"Exchanges bring in new demographics precisely because they offer a low vigorish to the most price sensitive," he said.
|
|
A more modern way to adjust the odds without the danger of a middle is adjusting the extra money, or vigorish, that bettors must pay.
|
|
Look at this bet another way: the standard vig—'vigorish,' the sportsbook's cut for allowing you the privilege of laying a wager—is -110; for every $110 bet, you win $100.
|
|
Among other deals, the company invested $1 billion in Comcast to help speed up broadband deployment, and it purchased the startup WebTV to capture potential internet users who didn't use a PC. In 1997, The Wall Street Journal reported on Microsoft's plans to take over online commerce with its Sidewalk web service, with CTO Nathan Myrhvold confirming that the company wanted a "vig" (or vigorish, a financial payout) for every internet transaction made using Microsoft technology.
|
|
No consistent definition of the percentage a bettor pays due to vigorish can be made without first defining the bettor's behavior under juiced odds and assuming a win-percentage for the bettor. These factors are discussed under the debate section. For example, 1./2.00 pricing of an even match is 4.55% vigorish, and 1.95/1.95 pricing is 2.38% vigorish.
|
|
Statistical arbitrage is an imbalance in expected nominal values. A casino has a statistical arbitrage in every game of chance that it offers, referred to as the house advantage, house edge, vigorish, or house vigorish.
|
|
It is simplest to assume that vigorish is factored in proportionally to the true odds, although this need not be the case. Under proportional vigorish, a "fair odds" betting line of 2.00/2.00 without vigorish would decrease the payouts of all outcomes equally, perhaps to 1.95/1.95, once it was added. More commonly though, disproportional vigorish will be applied as part of the efforts to keep the amounts wagered balanced, such as 1./2.00, making the outcome with fewer dollars wagered appear more attractive due to the larger payout.
|
|
Rather than pay vigorish to someone who will guarantee that the winner will be paid, they both assume the opportunity cost in the event the backer of the losing side refuses to pay the winner at the event's conclusion. By contrast, when using a sportsbook with the odds set at 1./2.00 (10 to 11) with vigorish factored in, each person would have to risk or lay $110 to win $100 (the sportsbook collects $220 "in the pot"). The extra $10 per person is, in effect, a bookmaker's commission for taking the action.
|
|
If the house wins at least two out of three hands, the player loses. If the player wins at least two or out of three hands the player wins. Unlike Pai gow poker, the casino does not charge a 5% vigorish for winning wagers. Rather, the house edge comes from winning all "copy hands" (a player's hand that is identical to the house's hand).
|
|
The bookmaker functions as a market maker for sports wagers, most of which have a binary outcome: a team either wins or loses. The bookmaker accepts both wagers, and maintains a spread (the vigorish) which will ensure a profit regardless of the outcome of the wager. The Federal Wire Act of 1961 was an attempt by the US government to prevent illegal bookmaking. However, this Act does not apply to other types of online gambling.
|
|
Buckner & Garcia was an American musical duo consisting of Jerry Buckner and Gary Garcia from Akron, Ohio. Their first recording was made in 1972, when they performed a novelty song called "Gotta Hear the Beat", which they recorded as Animal Jack. Later, in 1980, they wrote a novelty Christmas song titled "Merry Christmas in the NFL", imagining sports journalist Howard Cosell as Santa Claus. The recording was credited to Willis the Guard (a character performed by Atlanta radio personality Bob Carr) and fictional group Vigorish.
|
|
The bookmaker charges a commission, or vigorish, and acts as the counterparty for each participant. As long as the total amount wagered on each side is roughly equal, the bookmaker is unconcerned with the actual outcome; profits instead come from the commissions. Because the spread is intended to create an equal number of wagers on either side, the implied probability is 50% for both sides of the wager. To profit, the bookmaker must pay one side (or both sides) less than this notional amount.
|
|
The odds or amounts the bookmaker will pay are determined by the total amount that has been bet on all of the possible events. They reflect the balance of wagers on either side of the event, and include the deduction of a bookmaker's brokerage fee ("vig" or vigorish). Also, depending on how the betting is affected by jurisdiction, taxes may be involved for the bookmaker and/or the winning player. This may be taken into account when offering the odds and/or may reduce the amount won by a player.
|
|
Vigorish (also known as juice, under-juice, the cut, the take, the margin, the house edge or simply the vig) is the fee charged by a bookmaker (or bookie) for accepting a gambler's wager. In American English it can also refer to the interest owed a loanshark in consideration for credit. The term came to English usage via Yiddish slang (), which was itself a loanword from the original Russian. () As a business practice it is an example of risk management; by doing so bookmakers can guarantee turning a profit regardless of the underlying event's outcome.
|
|
The house edge (HE) or vigorish is defined as the casino profit expressed as a percentage of the player's original bet. In games such as Blackjack or Spanish 21, the final bet may be several times the original bet, if the player doubles or splits. Example: In American Roulette, there are two zeroes and 36 non-zero numbers (18 red and 18 black). If a player bets $1 on red, his chance of winning $1 is therefore 18/38 and his chance of losing $1 (or winning -$1) is 20/38. The player's expected value, EV = (18/38 x 1) + (20/38 x -1) = 18/38 - 20/38 = -2/38 = -5.26%.
|
|
In recent years, Sport Select has come under increasingly heavy criticism from Canadian gamblers due to the poor odds it offers (from the gambler's perspective). A private bookmaker licensed in the United Kingdom or Nevada generally maintains an overround (or "vig") of about 110%, meaning the bookmaker can expect to pay out $100 for every $110 that is wagered. In Canada, however, the overround for an individual match in Sport Select odds often exceeds 130%. To make matters worse for the bettor, the parlay requirement compounds the overround - the actual vigorish is a minimum of 160% but can climb to well over 300% (if six selections are made).
|
|
A lay bet is the opposite of a buy bet, where a player bets on a 7 to roll before the number that is laid. Players may only lay the 4, 5, 6, 8, 9 or 10 and may lay multiple numbers if desired. Just like the buy bet lay bets pay true odds, but because the lay bet is the opposite of the buy bet, the payout is reversed. Therefore, players get 1 to 2 for the numbers 4 and 10, 2 to 3 for the numbers 5 and 9, and 5 to 6 for the numbers 6 and 8. A 5% commission (vigorish, vig, juice) is charged up front on the possible winning amount.
|
|
Casino games provide a predictable long-term advantage to the casino, or "house", while offering the player the possibility of a large short-term payout. Some casino games have a skill element, where the player makes decisions; such games are called "random with a tactical element." While it is possible through skilful play to minimize the house advantage, it is extremely rare that a player has sufficient skill to completely eliminate his inherent long-term disadvantage (the house edge or house vigorish) in a casino game. Common belief is that such a skill set would involve years of training, an extraordinary memory and numeracy, and/or acute visual or even aural observation, as in the case of wheel clocking in Roulette.
|
|