What Is the Vig in Betting? – Sports Betting Vig Explained 2024

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Updated 8 hours ago on July 01, 2024

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The vig is the house edge a betting site includes within its odds to ensure the book makes money regardless of the outcome of an event. Similar to a fee or commission, the vig is a vital part of sports betting and bettors need to understand it fully if looking to return a long-term profit. So, stay tuned to discover everything you need to know about the gambling vig.

What is a Vig?

Vig is a betting term short for vigorish. The vigorish in sports betting is a fee offshore sportsbooks charge bettors for taking wagers. This explains why there is no vig when betting with your friends, only when betting through online wagering platforms.

Whenever you lose a bet, online sportsbooks use most of that money to pay those on the winning sides of your bets. Meanwhile, online sportsbooks pocket the vig to ensure consistent profits.

Put simply, the vig in betting is what enables sportsbooks to exist. Without it, sportsbooks would have no incentive to accept bets on NFL games, NBA matchups, and more.

A quick example of how to calculate vig – if you place a $10 wager with a friend on Team A to beat Team B in the Super Bowl and Team A wins, you’ll win $10. If you place this same wager with an online sportsbook and want to walk away with $10, you’ll have to risk about $11. The extra $1 in this scenario is called the “vig.”

Vig and Juice – Are They the Same?

Yes, vig and juice are the same thing. The terms vig betting — or vigorish betting — and juice betting are interchangeable.

Don’t get confused when wondering about what the vig is, and overcomplicate the concept when you hear “juice” used in the answer. Like anything related to gambling, once you get a handle on the lingo, you’ll learn to wager more confidently.

The Vig in Betting – Why Do Sportsbooks Have a Vig?

Sportsbooks have a very simple reason for using vigs — to guarantee a profit nearly every time they accept wagers.

When oddsmakers set betting lines, their goal is to entice people to wager on both sides of bets equally. Sportsbooks love nothing more than seeing 50% of the money people bet on a game is on Team A, with the other 50% on Team B.

In this instance, it won’t matter which team wins. Because of the betting vig, crypto betting sites almost always walk away winners.

Standard Vig – Around -110

Now that you know the answer to the question, “What does the vig mean in betting?” you might have other questions about the vig meaning in gambling. For example, you may wonder how much the vig is when betting through a sportsbook.

This is where things can get tricky. The vig won’t remain the same for every sports bet.

Generally speaking, -110 is the standard vig at most sportsbooks. When this is the vig, you’ll need to bet $110 to win $100 on a sports bet.

But sportsbooks and, more specifically, online sportsbooks take sports wagers 24/7. Because of this, betting odds constantly change. Don’t be surprised if you see betting lines like -112, -115, or -120.

Reduced Vig

When an online sportsbook decides to move sports betting odds from -110 to -112, -115, or -120, they won’t just leave the odds for the other side of a bet alone. They’ll often reduce the odds and the vig.

If, for example, they increase the odds for a sports wager from -110 to -115, they may also reduce the odds for the other side of this wager to +105. In this case, the vig will also come down and require you to put up less money to win $100 on a bet.

Implied Probability and How To Calculate a Sports Betting Vig

Implied improbability is a concept that refers to the likelihood of a particular betting outcome based on the betting odds. There’s a formula you can use to figure out what the implied probability is for different betting odds.

Let’s say Team A is favored to beat Team B by three points, and the betting odds for Team A -3 and Team B +3 are both -110. You want to bet $110 on Team A to cover the three-point spread to win $100, which would leave you with $210. To determine the implied probability, use this equation:

• Your wager amount on Team A ($110) ÷ The total of your potential earnings ($210) = Implied probability (52.38%) x 100

Use this same equation to calculate the implied probability for Team B, and you’ll find that it is also 52.4%. Add up these implied probabilities, and you’ll see they equal 104.76%. The extra 4.76% is the vig for a sportsbook.

Betting Line Movement and the Vig

When you see the betting odds for a sports wager move, it’s typically because a sportsbook is trying to even up the wagering on a sporting event. By moving the odds on one side from -110 to -112, -115, or -120 and moving them from -110 to -108, -105, or +100 on the other, the sportsbook is hoping to get bettors to rethink taking betting odds with high vigs.

