground that I've published on the blog.

Fail to Prepare, Prepare to Fail

Firstly, knowing what games are coming up and where, I will do my research. I keep a database  of T20 games where major tournaments are played, and this is my first port of call. I've published my stats for Edgbaston ahead of Saturday's games so you can see what I look at. As an example, from these stats you can see that sides batting second are at a slight disadvantage, with just 44% of chases being successful, and that this drops to just 21% where sides are chasing over 150. We can also see that first innings scores of 180+ are relatively rare, having occurred in one of every five games so far, on average.

With preparation on the ground done, I'll now look at the sides, looking at the relative strengths of batting line-ups and bowling attacks, who can put on big total, and who can defend lower totals, who likes chasing, who does well when batting first, etc.

I'll put all of this down on a notepad, and have this in front of me during games, as T20 can be fast and furious, and having everything written down means I can focus on the market when I need to, and not have to flail around looking at stats.

Watching and Waiting

During the game, with all the action going on it can be tempting to jump into positions early on. It took me a while to get out of this habit, but I'm glad I did. How I approach trading the games now is to look at the runs lines during the first innings, and not enter any positions until after the six over power-play. Looking at the stats page again, you'll see a table at the bottom of the page which gives average totals when a certain number of wickets have been lost in the power-play, and this is where I'll start. I'll also pay very close attention to how the pitch is playing, if it's coming onto the bat nicely, if cutters are sticking in the pitch, indicating batting will be difficult against spinners later on, how quick the outfield is, etc, and try to assess how easy batting will be. I'll then look to take on small positions in the runs lines market, and if I see what I think is some good value, I might take a larger position, but generally I'll keep things tight here.

During the second innings I'll look at the match odds, using all the information on past games and from the first innings to assess who I think is more likely to win the game. T20 can be so unpredictable, so I'll be very active in terms of limiting liability where I can. This unpredictability can also provide good low-risk/high-reward opportunities, such as batting sides going well, and trading at low prices, were you know chasing sides struggle, offering a good opportunity to lay them.

Thinking Longer-term

This might be an obvious point to many, but it is worth reiterating. You will not win every trade, and you will be wrong at times. Giving yourself the best opportunity to be right is all you can do, and at the end of the day we are dealing with uncertainty. Recognising this, and focussing on becoming consistent in the longer-term, and staying in control and sticking to plans for individual games, will be a big factor in successful trading.

T20 Finals Day - Ground Stats for Edgbaston

The stats here are from my T20 database for Edgbaston, which has data for all 75 completed, full 20-over, games played at the ground since 2003 until the start of finals day. This will update after every game had been played.

If there's anything you want clarifying, or would like to see here, get in touch on twitter.



You can download this as a jpeg image here. NB This will not automatically update.

First Royal London One Day Cup Quarter Final - 25th August 2015

Nottinghamshire Vs Durham at Trent Bridge

Looking at Durham's record in this competition, it's striking how low the bar for qualification to the quarter finals is, since they've won just half of their games, and there are two sides in Hampshire and Kent with even worse records who made it through. Notts on the other hand have a very impressive record, winning five of their eight games, and only losing one, a game in which  Kent chased down 336 to win thanks to a Sam Billings century. These contrasting records are reflected in the market, with the hosts currently trading at 1.51 and Durham at 2.94 on the Betfair Exchange. Durham, RLODC defending champions, have won three of their four away games, and beat Notts comprehensively in the semi-finals of this tournament last season through 164 from Ben Stokes. They may be a touch of value here, but I won't be taking any positions prior to the start of the match.

Notts are a side whose games I love to trade, especially when they're batting. They have a hugely talented batting line-up, and one which bats all the way down, but one which also loses early wickets a lot, as discussed here, often losing three wickets early on. Steve Mullany bats at six, token second-rate Aussie (obligatory in white ball cricket, especially the IPL) Dan Christian at seven, and veteran wicket keeper Chris Read bats at eight, meaning Notts have a hugely strong lower order. This lower order is one which has won games and set big totals having seen early wickets go down on numerous occasions, and this is what I'll be looking to trade today, backing the home side should these early wickets go down, especially if they are chasing.

