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When using a sportsbook with the odds set at 1./2.00 (10 to 11) with vigorish factored in, each person would have to risk or lay $110 to win $100 (the sportsbook collects $220 "in the pot"). The extra $10 per person is, in effect, a bookmaker's commission for taking the action. This $10 is not in play and cannot be doubled by the winning bettor; it can only be lost. A losing bettor simply loses his $110. A winning bettor wins back his original $110, plus his $100 winnings, for a total of $210. From the $220 collected, the sportsbook keeps the remaining $10 after paying out the winner.
What Is the Vigorish in Sports Betting? Understanding the Juice
Vigorish can be defined independent of the outcome of the event and of bettors' behaviors, by defining it as the percentage of total dollars wagered retained by the bookmaker in a risk-free wager. This definition is largely theoretical in practice as it makes the assumption that the bookmaker has balanced the wagers perfectly, such that they make equal profit regardless of the contest result.
More generically, vigorish can refer to the bookmaker/casino's theoretical advantage from all possible wagers on any game they offer. The term may also refer, and be applied in specific ways, to particular casino games.
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The vigorish charged by the casino can vary between games.
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In the context of betting, two individuals may choose to place a wager on opposite outcomes of an event, agreeing on "fair odds" or evens. This arrangement involves each party risking an equal amount, such as $100, with the potential to win the same amount. The arrangement is made directly between the individuals, bypassing a bookmaker. Consequently, the winner is entitled to the total amount staked by both parties, while the loser forfeits their stake. This direct betting approach implies that both parties accept the , acknowledging the possibility that the losing party may not honor the payment upon the event's conclusion, a risk typically mitigated by a bookmaker through the payment of vigorish.
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Those new to sports betting will quickly hear talk of the juice, vig, vigorish, or cut. Whatever you want to call it, the vigorish refers to the fee that bookmakers charge sports bettors for the privilege of placing a bet.
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It is simplest to assume that vigorish is factored in proportionally to the true odds, although this need not be the case. Under , a "fair odds" betting line of 2.00/2.00 without vigorish would decrease the payouts of all outcomes equally, perhaps to 1.95/1.95, once it was added. More commonly though, will be applied as part of the efforts to keep the amounts wagered balanced, such as 1./2.00, making the outcome with fewer dollars wagered appear more attractive due to the larger payout.
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The vigorish, more commonly referred to as “the vig” or “juice”, can be defined in many different ways. Simply put, the vig is the amount you pay the house in exchange for the opportunity of placing your wager. You’re in this to make money, and so are online sportsbooks such as DraftKings, FanDuel, BetMGM, and Caesars.
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It’s important to understand that you can define the vig in terms of a dollar amount or percentage, but it will always be included directly into the sports betting odds of the event you are wagering on. It’s not a static, one-time fee, but a dynamic surcharge the bookies place into the betting lines with something called overround.
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The high vigorish makes it hard to win in sports betting.
Yüksek vigorish, spor bahislerinde kazanmayı zorlaştırıyor.
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There’s a lot of confusion between the terms overround and vig. They are closely related but not exactly the same. Overround is how the sportsbook collects the vig directly in the betting line.
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Overround occurs when the sum total of the implied probabilities of each potential outcome in an event exceeds 100%. For example, a betting line with overround might suggest Team A has a 57% chance of winning, while Team B has a 45% chance. Clearly, the sportsbook has created a total implied probability of 102%, essentially taking wagers on a wider range of outcomes than are actually possible. Adjusting the amount of overround allows the bookies to increase or decrease the vig they charge on a particular betting line.