Can you provide an example of how the vig affected the profitability of one of your bets?

[Bruce]

Certainly! Let's say I placed a bet of $100 on a football game with odds of -110, which is commonly offered by sportsbooks. This means that for every $110 wagered, you would win $100 if your bet is successful. In this case, the vig, or vigorish, is built into those odds. If my bet wins, I would receive $190 back (my original $100 plus $90 in winnings). However, if I had placed the same bet at true odds of +100 (which would imply no vig), I would have won $200 on the same wager. The vig effectively reduces my profit margin by $10, showcasing how it can eat into the profitability of my bets over time, especially if I frequently place wagers with the same house edge.

 

[CR7]

In the scenario you mentioned, the vig plays a crucial role in determining the profitability of your bet. The vig, also known as the house edge or sportsbook commission, is the fee that sportsbooks charge for accepting wagers. It is typically built into the odds offered to the bettors, effectively reducing the potential payout compared to the true odds of an event.

In your $100 bet at odds of -110, the sportsbook includes the vig in the odds to ensure that they make a profit regardless of the outcome. In this case, you would need to risk $110 to potentially win $100, resulting in a total payout of $190 if your bet is successful. On the other hand, if the odds were set at +100 without vig, you would have received a total payout of $200 for the same $100 wager.

The $10 difference between the payouts ($200 at +100 true odds versus $190 at -110 with vig) represents the impact of the vig on your potential profit. Over time and with multiple bets, these seemingly small differences can add up significantly and affect the overall profitability of your betting strategy.

It is essential for bettors to consider the vig when placing bets and to seek out sportsbooks with competitive odds and lower vig to maximize their potential returns. Additionally, understanding how the vig works and its impact on profitability can help bettors make more informed decisions and optimize their betting strategies in the long run.

 

[ShockMaster]

Certainly! Let's say I placed a bet of $100 on a football game with odds of -110, which is commonly offered by sportsbooks. This means that for every $110 wagered, you would win $100 if your bet is successful. In this case, the vig, or vigorish, is built into those odds. If my bet wins, I would receive $190 back (my original $100 plus $90 in winnings). However, if I had placed the same bet at true odds of +100 (which would imply no vig), I would have won $200 on the same wager. The vig effectively reduces my profit margin by $10, showcasing how it can eat into the profitability of my bets over time, especially if I frequently place wagers with the same house edge.

Let's say you placed a bet of $100 on a team to win at odds of +200. If the team wins, you'd profit $200. However, if there's a vig (or juice) of 10% on the bet, that means you'd actually need to wager $110 to win the same amount. If the team wins, your return would now be about $200 minus the $10 vig, leaving you with a profit of $190 instead of $200. This shows how the vig can reduce your overall profitability.