In gambling, "vig" (short for vigorish) refers to the fee or commission that bookmakers and casinos charge for accepting bets. It's essentially their built-in profit margin on gambling transactions. You might also hear it called "juice" or "take" in betting circles.

The vig works as a risk-free way for bookmakers to make money regardless of the betting outcome. For example, in a typical sports bet with odds of -110, you need to bet $110 to win $100. The extra $10 is the vig – the bookmaker's commission for facilitating the bet.

Let me break down how vig typically works in different gambling scenarios:

Sports Betting: The standard vig is usually 10% (-110 odds)
Casino Games: House edge varies (1-5% for blackjack, up to 5.26% for roulette)
Poker: Usually 2.5-10% of each pot in cash games or tournament entry fees

Understanding vig is crucial because it directly impacts your potential winnings and long-term gambling success. To break even in sports betting with a standard -110 vig, you need to win approximately 52.4% of your bets – not just 50%.

Here's how you can calculate vig in sports betting:

1. Take the total implied probability of all possible outcomes
2. Subtract 100%
3. The difference is the vig

For example, if Team A is -110 and Team B is -110:

• Team A implied probability: 52.4%
• Team B implied probability: 52.4%
• Total: 104.8%
• Vig = 4.8%

Smart bettors always shop for the best lines to minimize the vig they pay. Lower vig means better value and improved long-term profitability potential. Some online sportsbooks offer reduced vig promotions, which can significantly impact your bottom line over time.

Remember that while vig is unavoidable in legal gambling, understanding it helps you make more informed betting decisions and better assess the true cost of your wagers.

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