Often, sportsbooks convince bettors to adjust wagers by taking this approach. But every now and then, they’ll need to take more dramatic measures. Rather than continuing to increase the betting odds above -120, they may move betting lines by a half or full point to even things up.

Let’s say you place 100 sports wagers and 55 of them are winning bets. Look at the difference it can make if you get -105 betting odds versus -110.

Shopping around for the best sports betting odds and vigs can help you increase profits.

The Vig and Profitability

Chasing down a low vig at a sportsbook can do more than just help you over the long run. It can also put more money into your sportsbook account in the short term.

Also ensure you understand the impact the vig can have on a sports bet. Here is a breakdown of how much you stand to profit on a $100 sports bet based on different betting odds and vigs.

How Important Is the Vig?

If you like to put in the occasional sports bet to spice up a Sunday afternoon during the NFL season or a Tuesday night during the NBA season, the importance of the vig might get lost on you. But if you want to profit from sports betting, not paying close attention to vigs can come with consequences. You could be inadvertently limiting your profits by neglecting to ask questions like, “What is the vig in gambling?”

Routinely taking bets with high vigs can drag down your total profit percentages. Shoot for low vigs that can boost profitability.

Vig by Bet Type

Coming up with an answer to the question, “What is the vig in betting?” is challenging enough when you’re trying to figure out what it is in relation to point spread bets. It can get even more complicated when you ask, “What is a vig in gambling?” while looking at other types of bets. But the same general rules apply.

Learn more about the different vigs by the particular bet type below.

Point Spread or Totals

With revenue in the online sports betting market projected to reach US$45.94bn in 2024, there are now so many types of wagers for bettors, including spread bets.

Calculating the vigs for point spread and total bets is easy since these types of bets often have -110 betting odds. Just punch your wager amount and these betting odds into the equation for implied probability:

• Your wager amount ($110) ÷ The total of your potential earnings ($210) x 100 = Implied probability (52.38%)

Multiply the implied probability by 2 to account for the other side of this bet to get 104.76%, and subtract 100% to get 4.76%. This is the standard vig for a point spread or total bet.

Alternate Lines

Most sportsbooks offer alternate lines for games. If the actual betting line for an NBA game is Team A -9 (-110) and Team B +9 (-110), your sportsbook might also let you take alternate lines like:

• Team A – 8 (-135) or Team B +8 (+100)
• Team A – 7 (-145) or Team B +7 (+110)
• Team A – 6 (-155) or Team B +6 (+120)

You might wonder why sportsbooks do this. But after seeing how alternate lines affect a sportsbook’s vigs, you won’t wonder anymore. Here’s how the vig would shake out if you took Team A – 6 (-155) or Team B +6 (+120):

• Your wager amount on Team A ($155) ÷ The total of your potential earnings ($255) = Implied probability (60.78%)
• Your wager amount on Team B ($100) ÷ The total of your potential earnings ($220) = Implied probability (45.45%)

If you add up these percentages, they equal 106.23%. When you subtract 100%, the sportsbook’s vig, in this instance, increases to 6.23%.

Moneylines

Moneyline bets are some of the simplest sports bets. Just decide whether to bet on Team A or Team B, and that’s it. You don’t have to worry about a team winning or losing by a certain number of points.

But moneyline bets often call for you to place larger wagers on favorites if you want to turn decent profits. It can also affect the vigs sportsbooks collect.

Let’s say you’re thinking about betting on an MLB game and Team A is -270 on the betting line while Team B is +200. Your goal is to win $100. You could either bet $270 on Team A to win $100 or bet $50 on Team B to get the same result.

Run these numbers through the implied probability equation:

• Your wager amount on Team A ($270) ÷ The total of your potential earnings ($370) = Implied probability (72.97%)
• Your wager amount on Team B ($50) ÷ The total of your potential earnings ($150) = Implied probability (33.33%)

In this case, the percentages would add up to 106.3%, which would provide a sportsbook with a vig of 6.3%.

Moneylines With Ties

Certain sports, such as soccer and NHL hockey, offer the opportunity to take three-way moneylines, or moneylines with ties. Instead of just allowing you to bet on Team A or Team B to win outright, you can also wager on a game to end in a tie in regulation.