This also means that there is often plenty of value in backing these guys in the top batsmen market, and the standouts to me here are Brendan Taylor at 8.5, Mullaney at 17, and Read at a massive 34 with Ladbrokes. Riki Wessels at 5s also looks a touch of value given the form he has been in in this competition recently.

There is some rain forecast for this afternoon in Nottingham, so I'd imagine both sides will be looking to field if they win the toss, anticipating that Duckworth-Lewis will come into play. Bear this in mind if you're trading this game, and good luck.

Sri Lanka Vs India – Second Test Preview

Colombo 20 - 25th August 2015

After a quite incredible Test in Galle, India's tour of Sri Lanka moves north to the P Sara Oval in Colombo. The first test consisted of India skittling the hosts for 183, having got them 60/5, and then putting on 375 in their first innings. This lead of almost 200 runs looked safe enough, and with Sri Lanka 5/3 in their second innings, an innings victory for the hosts looked likely, and the market priced them at sub-1.10. A counter-attacking 162* from Dinesh Chandimal with lower-order support from Thirimanne and Mubarak got SL to 367, a lead of 175 runs. Sri Lanka's spinners Herath and Kaushal them promptly cleaned up the Indian batting line up for 112, picking up 7-48 and 3-47 respectively.

This result clarified two things for me, firstly that this Sri Lankan side has plenty of guts, something that I had doubted in my preview of the first Test due to the lack of experience in the squad, and secondly that that 'Indian batsmen are good player of spin' cliche can finally be put to bed as a myth.

There has, however, been little talk of changes to be made by either camp, although Stuart Binny was flown in for the Indians between the Tests and opening bat Shikhar Dhawan has left the Indian touring party with a broken hand. This will be Kumar Sangakkara's final Test match, and backing him to be top Sri Lankan bat at 4s with Corals purely for sentimental reasons is something I'm looking at. Other standouts in this market look to be Chandimal at 8s and skipper Angelo Matthews at 6s.

In the match odds market, the hosts are currently 2.86/2.88, India 3.35/3.4 and the draw 2.80/2.82. As ever with Tests at the moment, opposing the draw looks an excellent play here, the batting of both sides has proved itself to be fragile, and both camps have been emphasising the fact that they'll be chasing the win.

Looking at previous Tests on this ground, the last draw here was in 2003, and this is the only one in the last 13 Tests here since September 1993, so history is on our side. There are some thunderstorms forecast, but this was the case for the last Test in Galle, and we didn't get any interruptions there, and these sides only need three days and one session to wrap up the four innings in that game.

I'm not convinced to back either of these sides here, Sri Lanka are still an inexperienced side, despite a strong performance last time out, and India are equally likely to come roaring back at their hosts as they are to collapse in a heap. The lay of the draw at 2.82, therefore, is the best play in my opinion.

The Ashes - Fifth Test Preview

The Oval 20 - 25th August 2015

The fifth and final Test of what has been an incredible series so far kicks off at the Oval this Thursday as a dead rubber, since England wrapped up the series last time out at Trent Bridge.

I very much doubt, however, that either side will be approaching this match as an irrelevance, with the England camp talking up the importance of winning 4-1, which would be the first time ever England have won four Tests in a home Ashes series, and Australia looking to prove a point following a hugely disappointing tour so far.

Both sides are in transitory stages, with England in the final stages of rebuilding after the previous away Ashes series, and Australia preparing to lose captain, and final remaining member of the great Aussie side of the 2000s, Michael Clarke. Along with Clarke, opening batsman Chris Rodgers has confirmed that this will be his last Test, veteran seamer Ryan Harris withdrew from the squad, and there are question marks over the future of several other players, Watson, Voges, Fawad and Haddin in particular. Steve Smith has, rightly, been named as successor to Clarke's captaincy, but will not be in charge for this Test, leaving a side that looks to me to be very much betwixt-and-between, waiting for this tour to be over to move on.

