Vig Gambling
Vig (which is short for the Yiddish term “vigorish”) is what a bookmaker charges a sports bettor for placing his/her wager. It is also called the “juice,” “cut,” or “take.” With vig, a sportsbook or bookie is assured of making money on a bet. Some bettors mistakenly believe that they only pay vig on winning bets, while others think that bookies only make money on losing wagers. Neither of these is true.
Vig and the Spread
Vig can easily be seen in point spreads. Sometimes you’ll read or hear someone say that spread bets offer even odds. No spread, and, in fact, no bet, offers even odds. If a bet did, then sportsbooks, which are in business to make cash, would lose money. They would lose a lot of money.
To explain what “vigorish” is, it helps to understand how bookies and the sportsbooks operate. Sports betting is in fact a unique form of gambling. But it is gambling. And in any form of gambling, the “house” always has a mathematic edge. The industry term for the cut of money that the house takes is known as the “vig,” and it usually runs around 10 percent. So in order to win $100 on a wager, you must put up $110 — the extra.
Next time you check out a spread bet take a look at how it’s set up. A typical spread for the NFL would look something like this:
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New England -3.5 -110
Denver +3.5 -110
The -110 indicates that bettors have to wager $1.10 for every $1.00 they want to win. If you bet $110 and you make the right pick, then you’ll receive a profit of $100. If the money line wager were an even odds bet, you would make a profit of $110 on a $110 wager. The $10.00 that is withheld from the bettor represents the bookmaker’s cut.
Money Line and Vigorish
Contrary to what some people believe, you cannot get around paying the juice by betting the money line. It’s just harder to recognize the vig in the money line. Bookmakers take their cut from the money line by charging a little more for bets on the favorite and paying less than they should on bets placed on the underdog.
A money line on the spread bet noted above might look like this:
New England -135
Denver +115
In the above scenario, you’d have to wager $135 to win $100, as New England is the favorite. The bookmaker should really charge $120 for the bet, but they overprice your investment, and thus undercut your profit by $15.00. Likewise, if Denver is your pick and they win, you’ll get back $115 on your $100 bet. In this case, the bookie pays less than they should by about $10.00.
Is It Fair?
Many people wonder if it is appropriate for bookies to overprice bets and underprice payouts. However, considering that they provide a service that involves various expenses related to setting odds, handling your wager, and processing payouts, it’s hard to argue against bookmakers taking their cut of the action. The question is: How much should they take?
The good news is that today with online sportsbooks, bettors can easily shop around for the spread or money line that has the smallest amount of vig. Look for the book that offers the best payout for the least amount risked or the highest payout on a $100 wager. It is true that you are still paying the juice, but if you’re paying less for the same return you’ll get at another sports book ,or if you’re getting more for the same size bet, then you contribute less to the bookmaker’s take.
Here to Stay
Vig is not going anywhere. You’ll find some sportsbooks may offer reduced vig, but they will not eliminate it. It is not only their fee for doing business, but it also assures them that they will make some cash on all bets. Think about it: If they didn’t, then eventually bookies would be out of business. So shop around, find the best vig, and work to get the best return on your wager.
This Vig Removal Calculator does one simple task. You can work out how much vig any bookmaker is charging on any 3-way odds market (this obviously includes football).
What Is Vig or Vigorish?
In any market online bookmakers have to try and weight up the balance between offering odds that will attract punters to bet on the event and making a profit on the book.
To do this, the betting company works towards ensuring that the odds they offer have a built in ‘vig’ in their favour.
Vig is a term used in the gambling industry to refer to the “house edge”.
It is often used in casino games, such as roulette, craps or blackjack. For example, the vig in the game of roulette is the one (or two if you are playing the American version) green squares, which mean every spin of the roulette wheel sees a just less than 50/50 chance of the ball landing on red or black. This slight difference in odds is the houses vig and means that over time, they should turn a profit on the table.
In sports betting the vig is less easy to identify and is often built in to the odds a bookmaker will offer.
As a serious punter, you’ll be well aware of the need to get the best possible value bets on any selection you make and when it comes to having a bet in a sporting event with 3 possible outcomes, such as the result of a soccer or hockey game, there is a way to do this using the handy calculator above.
How To Use The Vig Removal Calculator
Using the calculator is relatively easy; you simply find the sporting event you wish to bet on and then enter the odds for the three possible results, home win, away win and draw into the odds column in a decimal format.
Once you have entered these odds, click on the Convert Odds button and this will display the No-Vig% (a theoretical percentage of what the bookmakers believe the chances are of a certain result occurring) and then most critically next to this column are the the No-Vig Odds. These are the odds which, if you can find them available, give you the best value on that bet and increase the amount you’ll win from the bookmaker.
For example:
Vig Gambling Def
We want to bet on a soccer match between Liverpool and Norwich City, the three betting options for the outcome of the game are:
3 Points Above The Vig
Liverpool win at odds of 1.32
Norwich win at odds of 5.12
Drawn match at odds of 3.81
All you do is enter these odds into the Odds column of the calculator and then click on the Convert Odds button below.
The above example produces the following results:
Liverpool Win (1.32)- 62.33% No Vig Odds: 1.6043
Draw (3.81) – 21.60% No Vig Odds: 4.6301
Norwich Win (5.12)- 16.07% No Vig Odds: 6.2232
With a clear indication of what the best No-Vig odds are, you can now scout other betting sites and see what the best available odds are for your game in these markets and if you see odds available that are closer to the No-Vig odds, rather than the original odds, you’ve found yourself a much better bet.