The sportsbook charges Vig, Vigorish, or Juice as a commission on any bet. In addition, Vig is collected if the bettor loses the wager. A successful and profitable betting bettor must know how to take out this amount. So, dive in to see the process of Remove Juice/Vig from Sports Betting Odds.
How to Remove the Juice/Vig
It’s important to remove the Juice/Vig for a crystal clear outcome prediction. This is because the Vig influences the odds. The bettors may win or lose, but Vig ensures that the sportsbook will always get their amount.
So, before coming to the Vig, you must know how Implied Probability Works and then how to calculate the Vig. Ofcourse, the sportsbook will benefit something but comparing Vigs can help you understand the best.
Implied Probability
For calculating the implied probability, you have to convert American odds to implied probability. The outcome will be the sum of two possibilities. Whatever value exceeds 100 is the Juice/Vig.
Let’s calculate it with an easy example:
Assume a money line in which the Rams are in -200 while Dallas is at +170.
If you transform a negative Moneyline (favorite) or positive Moneyline (underdog), the formula to convert the American odds to implied probabilities will be negligibly different.
Formula for Favorites: Odds/(odds +)*100
Similarly for Rams: 200 / (200 + 100) *100 = 66.667%
The outcome implies that the Rams have a 66.7% chance of winning the game.
Now, the formula for Underdogs: 100 / (Odds + 100) *100
Similarly, for Dallas: 100 / (Odds + 100) *100 = 37.04%
The result states that Dalals have 37.4% chances of winning the match.
Finally, add both the probabilities. The result is 103.7%
Removing the Juice/Vig
Here’s the formula:
Team A Implied Probability / (Team A IP + Team B IP)
Rams: 45.45% / (45.45% + 58.33%) = 44%
Dallas: 58.33% / (58.33% + 45.45%) = 56%
Why Does Vig Matter?
Many reasons make calculating and analyzing Vig crucial for bettors. Some of the reasons are:
- New bettors need to understand what percentage of their money is going to the sportsbook. A thorough study of sports betting will make you catch the facts fast.
- If the Juice is too high in a bet, you can change the bet and look elsewhere. As mentioned, if a sportsbook alters the Juice, it could be a signal of a future line change.
- If the line is not changing according to the Juice, you can bet immediately or wait for it; the odds may improve.
Bonus Tips for Bettors to Remove the Juice/Vig
Here are some bonus tips for bettors who are trying to understand and calculate the Vig/juice out of a bet:
- Vig is not the same for all bets; the odds value can vary drastically. Point spreads, over/under bets and 50/50 props have the same Vigs as they come with the same odds. Moneyline can have complicated and varying Vigs.
- You must compare Vigs at different sportsbooks for similar bets. There is a difference, and some Vigs can prove profitable.