We refer to this as ‘actual probability’ to differentiate it from ‘implied probability,’ which includes juice in the form of overround.įinding this actual probability will help you handicap your wagers by getting a clearer view of the oddsmaker’s expectations. This is one reason the odds will change in the lead up to an event: to attract more action on one side of the line, or to include a higher ‘vig’ percentage to guarantee profit.īecause the odds consider profitability rather than likely outcomes alone, you need to remove the vig from the betting line to gain an accurate picture of the actual probabilities oddsmakers assign to each potential outcome. Their goal with any betting line is to ensure the money comes in on each side in optimal proportions, such that they can cover their payout obligations while still pocketing some for themselves. Sportsbooks are in the business of dealing risk, but they like to play things safe themselves. If you need a hand converting odds, check out our guide on how to read and calculate sports betting odds.

The $10 withheld from the bettor is the vig, which the bookmaker or sportsbook keeps as their profit. The -110 indicates that for the bettor must wager $110 for every $100 they want to win. You’ve probably have seen a spread similar to this: How to Read and Calculate Sport Oddsīefore you can remove the vig from the line, you need to be confident effectively reading sports odds. Because it’s baked into the odds as overround, the vig will shift the numbers, so you need to remove it to gain an accurate picture of what bookmakers actually expect to happen in a game.Ĭheck out our comprehensive guide if you want more detail on how and why your favorite sportsbooks take their cut. Sportsbooks collect the vig by adding it into the odds as overround, or setting probabilities such that the total implied probability of all potential outcomes exceeds 100%. Bettors win and lose, but the right vig guarantees the bookies always win. The vig allows the bookmaker or sportsbook to make money on every betting line, regardless of the actual outcome of the event. “Vig” (also known as vigorish or ‘juice’) refers to the fee a bookmaker or sportsbook charges a bettor for placing their wager. Learn how to remove the vig to place smarter bets with this guide.The vig influences odds, so you need to remove it for a clear picture of likely outcomes.Sportsbooks take a cut of every bet placed on a sporting event, called the ‘juice’ or ‘vig’.

What does 400 mean gambling