Vig Sports Betting
Gambling can be a popular pastime for a large number of people, and growing with the ease of placing bets online via a range of internet sport betting. If bettors study the market well and place bet smartly, they can make sports betting their major source of livelihood.
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.
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:
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.
The Oddities of sports betting
Vig Sports Betting Sites
Dear Mark,
If I were to make a $11 wager on a sporting event, what is my total return, $20 or $21? Justin D.
Your question, Justin, describes what is called a straight bet. A straight bet simply means that you are picking one side or the other to win, plus or minus points. As an example let’s use your hometown Lions -3 vs. Green Bay. If you bet Detroit giving 3 points (-3 Points), you have to put up $11 to win $10 that Detroit will beat the Packers by more than 3 points. You win $10 for your handicapping efforts, and receive your original $11 back for a total of $21.
No Vig Sports Betting
Dear Mark,
How does a casino make money on sporting bets when you bet against the spread? Nick L.
Whenever you place a point-spread type wager, Nick, you lay 11 to win 10. That means if you want to win $100, you have to wager $110 no matter which team you are betting. If you win, you will collect $210-your $110 wager plus the $100 you just won. This commission, also called a vigorish (a.k.a. vig), is the compensation taken by the house on every sport bet wagered.
Sports Betting Lines
Dear Mark,
My brother-in-law never makes a bet on his favorite football team, but on the final score. What type of bet is that? Cindy H.
Football betting, Cindy, offers you the ability to wager on the combined total of points scored by both teams during a game. This bet is called a “totals” wager or an under/over bet. Winning an over bet requires that more points be scored than the linemaker’s total. Winning an under wager requires that fewer points be scored.
Dear Mark,
Could you please explain a two-team parlay bet, specifically what happens if only one team wins and the other ties? Gabe H.
Standard Vig Sports Betting
A parlay bet is merely betting on two teams and both have to win. In case of a two-team parlay and one team ties (pushes), the bet reverts to a single wager, and pays off accordingly. Otherwise, if you parlay two teams and both win, the odds are 13 to 5, netting you $13 for every $5 you wager.
Dear Mark,
What percentage of sports bets do I have to win to be even against the casino? Jessup C.
To break even against the house edge, you need to win at least 52.38 percent.
Dear Mark,
When the casino sports book has a game circled, what does it usually mean? Marty C.
A circled sporting event indicates that you will not be able to bet the normal maximum. If the normal maximum betting limit is $5,000, the casino may accept only a $2, 000 wager on a circled game. Circled games generally mean that the sports book is unsure of the correct line or the status of an injured key player is unknown.
Dear Mark,
I realize that I am betting a long shot when I bet a 10-team parlay, but what are my true chances of hitting it? Lorenzo D.
The casino will pay you 500 for 1 when you hit a 10-team parlay, but your chances of hitting one are 1,023 to 1. Ouch! Too sweet a profit for the casino for my hard-earned money.
Gambling thought of the week: For full-time gamblers, time loses more than its context at the track. Post time is one, Tuesdays are dark. What else matters. -Brendan Boyd, Racing Days (1987)