In sports betting, you’ve probably heard the term “juice” thrown around. What is it? It’s a cut the sportsbook keeps for taking your bets. Let’s break down juice which is also called vig.
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What is Juice in Sports Betting?
Juice is also called the vig and it’s the cut of money the sportsbook gets for taking your wagers. Sportsbooks create odds that give them an automatic cut regardless of what side you end up betting. It can add up quickly over time.
Why is Juice Important to Understand?
Understanding juice is important because it will cut into how much profit you are making over time. For example, if you place a bunch of spread bets at -110, you have to be correct 52.4% of the time for you to break even. It’s not 50-50.
Understanding 10% Juice
If you are making a bet with 🍨-110 odds, you would need to bet $110 to win $100. That makes the juice on that bet 10% because the sportsbook is getting $10 no matter what side you bet. If the odds are -120, the vig would be 20% bꦇecause it takes a $120 bet to win $100.
Examples of Juice
As a sports bettor, you are going to see juice in all types of bets such as totals, spreads, player props, and more. If the odds on both sides of the bet are negative it’s easy to spot the juice. For example, if both sides are -110 like most spread bets, you can see you have to wager $110 on both sides to win $100.
For moneylines and props, the 𝓰vig on both sides can vary. For examplꦏe, check out the odds for an NBA prop.
| Prop | Over | Under |
|---|---|---|
| Devin Booker Made 3s | O 2.5 (+114) | U 2.5 (-135) |
🎃In this case, a $100 bet on the over wins $114 while it would take a $135 beไt on the under to win $100.
Calculating Juice in Sports Betting
Can you calculate juice? Yes! Now, there a♑re plenty of online tools that will do it faster than running your own calculations but it🧔 never hurts to know how to do it yourself.
Odds on a sports bet are a probability of the potential outcome. An easy way to look at it is to talk about a coin flip. There is a 50% probability the coin will land on heads and a 50% probability the🔜 coin will land on tails. You put those together and you get 100%. For sports betting, probabilities can add up to more than 100%. That extra percentage is the vig.
To convert yoꦿur odds into an implied probability, you can use the following formulas.
| Odds Type | Probability Formula |
|---|---|
| Negative Odds | (Odds / (Odds + 100)) x 100 |
| Positive Odds | (100 / (Positive Odds + 100)) x 100) |
Let’s use a spread with odds of -110 on both sides to calculate the juice.
- (110 / (110 + 100)) x 100 = 52.38%
The implied prob🥃ability for a -110 odds is around 52.4%. If both sides of t💃he bet have that probability, that adds up to 104.8%. That 4.8% is called the juice or vig that is going to the bookmaker.
When Will a Sportsbook Adjust the Vig?
Certain situations cause a sportsbook to increase the juice. This can happen if there is too much risk on one side. Basically, if the public is heavily beꦿtting on one team, the sportsbo💝ok might change the odds.
For example, let’s say the Steelers are -6.5 spread favorites vs the Panthers with odds of -110. The public is heavily betting on the Steelers to cover the spread. Instead of moving the spread to -7, the sportsbook might change the odds to -120. Now, it takes a $120 bet to win $100.
Why Removing Juice is Important
Now, you are wondering why we are making such a fuss about juice. Well, it has a huge impact on your profits over time. As we said before, if you are betting -110 odds all the time, you have to bet 52.4% correct to break even. Let’s say you rocked a 70-60 record while picking spreads. That’s around 54%. Here’s a look at profits based on the juice.
- None: $1,000
- -105: $667
- -110: $364
- -115: $87
- -120: $167
That’s right, you could go 70-60 and lose money if you were betting odds of at least -120 every time.
Always Compare Sportsbooks Odds
Understanding the vig is important and teaches bettors to at different sportsbooks. The difference between -115 and -110 matters in the long run. Don’t just make bets randomly on one sportsbook. Take a look at multiple options to see what the best value bet is based on the odds and lines.
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