This aspect of the Australian squad is making me lean towards backing England again here, with the price currently at 2.5 on the Betfair Exchange. Given the two biggest trends in test cricket at the moment, the lack of draws and the struggles that away sides are having, this seems to be the best play for this match, closely followed by a lay of the draw. I'm planning to effectively take both, but to skew my green from the draw lay onto England, with some green on the visitors, and all liability on the draw. This doesn't give as good value on England, but it does cover me should the Aussies put up a fight. I think we can fairly safely discount the draw here, the weather seems set fair, with perhaps some showers on day one, and the way these two sides are playing, we could lose two full days and still get a result. The oval pitch should provide a bit less seam movement, but it seems England have realised that they're actually quite good in these conditions, and have started ordering pitches to suit, so we may well see another here.

In terms of other markets, there's not a great deal I can see. Rodgers as top Australian bat at 5s might be worth a small play given how he's really the only Aussie bat to show any fight this series. It looks like Anderson will miss out again, and with this being a meaningless test, backing Finn or Wood for top English bowler might be a good play. As discussed in my Fourth Test Preview, Broad has a tendency to turn up when it matters, and as this is a dead rubber, may just go through the motions here. Dutching, betting on both, Finn and Wood gives odds of 2.5 should either finish as top bowler, which looks ok value to me.

Good luck in the markets, and if you have any questions please get in touch on twitter or leave a comment below.

Worcestershire Vs Hampshire - T20 Blast - Third Quarter Final

New Road - 14th August 2015

After two very good quarter finals, the T20Blast rolls into New Road, home of surprise qualifiers Worcestershire. The two previous games have seen comprehensive wins for the two underdogs, with Northants dispatching Sussex thanks to some miserly bowling and David Willey's incredible innings of 100 from 40 balls, and Birmingham resisting Essex. Birmingham are defending champions, and have a hugely talented and experienced squad, but started odds-against last night, with Essex at 1.75. This is a really good example of the market undervaluing a side, and is something that occurred at finals day last year with the same Birmingham side, and so is worth keeping an eye on come this years finals day on 29th August.

Turning to tonight's game, hosts Worcestershire are aiming to rid themselves of the dubious honour of being one on the two counties never to have made finals day, and come into this having had a very strong season so far, finishing second in the North group. The market is currently favouring the visitors, with Hampshire trading at 1.78, and the hosts at 2.26. Looking at the teams, that seems about fair to me, as Hampshire have an excellent batting line up, and some talented bowlers.

As we have seen over the last two nights, however, falling into the trap of thinking big names = easy win in the Blast is a recipe for giving away cash, and there is often value in the underdogs.

I think the pitch tonight will play a huge part in determining who wins this game, and if we see a track that grips and turns, where slower balls stop in the pitch and make it difficult to play shots, Worcestershire should give Hants a good game. They will be aiming to pick up early wickets, since in James Vince, averaging 48.5 this year, and Michael Carberry Hants have one of the strongest opening partnership in the Blast. Any deck that keeps these two in check, and provides assistance for Saeed Ajmal, who has been Worcs stand-out bowler this year, picking up 21 wickets at 14.76, should give Worcestershire a decent chance.

To wrap up then, I think there is slight value with Worcestershire at 2.26 here, but I'll not be taking this before we start. Instead I'll be looking at how the pitch is playing, and looking for an opportunity to lay Hampshire at a fairly low price. Should we get this type of pitch, I'll be keeping a close eye on how the Hampshire attack adapt to this, and if they start to bowl to the conditions, I'll be looking to get out of any position on Worcs fairly quickly.

Sri Lanka Vs India - First Test Preview

Galle - 12th - 16th August 2015

The first of this three test series sees these two subcontinental sides contest a five-day match for the first time since 2010, a game in which VVS Laxman and Virender Sehwag scored centuries for India, who ran out 5-wicket winners. In the meantime, these sides have played 25 ODIs, and changed dramatically in terms of personnel.

