What Is the Vig in Betting & How Is It Calculated?
Every one of us likes to bet on a match at least once in a while, which can be a good source of entertainment. Not only can we have a good time while waiting for the results of the matches we have placed a bet on, but this is also a great way to make good money. Bookmakers exist for one reason, and that is to give sports fans more thrills and excitement during the match itself, by placing money on the team or player they think has a better chance of winning. The more you follow the sport, the better you would know the pros and cons of the players participating in it. That way you will know what their biggest flaws are and if they have any chance of winning.
But what bothers betting fans the most is the vig, because some of them have a real problem to understand what this means and how it affects the betting process. That’s why today we decided to share with you as much information as possible on this topic so that you can better understand this concept, as well as make a better calculation.
Bookmakers are a type of business that must have some way of making profit from the money you place on bets. Let’s say there is a football match today that one of the teams would surely win no matter what. You decide to place a bet and play on the team that will surely win. If everyone made the same move as you, then the bookmaker would go out of business. To protect such businesses in this industry they take everything in their power to reduce the risks of failure while giving a fair chance to those who participated in the betting. Vigorish is one of the ways, which is also well known under the name house edge. The easiest way we could explain this term to you without creating any confusion or ambiguity is this: Vig is the charge made by the bookmaker for the bet you have placed.
We can present this to you through a very simple example. Let’s say you bet on a sports match and your odds are 50 – 50. Either you pick the right winner and win a good cash prize, or in the worst possible case, you can lose the bet and the money you invested. But you are still willing to take such a risk because you are a true fan of one of the contestants and you really want your team to be the winner in the end. If you put $100 out of your pocket to place the bet, you would then win $100 if your team wins. This would be the ideal scenario if the bookies were setting real odds. However, with them, the story is completely different, and the chances they offer are different from the real ones. The odds offered by the bookmakers are at best -110 for each betting side, meaning that if you were the winner your profit would be $91, not the full $100. What’s going on here? Where do the other nine dollars go? Well, my dears, in the betting world it’s called vigorish, and this $9 is the cost you have to pay the bookie because they decided to take the bet.
Why is the vig so important to businesses in this industry? The answer to this question is quite simple because they want to be safe, that is, to have some guarantee that even if they lose the bet, they would certainly make some profit. Otherwise, what would be the purpose of their existence?
Is there a way to calculate the vig?
There is one formula that is used, which is V =100 * ( 1 – ( p * q ) / ( p + q ) ).
What do p and q represent in this formula? They are the payoffs for each of the two outcomes, but for the formula to be correct, those numbers would have to be converted to decimals. But what scares bookmakers is that by offering lower odds, this would cause reluctance among players and they would decide to find another site that offers favorable odds for the game. Speaking of websites that offer great betting odds, we want to suggest the right place to place your bet. At this website, you can do it at any time of the day or night and at the same time follow all the matches that are happening at the moment. We suggest that you immediately go to the link and make your first bet.
Is the vig the same for all online bookmakers?
One thing we can confirm for sure is that the vig is not the same for all online bets, but it can depend on several things such as the difference in the quality of the two parties involved. In certain situations that are quite common with bookmakers, one of the teams or players can be an absolute favorite, meaning that most people would choose to put their money on this team or player. This means the audience would bet on the favorite, and the bookmaker would have to make smaller payouts to a larger group of people.
We hope that everything related to this topic has now become a little clearer for you. We have done our best to share all the important information that would help you make the right choice in the online bookmaker you would visit, and at the same time make the right choice in the bets you make. One thing is certain, there is no bookmaker that offers the lowest vig because the odds are constantly changing and the vig changes along with them.
Beating the vig is almost impossible, although many claims that it is possible, there is no system that will help you do it easily and quickly. The only thing you can do is to choose the right online website where you place your bets on your favorite teams. A website that offers odds that are close to the real ones, and in our opinion, you can find this bookmaker at the link above. Finally, we want to wish you good luck in your future bets, and with that, many winnings.