The implied probability is 50% heads or tails. That makes it a 50/50 outcome an even-chance bet on either side. Heads or tails – the only two possible outcomes of a coin toss. The easiest way to illustrate this is through a coin toss – an event with only two possible outcomes. Having reached that conclusion, a book can then set odds around that implied probability.
To understand vig, we need to get our heads around the basic mathematics behind sports betting.īefore setting a market, a sportsbook assesses its view on the implied probability of an outcome. Whatever it’s called, think of it as the price you have to pay to play. In the UK and Europe, it is known as “margin”. It goes by different names, in different places: in the US, it’s also commonly known as “juice”, and sometimes the cut, or the take. The vig, in short, is the price a sportsbook charges you to take your bet. Understanding what the vig is, and being able to calculate how much you’re paying, is crucial if you want to maintain a long-term sports betting career.
You won’t have read a single article on sports betting without coming across “the vig”, which is short for “vigorish”.
