If you’re uncertain about what VIG or JUICE means in sports betting, don’t worry, we’re about to explain.
All bets on all sports include a VIG, be it online or in a physical sportsbook location. Juice is just the slang term for VIG, they’re the same thing…
The Meaning of VIG in Sports Betting
Essentially, these are terms that refer to the commission that sportsbooks charge on bets. This fee is taken on every placed bet and is what allows the sportsbook to generate profits. It’s the reason Draftkings stock market valuation is so high. Although the sportsbook does not win on every bet, they profit from payouts that include the VIG (also called vigorish).
For instance, if you want to bet on an NBA game on DraftKings Sportsbook, you might see odds of -110, which indicates that you need to wager $110 to get a $100 profit. The $10 difference is the juice or vig.
Sportsbooks employ this fee to cover their costs and make a profit. If many people bet on the same side, and it wins, the sportsbook might have to pay out a significant amount of money. In such cases, the juice or vig ensures that the sportsbook can remain in business, make a profit and continue to offer betting options for its customers. Note that the VIG can vary from one sportsbook to another…
Why is the VIG Important to You?
If you want to make money from your sports bets long-term, you must bet at higher values than your bets are truly worth. This is betting at a positive expected value. Sportsbook odds ensure the complete opposite happens in most cases because the vig makes each bet a negative expected value.
See that $10 margin on the bet in the image below?
Some sportsbooks might charge less while others might charge more, so it is important to conduct research to find a sportsbook that offers the best odds and the lowest juice or vig. If you can beat the sportsbook’s VIG on your wagers, you’re more likely to win overall. However, the true power lies in beating the closing line value, as explained in a previous article.
Another way to make a profit from sports betting is by using tools such as Profit Duel and OddsJam. To learn more, you can read our review of Profit Duel.
How Do You Measure the VIG?
Accurately measuring a sportsbook’s margin on each bet is a difficult problem to solve. It’s effectively the answer to making huge profits. Even the sportsbooks get it wrong…
In all honesty, there are far simpler and easier ways to turn a profit. Comparing sportsbook odds for inconsistencies and mistakes is the easiest. You’ll even get software that does it for you.
Check out these comparisons here:
Measuring the different vigs isn’t something many sports bettors will seek to do. Maybe a handful of the world’s finest do it successfully. So unless you’re looking to be the next Bill Benter, it’s far easier if you focus on when prices change, by how much, where the vig margins are lowest and compare them against each other for a profit!