Vig Betting – What Does Vig Mean in Betting?

Vig in betting refers to vigorish; the term given to the charge for service a retail or online sportsbook applies to each bet a bettor wagers. The vig, also called “juice” is incorporated into the odds offered for each betting line.

In this guide, we cover everything you need to understand about sports betting vig, including what it is, how it works, and how it affects your bets and winnings. We also provide strategies to reduce the effect of juice on your payouts and explain how to calculate the vig that a bookie charges. So, let’s get started.

What Does Vig Mean in Betting?

Vig is a betting term (short for vigorish) that refers to the fee charged by all retail and online sportsbooks. These betting sites apply this fee to every bet placed. The vig is included in the odds for each betting line, and this is usually how bookies earn their money. Since sportsbooks include vig in the odds, they make a profit whether the bettor wins or loses their bet.

How Vig in Betting Works

Now that we have covered the question of “what is vig in betting,” let’s look at how it works. For instance, if we take a betting option with a 50/50 outcome, like will the Philadelphia Eagles win their match, yes, or no?

Here, the sportsbook won’t provide odds of +/-100. Instead, bettors will see odds of -110 for both outcomes. So, if you bet $110 on “yes” and your friend wagers $110 on “no,” the sportsbook receives $220 in total bets, but they will only pay out $210 to the winner ($100 profit +$110 original stake). As a result, regardless of whether you or your friend wins the bet, the sportsbook keeps $10 (around 4.75%) as their profit or vig.

While bettors cannot see the exact cut a sportsbook takes by merely looking at the odds, they can calculate the vig on a bet or betting line to see what juice a bookie is applying. This can be handy to see how much return you’ll get on a wager should you win your bet.

How is Vig in Sports Betting Calculated

The vig a sportsbook applies can vary between markets. Additionally, sportsbooks use vig at their discretion, which means the amount added to a specific line can vary from site to site. However, bettors can calculate the sports betting vig on each line, irrespective of what sport the odds are for, using a simple equation.

When using this equation, there are three steps that will help you reach the answer seamlessly. Firstly, you’ll need to convert the sports betting site’s odds into implied probability for all possible outcomes (away-win, home-win, or tie). Alternatively, you can use an odds probability comparison table.

Next, you must add together the percentages to get the total. Finally, to get the vig betting value, you’ll need to subtract 100% from the percentage total.

So, let’s consider an example:

Here, we are using an NBA game where the Boston Celtics face off against the Atlanta Hawks. The Celtics are the favorites to win, while the Hawks are the underdogs. (Check out our article to learn more about underdog betting). The odds for these two teams are as follows:

• Boston Celtics: -270
• Atlanta Hawks: +230

Step One – Convert the Odds to Probability Percentages

Firstly, you’ll need to convert the odds to implied probability.

Using these equations, our implied probability for each team is:

Boston Celtics: -270 = 72.97%

Atlanta Hawks: +230 = 30.30%

Step 2: Add Your Percentages Together

The next step is to add the implied probability percentage values together to get the total percentage at play in the betting line.

72.97% + 30.30% = 103.27%

Step Three: Subtract 100% from Your Total

The final step is subtracting 100% from your total. This will give you the vigorish applied by the sportsbook.

103.27% – 100% = 3.27%

The vig betting value BetOnline has applied here is 3.27%

While our example above references a situation where only two outcomes are possible, there are instances, like in soccer matches, where there are three possible outcomes: win, lose, or draw. In this case, the equation remains the same, but there is an additional implied probability value included in the equation.

So, let’s look at this using an example:

In an English Premier League (EPL) match between Everton and Newcastle, the odds are as follows:

• Everton: +410 (19.60%)
• Newcastle: -136 (57.67%)
• Draw: +280 (26.32%)

Using our equation to work out the vig in this sports betting line, it would look something like this:

Outcome odds probability + Outcome odds probability + Outcome odds probability – 100% = Vigorish.

(19.60% + 57.67% + 26.32%) – 100% = Vig

103.58%-100% = 3.58%

So, the Vig applied here is 3.58%

Is Vig in Betting the Same as Juice?

When referring to vig in betting, we talk about the fee sports betting sites apply to betting odds to make their profit. However, the term juice means the same thing, and the vig betting term means the same as juice, but “juice” is used as more of a slang expression, whereas “vig” is the shortening of the proper term, vigorish.

But juice isn’t the only alternative used when describing the vig in betting. Other terms that mean the same include:

• House edge
• Cut
• Margin
• Take.

Do All Sportsbooks Apply Betting Vig

All sports betting sites, whether the best online sportsbooks or the top bookies in the UK, charge betting vig, whether they run a retail sportsbook, an online betting site, or a mobile wagering app. These betting facilities all apply juice to their lines to make a profit, just as any store adds a markup to the goods they sell to run a profitable business.

Keep in mind when visiting legal betting facilities, US bettors will need to pay vig betting fees there too. For instance, race tracks, retail sportsbooks at casinos and bars, and betting kiosks all introduce vig into their betting lines.

However, betting exchanges are the only place you won’t find added vig. But, these operators impose a commission fee in exchange for the peer-to-peer platform they provide.

How Much Vig do Sports Betting Sites Charge

The value of vig in sports betting varies depending on the sport you’re betting on, the event, the type of bet you’re wagering, the operator, and the country you’re placing the wager in. These factors can all affect the amount of vig applied. However, the value usually sits between 2%-10% on average.

One of the primary reasons why a sportsbook applies vig to a bet is to balance the money bet on either side of a game, allowing them to cover any costs. Another reason vig is introduced is so that the sportsbook can make a profit and continue to operate.