The two sides have both struggled to rebuild recently, following the retirement of numerous legendary players, and the respective squads for this tour reflect that. India's certainly looks more settled, with a core that's been together for a couple of years or so now. Sri Lanka's side, on the other hand, looks very inexperienced, and with the legend that is Kumar Sangakkara playing his last test series, the hosts could struggle should India find themselves in a strong position and they need to dig deep to fight back. Sangakkara himself has an excellent record at Galle, scoring 1876 runs at 53.60 in 22 matches, and, although the 3.75 on him to be top Sri Lankan batsman seems a little skinny in terms of value, this is his penultimate test, and with the inexperience around him, he should be close to top of the pile. Backing Kumar Sangakkara for top SL batsman at 3.75 is, therefore, something I'll have a little interest in, but small stakes here are advised.

On the balance of sides, then, India seem to have the upper hand, but one huge factor putting me off backing them is their dismal away record since over the last 25 tests, winning just two and losing 15. Given the struggles India have had away from home, a widespread problem among test sides at the moment, a straight back of them is, to me, not a comfortable bet to take, and with Sri Lanka's new look squad, a back of them is, if anything, less comfortable.

Turning to the ground itself, of the 25 tests played here, Sri Lanka have won 13, lost 6 and drawn 6, and since 2008 we have only seen two draws. Being in Sri Lanka, there may be an issue with rain affecting play, but we have had a similar forecast for the last few tests at Galle, and we have had results in these. The draw is currently trading at 1.85 on the Betfair Exchange, and there is certainly no value in backing it at that price. With the relatively few draws at this venue, and the make up of the two squads here, I definitely think that a result in this match is the most likely outcome, and therefore I'm taking a lay of the draw at 1.85.

Royal London One Day Cup - 6th August 2015

Aside from the excitement of the first Ashes test this morning, we also have a couple of matches in the English domestic 50-over competition that look to offer excellent trading opportunities.

Durham - Leicestershire 

Leicestershire are possibly the worst county cricket side in the country, with a track record of LLLLLWLW in their last eight games in this competition, with the two wins coming when they were batting second in rain affected games, chasing reduced Duckworth Lewis adjusted scores. They have lost 4 of their 5 games this season, with the fifth being rained off, despite getting themselves into strong positions. Whilst Durham have not had the greatest season, winning 2 and losing 3 with one rained off, given Leics terrible record, it is well looking for opportunities to oppose them. Durham are currently trading at 1.72, which seems a tad short, but should Leics trade odds-on, I'll be looking to lay them. I probably won't be holding this for too long, however, and trimming my liability as the odds lengthen.

Middlesex - Nottinghamshire

Notts have won four of their five so far in the RLODC, batting second on each occasion. In each of these innings, they have had a shaky start, losing top order wickets early on, and relying on their lower-middle order to make the majority of the runs. They have lost their first three wickets in their last three victories for 53, 56, 114 (having been 0/1). Middlesex have been struggling for consistency this season, winning 2 and losing 3 with one rained off, and Notts are rightly 1.6X favourites today. Middlesex have won the toss and put Notts in, however, so looking to back Notts on the loss of any early wickets could be a profitable strategy.

Trading on Betting Exchanges

Since the launch of Betfair's betting exchange in 2000, online gamblers have been able to trade the outcome of sporting events, that is, to place more than one bet on the same market at different odds, either to ensure that some profit is made, or to cut losses early when things aren't going to plan. Cricket, especially test cricket, is an excellent sport to trade, as there are often dramatic swings in matches which can provide excellent opportunities for traders to capitalise on.

To provide a step-by-step guide on how to use a betting exchange, and to hopefully give you another string to your betting bow, I'll talk through the example of the Ashes 2015 Series Winner market below. Going into the first test in Cardiff, before a ball had been bowled in the series, the market looked something like this:

England: 5.25 (19%)

Australia: 1.46 (68.5%)

Draw: 9.2 (10.9%)

I've included the implied probability for each result here, as understanding what the odds represent is crucial to successful trading. Essentially the market was pricing the chance of Australia winning the series at just under 70%, and I felt that this was an inaccurate representation of the true probability of Australia winning three of the five tests, and, therefore, that laying Australia at these odds offered value.

