Requirements of a quality Sportbook
Part I: JUICE
“Juice” or “vigorish” or “vig” is the book's take on every wager made. Originally, all books required the bettor to lay 110 to win 100 (or -110). Today, there are many "reduced juice" books where the bettor can pay -107, -105, or sometimes lower. The premier books that allow reduced juice betting at all times are www.canbet.com (-107) and www.pinnaclesports.com (-105 and -104). Let's examine the difference.
Let’s do this by first determining a "break even" point for each level of vig.
The formula to do this is as follows:
W x (-100/vig) = 1 - W
where we must solve for Win Percentage, or "W"
At -110:
W x (100/110) = 1 - W
100W/110 + W = 1
1.90909W = 1
W = 0.52381
Therefore, at -110, the bettor must win 52.38% of bets to break even.
Now let’s look at -107:
W x (100/107) = 1 – W
100W/107 + W = 1
1.93458W = 1
W = .51691
Therefore, at -107, the bettor must win 51.69% of bets to break even.
Now for -104:
W x (100/104) = 1 – W
100W/104 + W = 1
1.96154W = 1
W = .50980
Therefore, at -104, the bettor must win 50.98% of bets to break even.
-110 = 52.38%
-107 = 51.69%
-104 = 50.98%
That difference might seem inconsequential at first, but over the long haul, if one is not taking advantage or the reduced juice offered at some online books, money is being thrown away.
We can also examine the result after a given number of bets have been made.
In the 2002 NFL season, I placed 312 bets on sides and totals during the preseason, regular season, and postseason. During the year I was 176-136, for a 56.41 winning percentage.
If I had placed those bets at sportsbook.com, bodog.com, or a similar sportsbook at -110 vig, I would have netted the following (assuming enough risked to win $100 on each wager):
For -110:
[Bets Won x (100/110) x $100 – [Bets Lost x $100] = Profit
(176 x .90909 x $100) – (136 x $100) = +$2400.00
Now lets examine -107:
[Bets Won x (100/107) x $100 – [Bets Lost x $100] = Profit
(176 x .93458 x $100) – (136 x $100) = +$2848.61
And finally, -104:
[Bets Won x (100/104) x $100 – [Bets Lost x $100] = Profit
(176 x .96154 x $100) – (136 x $100) = +$3323.10
-110 = +$2400.00
-107 = +$2848.61
-104 = +$3323.10
Over the course of just one NFL season, for me, using a -104 book allowed me to take in $723.10 more than I would have with a traditional book. That is 30.13% more profit!
The vig is also present in ML plays. Whether it’s a fave or a dog, the bettor is paying some juice. Because of the differing payouts, the juice becomes obscured.
Here is an example of this week’s (week 9, 2005) NFL games and the juice from two different books:
Monday night, Indy faces off at New England.
Team.................Sportsbook.com ML......Pinnacle ML
Indianapolis.............-200.....................-195
New England..............-170.....................+182
In BOTH cases, there is more value betting with pinnacle.
To win 100 dollars, the bettor would have to risk 200 with sportsbook.com, while only having to risk 195 with pinnacle.
Likewise, a 100 dollar bet on New England would net the bettor 170 with sportsbook, but 182 with pinnacle.
This is due to the “dime lines” employed by pinnaclesports.com. A dime line, also a ten-cent line, is a line where the ML values are 10 off (in absolute value). A small favorite with a ML of -130 would have a dog in the game of +120. As the MLs get farther from 100, the prices drift away from 10, due to the greater risk to the sportsbook.
On the other hand, sportbook.com uses a 20-cent line, meaning the absolute value of the difference of the two MLs is 20. A fave of +120 would have a dog of -140.
The difference again results in a higher winning percentage required to break even, and lesser profits for the same winning percentage, when using a books such as sportsbook.com.
The difference becomes even greater with large favorites. Take this week’s NYG @ SanFran game. NYG are a 10’ point favorite, and have a ML of -600 at sportsbook.com. San Fran’s ML is +450
At pinnacle, where the NYG are also a 10’ point fave, the Giants ML is only -539, where San Fran’s ML is +489.
The juice taken on this wager at sportsbook.com is 150, whereas the juice taken by pinnaclesports.com is only 50. That is an enormous difference.
(Daniel M. Maggin -- dmmx3 @ covers.com)
“Juice” or “vigorish” or “vig” is the book's take on every wager made. Originally, all books required the bettor to lay 110 to win 100 (or -110). Today, there are many "reduced juice" books where the bettor can pay -107, -105, or sometimes lower. The premier books that allow reduced juice betting at all times are www.canbet.com (-107) and www.pinnaclesports.com (-105 and -104). Let's examine the difference.
Let’s do this by first determining a "break even" point for each level of vig.
The formula to do this is as follows:
W x (-100/vig) = 1 - W
where we must solve for Win Percentage, or "W"
At -110:
W x (100/110) = 1 - W
100W/110 + W = 1
1.90909W = 1
W = 0.52381
Therefore, at -110, the bettor must win 52.38% of bets to break even.
Now let’s look at -107:
W x (100/107) = 1 – W
100W/107 + W = 1
1.93458W = 1
W = .51691
Therefore, at -107, the bettor must win 51.69% of bets to break even.
