A vig, short for vigorish, is the fee or commission that bookmakers charge for accepting a bet. It's essentially their built-in profit margin on gambling transactions, similar to how a retail store marks up products to make money. In sports betting, the vig is typically set at 10%, though this can vary depending on the bookmaker and type of bet.

Think of the vig as the "price of doing business" in gambling. When you place a standard bet with -110 odds, you need to wager $110 to win $100. The extra $10 is the vig – the bookmaker's cut for facilitating the bet.

Here's a simple example of how the vig works: - In a coin flip bet between two equal teams - The true odds should be +100 (even money) for each side - But bookmakers typically offer -110 on both sides - If 100 people bet $110 each on both sides (total $22,000) - Winners receive $210 each ($110 bet + $100 profit) - Bookmaker keeps the remaining $1,000 (the vig)

The vig serves multiple purposes for bookmakers: - Guarantees profit regardless of the outcome - Helps cover operational expenses - Provides a buffer against potential losses - Enables them to adjust odds to balance betting action

Different types of bets may have different vig amounts: - Standard sports bets: Usually 10% - Parlays: Can be 20-40% - Props and futures: Often higher than standard bets - Casino games: Built into the house edge

To minimize the impact of vig on your gambling, consider: - Shopping for the best odds across different bookmakers - Understanding how the vig affects your long-term profitability - Calculating the true odds before placing bets - Avoiding high-vig bets like parlays when possible

Remember, the vig is why most gamblers lose money in the long run, even if they win 50% of their bets. To be profitable, you typically need to win about 53% of your bets at -110 odds just to break even after accounting for the vig.

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