What You Need to Know About the Sports Betting Vig
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- Category: Sports Betting
- Created: Saturday, 27 June 2020 18:46
When learning how to be a successful bookie, one lesson you should learn is about the sports betting vig. Some people know it as the juice or the sportsbook’s cut. It is where your profits will come from.
When using a pay per head for bookie software, it automatically places the vig into the lines. That means you’ll earn money no matter how the game ends. That’s why it is vital you know how to compute the vig even if the technology does it for you.
For example, a spread with -110 means bettors wager $1.10 for a chance to win $1.00. Betting $110 will earn them $100 if they win. The $10 is the bookie’s cut from the bets. As you can see, you can make money even if players win.
Adjusting Sports Betting Vig
There are situations where you need to adjust the vig. According to sportsbook reviews, the industry standard for the juice is ten percent. However, there are situations where you need to decrease or increase your cut on each wager.
For instance, you can adjust the vig when you want to move the action from one side to another. That way, you can balance both sides of the line. You do this when one side is taking more action than the other.
You can reduce the vig to attract more players to the sportsbook. Also, it can make players wager on a specific event on the board. You can see this type of marketing strategy in daily nickel and dime lines for sporting events.
You can use lower vig to reward loyal players or attract new ones. The additional handle will make up the cost of lower takes from such promos. Also, loyal players will stay with the sportsbook for a long time.
As you can see, it is vital to know the basics of the vig and when you should adjust it. It can help you achieve success in the long run.
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