It might seem like this would throw a monkey wrench into the implied probability equation, but it should still work out and reveal the vig for a sportsbook. Let’s imagine you’re betting on an MLS game with the following odds:

• Team A to win in regulation: +180
• Team B to win in regulation: +155
• Regulation to end in a tie: +240

Crunch the numbers to find the implied probability:

• Your wager amount on Team A ($100) ÷ The total of your potential earnings ($280) = Implied probability (35.71%)
• Your wager amount on Team B ($100) ÷ The total of your potential earnings ($255) = Implied probability (39.22%)
• Your wager amount on a tie ($100) ÷ The total of your potential earnings ($340) = Implied probability (29.41%)

Here, you’ll discover that the total percentage will be 104.34%, thus providing an online sportsbook with a slightly smaller vig than usual at 4.34%.

Props

Recent reports reveal that prop betting has played a huge part in the growth of online sports gambling in the U.S. They also imply many online sportsbooks impose larger vigs on prop bets than other types of wagers.

Let’s put this theory to the test by analyzing a prop bet you might take on an NBA game. Player A has +110 betting odds to score over 1.5 three-pointers during this game and -130 odds to score under 1.5 three-pointers. Here are the implied probabilities:

• Your wager amount on Player A to score over 1.5 threes ($100) ÷ The total of your potential earnings ($210) = Implied probability (47.62%)
• Your wager amount on Player A to score under 1.5 threes ($130) ÷ The total of your potential earnings ($230) = Implied probability (56.52%)

In this instance, the vig for this prop bet is only 4.14%. But every prop bet is different, so this won’t always hold true.

Parlays

Bettors love placing parlay bets because they offer the chance to win a lot of money while risking very little. But, sportsbooks also love parlays since they often offer large vigs.

It’s difficult to calculate the vigs for parlays. But, consider this: States like New Jersey have disclosed that over half their betting profits come from parlays alone.

Futures

Similar to parlays, future bets make it almost impossible to calculate the vigs that sportsbooks collect on them. They present many possibilities when it comes to which team will win the next Super Bowl or NBA championship.

For this reason, it’s especially important to shop around for the best betting lines for future bets. You’re better off doing that than trying to find future bets with the lowest vigs.

Vigorish Betting – Top Tips on Reducing the Vig

If you’re OK with accepting a standard 4.76% vig, you don’t have to feel bad about doing it. You can still position yourself to make a profit over time. But, try to reduce the vig on sports bets whenever possible using these tips.

Search for Reduced Juice Lines and Promotions

As the legalization of betting spreads across the country, more online sportsbooks pop up. Many sportsbooks have started to turn into reduced juice sportsbooks to attract more sports bettors. Therefore, search for sportsbooks offering reduced juice lines and promotions and take advantage of them.

Use Contrarian Lines to Your Advantage

Before placing a sports bet, check several sportsbooks to see which betting odds they offer on a game. You might find that one sportsbook has Team A +8 with -108 odds and Team B -8 with -112 odds, while another sportsbook has Team A +8 with -115 odds and Team B -8 with -105 odds.

By pinpointing contrarian lines like this, you can decide which sportsbook will provide the lowest vigs.

Never Pay More Than Standard Juice

The standard vig is around 4.76%, and there isn’t any reason for you to pay vigs higher than that. Calculate vigs based on the betting odds available to ensure you aren’t paying more than you should.

Favor Low Vig Betting Options

Certain sports bets, like point spread and total bets, offer lower vigs than other sports bets. Stick with these types of bets to avoid paying higher vigs than you should have to, even if it means not rolling the dice on another big parlay.

Claim Bonuses, Odds Boosts, Loyalty Rewards

Most sportsbooks have bonuses, odds boosts, and loyalty rewards available to regular players. Monitor your preferred sportsbooks for signs of them, and strongly consider wagering on games that include them.

The Importance of Win Rate

At the end of the day, winning more sports bets than you lose is the only surefire way to turn profits. Even the best bettors are lucky to win 55% of their bets, so don’t get discouraged if you struggle to top that.

At the same time, aim to collect as many victories as you can since it’s the only way to overcome vigs and reduce their impact on your sports betting bankroll.

Conclusion on Vig Betting

Knowing what the vig is in betting is one of the many keys to becoming a great sports bettor. If you’re not calculating the vigs for sports wagers already, start doing it right away. Shop around for the best betting odds you can find, too. It can work wonders for your online gambling goals by transforming you into a more profitable sports bettor.

Vig Betting FAQs