Vig In Casino | Atas Sports Bet
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Sportsbooks embed the vig within the odds they present. You won’t find a specific “vig” section in a sportsbook app because the betting odds displayed for a game or match already incorporate the vig in casino settings. Imagine a perfectly balanced game where oddsmakers assign each team a 50-50 chance of winning. In theory, the odds would be +100, meaning a winning RM100 bet would yield a RM100 profit.
However, as any experienced bettor on Atas sports bet knows, this isn’t how most odds appear. In an evenly matched contest, sports betting platforms typically offer odds of around -110 on both sides. A RM100 bet on these odds would return a RM90.91 profit, leaving approximately 9% of your total stake with the sportsbook.
This 9% or RM9.09 essentially represents the sportsbook’s share, functioning as a surcharge for processing your bet.
How to Calculate Vig in Atas Casino
You can calculate the vig in casino scenarios by using the following formula: (Favorite odds/(Favorite odds + 100) x 100) + (100/(Underdog odds + 100) x 100) – 100 = Vig
Note: Use the absolute value for the favorite odds. If the odds are -200, input 200 in the formula.
For instance, let’s use these NFL preseason odds to calculate the vig:
- Chicago Bears: +155
- Seattle Seahawks: -180
Plugging these numbers into the formula gives us:
(180/(180 + 100) x 100) + (100/(155 + 100) x 100) – 100 = 3.51%
After calculating each side of the formula (consider the “+” as the midpoint), you’ll get a positive and a negative number. In this case, they are 64.29 and -60.78. Adding these together gives us a vig of 3.51%.
Why Do Sportsbooks Have a Vig?
Atas sports bet platforms, like all sportsbooks, are businesses with a primary goal of making a profit. This is true for any business, whether it sells goods, offers services, or operates in other sectors. The vig in casino betting is one way sportsbooks ensure they generate revenue.
However, competition benefits every consumer, including those placing bets. It’s similar to why monopolies are discouraged; the ability to shop around for the best prices keeps sellers honest. Your ability to choose where you place your wager gives you a significant advantage. For example, if one sportsbook offers odds of -105 while the rest offer -110, you can frequently bypass the traditional -110 vig.
Other Types of Vig
In sports betting, the terms vig and juice are commonly used, but there are other terms you may encounter as well.
“House edge” is a term more often used in casino games. For example, the house edge in blackjack is less than 1% if you play with perfect strategy. In roulette, the house edge is either 2.7% (single zero) or 5.26% (double zero). On some slot machines, the house edge can reach up to 15%, while in three-card poker, it’s around 3.5%.
“Rake” is another term used in casinos, particularly in poker. The rake is the standard fee the casino takes from each pot. Similar to sports betting, poker is a game where skill can help you succeed. The rake is uniformly applied to all pots, so the house remains neutral regarding who wins. As long as you win more pots than your opponents, you can “beat the rake” and turn a profit.
Finally, “overround” is another concept associated with sportsbooks. It involves calculating the implied odds for each bet and adding them up. If the total equals exactly 100%, there’s no overround for that bet. However, sportsbooks will always charge a premium, meaning the percentage over 100% is the overround.
For instance, in Super Bowl LVIII, BetMGM has the 49ers at -130, which gives them a 56.52% implied probability. The Chiefs are listed at +110, translating to 47.62%. Adding these together gives an overround of 4.14%, indicating the premium charged by the sportsbook.
Some markets feature a larger overround than others, and the bigger the overround, the less favorable the odds are for bettors. Live Sports Betting vs. Traditional | Which is Better for You?
Vig Futures
Calculating the vig in a futures market with numerous potential outcomes can be tedious. Instead, it’s often easier to find the sportsbook offering the best odds on a team or player you favor. Remember, all futures bets are long-term investments. Register ATAS Casino player!