Now for -104:
W x (100/104) = 1 – W
100W/104 + W = 1
1.96154W = 1
W = .50980
Therefore, at -104, the bettor must win 50.98% of bets to break even.
-110 = 52.38%
-107 = 51.69%
-104 = 50.98%
That difference might seem inconsequential at first, but over the long haul, if one is not taking advantage or the reduced juice offered at some online books, money is being thrown away.
We can also examine the result after a given number of bets have been made.
In the 2002 NFL season, I placed 312 bets on sides and totals during the preseason, regular season, and postseason. During the year I was 176-136, for a 56.41 winning percentage.
If I had placed those bets at sportsbook.com, bodog.com, or a similar sportsbook at -110 vig, I would have netted the following (assuming enough risked to win $100 on each wager):
For -110:
[Bets Won x (100/110) x $100 – [Bets Lost x $100] = Profit
(176 x .90909 x $100) – (136 x $100) = +$2400.00
Now lets examine -107:
[Bets Won x (100/107) x $100 – [Bets Lost x $100] = Profit
(176 x .93458 x $100) – (136 x $100) = +$2848.61
And finally, -104:
[Bets Won x (100/104) x $100 – [Bets Lost x $100] = Profit
(176 x .96154 x $100) – (136 x $100) = +$3323.10
-110 = +$2400.00
-107 = +$2848.61
-104 = +$3323.10
Over the course of just one NFL season, for me, using a -104 book allowed me to take in $723.10 more than I would have with a traditional book. That is 30.13% more profit!
The vig is also present in ML plays. Whether it’s a fave or a dog, the bettor is paying some juice. Because of the differing payouts, the juice becomes obscured.
Here is an example of this week’s (week 9, 2005) NFL games and the juice from two different books:
Monday night, Indy faces off at New England.
Team.................Sportsbook.com ML......Pinnacle ML
Indianapolis.............-200.....................-195
New England..............-170.....................+182
In BOTH cases, there is more value betting with pinnacle.
To win 100 dollars, the bettor would have to risk 200 with sportsbook.com, while only having to risk 195 with pinnacle.
Likewise, a 100 dollar bet on New England would net the bettor 170 with sportsbook, but 182 with pinnacle.
This is due to the “dime lines” employed by pinnaclesports.com. A dime line, also a ten-cent line, is a line where the ML values are 10 off (in absolute value). A small favorite with a ML of -130 would have a dog in the game of +120. As the MLs get farther from 100, the prices drift away from 10, due to the greater risk to the sportsbook.
On the other hand, sportbook.com uses a 20-cent line, meaning the absolute value of the difference of the two MLs is 20. A fave of +120 would have a dog of -140.
The difference again results in a higher winning percentage required to break even, and lesser profits for the same winning percentage, when using a books such as sportsbook.com.
The difference becomes even greater with large favorites. Take this week’s NYG @ SanFran game. NYG are a 10’ point favorite, and have a ML of -600 at sportsbook.com. San Fran’s ML is +450
At pinnacle, where the NYG are also a 10’ point fave, the Giants ML is only -539, where San Fran’s ML is +489.
The juice taken on this wager at sportsbook.com is 150, whereas the juice taken by pinnaclesports.com is only 50. That is an enormous difference.
(Daniel M. Maggin -- dmmx3 @ covers.com)
posted by Jeffrey Gardner at 8:31 PM
8 Comments:
Check out the great experience you will have while looking here for best sportsbook bonus. We have the best, top-rated experience available. So many bonuses and contests, it should be illegal. We wish to thank Blogger for providing a forum for this content and we wish everyone would visit Requirements of a quality Sportbook frequently.
If you are looking to make money and save money, then you have come to the right blog. JG has done a great job here allowing us the freedom to post relevant information about big dance betting and other subjects of interest. Congrats JG on a great place to visit!
Check out the great experience you will have while looking here for sportsbook. We have the best, top-rated experience available. So many bonuses and contests, it should be illegal. We wish to thank JG for providing a forum for this content and we wish everyone would visit Requirements of a quality Sportbook frequently.
Top bonuses, free contests, free trips, rewards points and more can all be found on this blog from JG. This is a great place to post top offers and questions and concerns about offshore gambling. Our site is dedicated to college basketball betting and more and this blog, Requirements of a quality Sportbook is very similar to our site in content. Here's wishing all a great season of #LINK##!
If you have ever had a bad experience while searching for football betting, then these type of blogs and posts will surely help. Requirements of a quality Sportbook is a great place to start when looking for subject matter about football betting and other subjects related to football betting. Thanks JG for creating a user friendly forum.
Check out the great experience you will have while looking here for online baseball betting. We have the best, top-rated experience available. So many bonuses and contests, it should be illegal. We wish to thank JG for providing a forum for this content and we wish everyone would visit Requirements of a quality Sportbook frequently.
If you are looking to make money and save money, then you have come to the right blog. JG has done a great job here allowing us the freedom to post relevant information about online sports wagering and other subjects of interest. Congrats JG on a great place to visit!
Free Trial Offer the Nations Leader in Handicapping, Sportsbook Reviews, bet basketball, Casino Rankings, Free Poker, and much, more! Football is just around the corner and you need a place to wager that is secure with Top Bonuses! Wait No More! Visit http://www.coachescorner.com today, sign up and receive a 40% Sign-On Bonus and get ready to rumble!
Post a Comment
<< Home