One aspect to consider is that sports betting vig can fluctuate based on how much activity the market sees, be it an increased volume of wagers on the event from the public or otherwise. As a result, betting sites generally charge increased betting vig on popular sports like the NBA, NFL, and MLB to meet demand and stay competitive with other betting sites.

How Does Vig Betting Impact Return

Whether you are wagering on the moneyline, placing props or futures bets, betting totals, or point spread betting, the vig betting value a sportsbook applies to these lines can impact your return when you win your wager. For instance, if the vig from a sports betting site is set at 5% and you win $200, the vig here is $10, leaving you with $190 instead of $200, and ultimately, this adds up.

For example, if we look at our earlier example of the Philadelphia Eagles, where the odds of -110 are the same as those used for most spread and totals bets. If the public placed a large volume of bets on one outcome, the odds may adjust to -115 for that popular outcome and -105 for the other. However, this slide from -110 to -115 can be the difference between making a $90.91 profit (-110) and $86.96 profit (-115) on a $100 wager.

Additionally, say a sportsbook has a higher betting vig. In this case, the odds may be released at -114 instead of -110 for both sides, leaving a profit difference of $3.19 per $100 stake.

The table below highlights how even the slightest movement in the odds can affect your profits on a $100 wager.

While at first glance, a shift in the odds from -110 to -144 doesn’t seem terrible, it can add up quickly. For example, if you consider the NBA season, where numerous games are played daily, if you multiply $3.19 by 82 basketball games, you’ll find the total vig betting value here is $261.58. That’s an additional nearly $300 you could have earned in returns.

While not all the wagers you place will be successful, in an instance where you win more wagers than you lose, your profit lost to vig in betting quickly adds up, particularly if you are placing high-stakes bets. Ultimately, the vig sports betting sites apply eats away at your return on investment (ROI), which can be frustrating.

Strategies to Minimize the Impact of Vig Betting on Returns

Now that we know more about vig betting and the effect it has on your profits, we can consider several ways to reduce the impact that vig in sports betting has on your ROI. Below, we offer you our top tips to minimize the impact of juice on your betting returns.

Shop Around for Odds

The great thing about online sports betting is that there is a plethora of betting sites available. This makes it easier to find an alternative site if the one you’re currently signed up with no longer meets your vig betting needs. So, consider shopping around for new sports betting sites when you need to.

Make Use of a Bet Calculator

Take the time to know exactly how much you should receive as a payout or profit before you place your bets by using a betting calculator. These applications make it easy to glean information like implied probability, total profit, and expected payout.

Find a Sportsbook with a Track Record for Offering Low Vig

Look for a sportsbook known for its low vig. By searching on platforms like Reddit, you can easily find what users might be calling the best sportsbooks for low vig. Doing this means you won’t have to worry too much about how your profit is impacted should the odds move.

Consider Public Betting

If you’re using a sportsbook that doesn’t necessarily offer the lowest vig, one of the best things you can do is consider the public. Tracking public betting is essential as this often impacts the odds and can cause movement in a particular direction, especially when it comes to large or popular events. Keeping an eye on this will help you place wagers where the vig won’t impact your returns.

Give Thought to Using a Betting Exchange

Since a betting exchange doesn’t apply vig to a bet, visiting these operators is the ideal way to get around paying vig on your wagers. While these exchanges charge a commission, it is, in most cases, lower than the vig sports betting sites apply.

Compare Odds Often

Using odds comparison charts and trackers, comparing the odds provided by various sportsbooks is quick and easy. By doing this, you can gain a clear understanding of what the true odds on a line are compared to the implied odds, making it simple to see the vig betting values sportsbooks apply before you choose where to place your bet.

Sign Up with Several Sportsbooks

By creating accounts with a number of sportsbooks you can quickly and easily place your bets with the one that offers the least juice on a line and the best odds. Since each sportsbook applies its own vig, doing this is essential if you’re looking for the best return on your stake.

How to Place a Vig Bet

Since all sportsbooks apply vig betting values on their lines, there is no escaping this fee. However, there are many sports betting sites that offer less juice than others. But before bettors can place bets with these sites, they must first sign up, create an account, claim a bonus, and deposit funds into their betting account.

Luckily, this process can be outline and demonstrated to take just five steps. In our guide below, we use BetOnline as an example. However, most sportsbooks use an identical registration process. So, whether you choose to use our option or go with one of the many BetOnline alternatives available, this section will steer you in the right direction.

Step One – Register with BetOnline

Launch the BetOnline website. Once the site opens, click the green “Join” button on the homepage. You will then need to fill in all of the important details on the form, with the email address being particularly vital. Then, click “Create Account.”

Step Two – Get Verified

After the account registration comes the verification. BetOnline will have emailed you a link in order for you to verify your details. Once you’ve headed to your inbox and done this, use your new username and password to sign in.

Step Three – Make Your First Deposit

Making your first deposit is incredibly straightforward. The banking section can be found at the top of the screen, so you can be taken to the range of deposit option BetOnline allow. From there, remember to also input your BetOnline promo code “BOL1000”.

Step Four – Choose Your Sport

The sports tab is easy to spot on the BetOnline homepage. Simply select the sport you want to place your bets on, for example, basketball. Next, from the options available for this sport, select the league and match you want to put your money on; for instance, the NBA.

Step Five – Place Your Wager

Once you find the game you are interested in, click on the betting line for your selection. This will then being up the bet slip on the right hand side of the page. Finally, add how much you want to wager than click “place bet”.

Vig Betting Conclusion

The vig in betting refers to the service fee a sports betting establishment or website applies to the odds it provides. By applying vigorish to its odds, the sportsbook is able to make a profit the way any other business would. However, it is always best to shop around for the sportsbook that provides the lowest juice, as it is here that you will find the best odds and return.

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