Why did I think that Australia's chances of winning the series were less than 68.5%? Well this was more of a gut feeling type bet rather than anything based on quantifying statistics. Although England's form had been very poor over the last year or so, the sacking of coach Peter Moores and the appointment of Trevor Bayliss seemed to me to bring a freedom to England's cricket. The drawn series against New Zealand earlier in the year, the first since Moores' sacking, saw England play some excellent cricket, and I felt that any replication of this against the Australians would make life very difficult for the visitors. The fact that it's a home series for England also indicated to me that the Australian's wouldn't have the easy ride the market was pricing in, and I made their chances of winning the series closer to 50-55%, and so layed the 1.46 on offer.

My intuitions on the standard of cricket England would play were proved right during the first test at Cardiff, and, although my bet was nicely positioned at the end of this game, I was keen to remove my risk from the market, as I was happy that my initial assessment was correct, and I felt that Australia under-performed in this test, and were likely to up their game in the remainder of the series. I therefore backed them at 2.54, a price I felt represented fair value at the time, leaving me with a level profit across all three outcomes.

Of course, given that there were four tests left in the series, if I had different risk preferences there were other options I could have taken. I could have backed Australia with all of the profit for my lay bet, meaning that I would have had no liability in the market, and essentially a free bet on Australia, or I could have done the opposite, covering my liability on Australia leaving profit on England and the draw, making this a free lay of the visitors. Should the result have gone the way of Australia, and England had reverted to the type of cricket we saw during the previous Ashes series, I would have been able to back Australia, at shorter odds that I layed them, which would have meaning I would have taken a loss, but a smaller one than if I had just let my bet run until Australia had won three tests and the series. Having this control over your bets is why so many gamblers prefer to trade on exchanges, rather than with traditional bookmakers.

The charts below show the price movement of this market up to the start of the fourth test, and, as you can see, there have been some dramatic swings in the pricing over the three previous test matches.



There are two very important concepts mentioned above, namely understanding the odds and identifying value, which it is essential to understand as a gambler, and I have gone into a lot more detail on these here. I hope the example of my trading on the 2015 Ashes Winner market gives a good illustration of how to use these concepts to generate profit from sports betting. If you've got any questions, leave a comment below or get in touch on twitter.

Understanding Odds and Identifying Value

There are two very important concepts that combine to form the key to long-term success in sports trading, namely understanding the odds and identifying value, and it is well worth taking the time to understand what these mean for anyone who gambles on sports.

Understanding the odds essentially means identifying what the market is pricing as the probability of that particular outcome, this is called the implied probability. There is a useful tool for calculating this here, but to work it out yourself, it is just 100 divided by the decimal odds. To take the example of Australia's price to win the 2015 Ashes Series on the Betfair Exchange prior to the series starting, 100/1.46 = 68.49%.

Once you have identified the markets expectation of the probability of a given outcome, you can then go about identifying if and where there is value in the market. Value is where the implied probability of an outcome in the market is different to the actual probability of that event. To take the classic example of a coin toss, there is a 50% probability of either heads or tails occurring on any given toss. If we were betting on this, what odds would represent value here? The total probability of all outcomes is 100%, and dividing this by the probability of each outcome (50%), gives fair value odds of 2.00 for both heads and tails. Let's say that there is a market for this on a betting exchange, and the odds (to both back and lay) are 1.90 heads, and 2.10 tails, is there value in this market (assuming a non-rigged coin)? Calculating the implied probabilities for each outcome (100/1.9 for heads and 100/2.1 for tails) gives a 51.6% chance of a heads, and a 47.6% chance of a tails. The market is, therefore, overpricing the chance of a heads, and underpricing the chance of a tails, and so there is value here, either in laying the 1.90 for heads, or backing the 2.1 for tails.

