Vigorish (often referred to as “Vig” or “Juice”) is the commission taken by a bookmaker or sportsbook on bets made by bettors. It represents the bookmaker’s margin and is built into the odds offered to bettors, ensuring that the bookmaker makes a profit regardless of the outcome of an event. The Vig ensures that over time, the odds will favor the house, providing the bookmaker with a steady source of income.
How is Vigorish calculated in betting odds?
Vigorish is embedded in the odds provided by the bookmaker. For example, in an even match-up where each outcome has a 50% chance of occurring, true odds would be 1:1 (or even money). However, a bookmaker might offer odds of 10:11, meaning a bettor would need to wager $11 to win $10. That extra dollar represents the Vig.
Does every sportsbook have the same Vig?
No, different sportsbooks might have different Vigs. While the standard Vig is often around 10%, some sportsbooks might offer reduced juice or promotions that lower the Vig, while others might charge a higher Vig for specific events or bet types.
Is it possible to find bets without Vigorish?
While most bets will have a Vig, some sportsbooks occasionally offer promotional “no juice” days or specific bets where the Vig is reduced or eliminated. However, these are typically special promotions and not the standard offering.
How does Vigorish impact long-term betting strategies?
The presence of Vig means that to break even in the long run, a bettor needs to win more than 50% of their bets (assuming even odds). Recognizing the impact of Vig is crucial for bettors, as it requires them to maintain a higher winning percentage to be profitable over time.
Why is Vigorish important for bookmakers?
Vigorish is a fundamental component of a bookmaker’s business model. It ensures that they remain profitable over time, regardless of the outcomes of events. By setting odds that incorporate the Vig, bookmakers can balance the money coming in on both sides of a bet and make a profit from the commission, regardless of which side wins.