What is the Vig?
The vig, also known as juice or rake, is a crucial concept in sports betting. It represents the commission or fee that sportsbooks charge for accepting wagers. When placing a bet, you'll often notice odds that are slightly different for both sides of a wager. The difference in these odds is the sportsbook's way of making a profit.
Let's take an example: In a basketball game, both teams typically have -110 odds in point spread bets. This means that if you bet $110 on either team and win, you'll receive a $100 profit, in addition to getting your original $110 wager back. The remaining $10 is the vig, which the sportsbook keeps as their commission.
Vig ensures that sportsbooks maintain a profit margin regardless of the outcome of the event. It's important to be mindful of the vig when placing bets, as it impacts the overall potential returns. Comparing odds and shopping for the best lines across different sportsbooks can help you minimize the effect of the vig and improve your chances of profitable betting.