Of course, either outcome could occur, and just because we have found value does not mean that we have found a guaranteed winner. What it does mean, however, is that we have a positive expectancy, an edge. That is, over a large number of outcomes we expect to profit from the discrepancy between implied and actual probabilities. To use the coin toss example, if we backed tails at 2.1 for £10 over 1000 coin tosses, we expect to lose 50% of these (-£5000), but to win the other 50% (+£5500), resulting in a net profit of £500.

Where sports trading gets complicated is in deriving accurate probabilities for the different outcomes of an event. There are plenty of different methods of doing this, from supremacy ratings based on detailed statistics to just having a hunch that one side will perform on a given day, but what all of these methods have in common is that they identify where there is a mismatch between the implied probability in the odds and the actual probability of an outcome.

Learning to identify value in sports markets can be difficult if you're new to it, and so it's advisable to limit stakes and manage your bankroll properly while you're developing your eye for value. I'd also recommend spending time on twitter looking at what more experienced gamblers are doing and trying to get a feel for why they are taking their bets on.

This can be quite a complicated topic, so if there's something you'd like clarified, please leave a comment or get in touch with me on twitter, and I'll do my best to help. For a really good introduction for sports betting, including a discussion of the above, I'd recommend Bettingexpert.com's academy.

The Ashes - Fourth Test Preview

Trent Bridge 6th - 10th August 2015

After a fast and furious test at Edgbaston, with England recording an impressive victory over a limp Australian side within three days, the fourth Ashes test rolls into Nottingham with the series very nicely poised at 2-1 to the hosts with two to play. A victory for England here would wrap up the series, whilst a defeat would make the final test at The Oval a winner-takes-all match, and so both sides will be approaching this game looking to win.

England will be missing James Anderson through injury, with Liam Plunkett and Mark Footitt being brought into the otherwise unchanged squad as potential replacements. Obviously, Anderson will be a huge miss for England, especially given his impressive record at Trent Bridge, having picked up 53 wickets in eight tests at an average of 19.24. His absence will mean that Stuart Broad, who has picked up 25 wickets at 23.24 in his previous six tests at Trent Bridge, will be England's senior bowler. Broad has bowled excellently so far this series, although this is not reflected in his 12 wickets at 27.41. Given England's otherwise inexperienced bowing attack, and Broad's tendency to produce game-changing bowling spells when it counts, backing Broad for Top England Bowler at 3.75 looks like good value.

Australia seems to have selection headaches in all departments, with their batting line up, which looked imperious two weeks ago at Lords, flopping to 136 all out in the first innings at Edgbaston, and the seam attacking looking toothless, with the exception of one excellent over from Mitchell Johnson. Journalistic consensus seems to be that Adam Voges will be dropped for Shaun Marsh, who will bat at 4 with Michael Clarke moving to 5. Clarke has had an extremely poor series so far, scoring just 94 in 6 innings, averaging 18.8, and his previous two tests at Trent Bridge have been disappointing, having scored 115 at 28.75. There is also talk of Peter Siddle being brought into the side at the expense of Josh Hazlewood to give the Australian bowling attack more of a wicket-taking threat. Siddle has played one test previously at Trent Bridge, picking up 8 wickets at 16.87, and also had a fairly impressive summer with Notts in 2014, and so will be familiar with the conditions. Siddle can be backed for Top Australian Bowler at 5.5, and given the lack of a threat from the remaining Australian seamers last week, this looks to offer some good value.

Turning to the outright market, Australia are currently favourites, at 2.14 on the Betfair Exchange, with England 3.6 and the draw at 3.8. My play here is to lay the draw at 3.85, as neither side will be content with a draw, the weather looks set for the five days and the pitch looks to be very similar to Edgbaston's, with a healthy covering of grass. I am also tempted to take England, as I think the 3.6 is very generous, giving them an implied probability of 27.8% of claiming victory, and there are rumours of a growing discontent within the Australia squad around the selection of Peter Nevill ahead of Brad Haddin at Birmingham. However, given England's inconsistent record, WLWLWLW over their last seven tests, the swings so far in the series, and Australia's toughness, I prefer opposing the draw.