It’s not exactly a secret that bookies make their money by taking a cut from the bets placed on a market. Known as juice or vig, the vig betting definition says it is included in the odds as overround. The vig sets probabilities of all potential outcomes exceeding 100%, so bettors must remove the vig from a wager to learn how bookmakers set the odds of certain outcomes.
Vig betting is significant to bookies. If there were a way to remove it, they wouldn’t be able to make money. Betting sites ensure that money can come in both sides of the wager with the vig, which is why odds change as we get closer to an event. Of course, the goal is to get the action on one side of the bet where the vig percentage is higher, which guarantees a profit for the bookie.
The effect adjusting the vig on sports betting has a drastic impact on the odds. If you’re looking to become a serious bettor or are already in deep with sports betting, you should know what the vig represents. Removing the vig accurately represents the actual probability of an outcome, unlike betting with the vig, which provides implied probability.
While all the bets you place are on juiced odds, it’s essential to know how to remove the vig and see the actual odds.
Since the betting vig heavily influences the odds, punters probably know that the bookie is always looking to make money. The earliest and last odds consider profitability more than the most likely outcome of a match or event. Removing the vig will give you a much more accurate representation of what might happen in a sports match, giving you the previously mentioned actual probability than the implied probability of the actual odds a bookie offers.
Removing the vig will allow you to bet on odds that haven’t been boosted (juiced).
The online sports betting vig can be removed by using a special formula. It requires you to find the actual probability of both participants in a match, giving you a probability of over 100%.
The formula for that is simple:
Let’s check an example using the packers as the favourite at -200:
In a match where the Jaguars are +100, their implied probability is:
In this case, the probabilities add up to 103.7%, which means the vig is 3.7%. You can’t simply remove it by subtracting it from each side, but there’s a formula.
It will get you to 100% and successfully remove the vig.
Betting with the vig isn’t a strategy like the over/under approach. There’s no unique strategy for viggy bets. However, by removing it, bettors will get a clear idea of the actual probability, helping them realize who has the advantage in a sports match.
We showed you how to calculate the vig and remove it, but now let’s take a deeper look into calculating vig online betting and its various parts.
We already said that calculating the vig isn’t a strategy, but it shows you who has the upper hand in a sports match. It’s an essential ‘strategy’ that allows bettors to find the actual instead of the implied probability.
Using decimal odds, the implied probability formula is:
For example, if the odds in a market are 1.30, the implied probability is 76.9%, making that side a heavy favourite for the match.
A special formula can calculate fixed odds or live betting vig, displaying it as a percentage. Here’s how to do it:
Using this formula requires knowing the overround, which we described how to calculate in the implied probability section. It will also let you know more about how the vig works in betting, which will dramatically impact your potential returns.
You only need to use the actual probability formula to see the odds without the juice. De-juicing the odds is an excellent idea for bettors who like to see what they’re worth. Juiced odds include the vigorish, so they’re not representing each team’s (or player’s) strength.
By removing the vigorish, you’ll also get a clearer idea of the average vig for betting. With that, you’ll know the actual odds, which will help your predictions.
The vigorish changes as dramatically as the odds. Bettors know that early odds differ greatly from the odds before the event. As they go up, so does the juice. If they go down, the vig goes down too. There’s a direct link between betting and the vig, and it’s important to keep that in mind when you remove it.
The vig represents the guaranteed bookie profit if the prices attract action on all outcomes in a match. The definition of overround is the combined sum of all reciprocals in a particular market, so the terms are often confused but not the same thing.
There are several different vig types depending on the type of bet. Below you can see the most common types across various popular betting markets.
Moneyline odds are harder to read than decimal odds, so that the moneyline vig may be confusing to new bettors. One thing’s for sure – the vig is always built into the equation. You can calculate it using the same formula – replace the decimal odds with the moneyline odds.
The standard pricing for point spread betting is -110 on both sides. It amounts to 20 or 10 cents per dollar on the favourite or underdog. It’s easier to calculate the vig on spreads and see what you might win.
The vig on totals is similar to the vig on points spreads. It’s less volatile than the moneyline betting vig and easy to calculate.
The vig on prop bets is typically higher, so you are paid slightly less than regular bets since there’s a trade-off in the value of these bets.
The true odds in parlay betting are not paid, so the vig here is pretty high. The more teams you add to your slip, the higher the juice is.
Vig betting can be used in a host of sports. You can learn what is a normal vig when sports betting and remove it in any market, so you always know what you get. It isn’t a particular strategy per se, but it still works to check the actual (not implied) odds in baseball, football, or horse racing betting.
Just like in football, baseball moneylines are volatile and high. Remove the juice from these bets, and you’ll easily see who the real favourite is.
MLB betting is among the biggest sports markets during the baseball season. Bookies and betting apps with cash out often inflate the vig on moneyline bets, so it would be best to learn how to remove it and always use this strategy.
Bookies make a lot of money off football vigs since there are many matches week in and week out. Always remove the juice from implied odds to see the actual odds and improve your chances of winning.
Many bettors say that the secret of beating racebooks is overcoming the vig. It’s easier said than done, but you can remove the betting vig from underdogs to see the real dark horse. Keep in mind that the vig on the races is much higher than online. Plus, it’ll cost you to get to the actual race, so finding a racebook on the web is a better BetZillion gamble strategy.
While it’s not a betting strategy, you will remove the vig every time you learn how to do it. It’s the only way to check the real odds of a team or player and get a better idea of your chances.
We hope that our guide gave you an idea of the vig in betting and how to remove it. It may be confusing at first, but master the art of vig betting, and you’ll be a much better punter.
