Here in OKC, when locals make bets with the illegal bookies, the bookies keep a percentage and they call it “vigorish”. Now, I thought that in a professional bookmaking racket, the whole of the profit was made in the odds. Also, my understanding was that vigorish was the interest rate that loan sharks use. Are the local bettors just trying to cover for their being skinned and giving it respectability by attaching a wiseguy name to it?
If they’re "keeping"a pc.I’d change books.
A book makes it’s money (theoretically) by adjusting a money line/pointspread.
The difference between the line,eg,in football laying 11 to win 10 is known as the vig.If a book has equal amounts bet on both teams at the spread they take in $2.20,but pay out $2.10 (the winners bet plus his original bet back) resulting in abt.a 4.5% profit.In money line bets like baseball (lay money/take money to win by any score),boxing and others,the betting line is farther apart to discourage the favorite players and encourage the underdog bets.
That’s in theory.In the real world there’s always more losers than winners over a period of time that he’s really making more,thanks mainly to the publics’ inclination to bet the more exotic type of bet like parlays,teasers,etc.
The only exception I’ve run across is in baseball where some books would actually lose money if not for the parlays.This in Nevada where competition results in more liberal spreads in the money line.
And possibly TMI-when you see a line in the paper it’s not telling you who and by how much the “insiders” think of the favored team-merely their guess at a price they think they can get equal action on,ensuring their 4.5%.
Well, that’s what I thought! about the money thing…thanks for the info on what the vig is. Maybe I can now tell my friends to change their book. I personally don’t have a problem with bookies who are illegal, but charging a pc…that’s IMMORAL! Thanks again!
One thing you might consider,tho is alot of squares (unsophisticated) bettors call the 11/10 line the vig.which is a misnomer.
They think they’re buying an even money bet but they’re not,it’s an 11/10 proposition.
Confusion sometimes sets in.There’s nothing wrong with the book setting whatever odds they can get away with,as long as the odds are known,eg:craps payouts on the numbers aren’t true odds,none of casino payouts are.
The longest odds on most casino games are generally the ones most out of whack.The only thing hurts a casino/book in the short term is a lucky hit on those higher odds,they get it back and more longer term.
Depend how you looks at it. If the bookie charges a percentage, but pays off at even odds, that’s the same thing as an 11/10 payoff with no percantage. (assuming the percentage is the right number to make the math work.)