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What does juice mean in gambling

What does "plus" and "minus" mean as a sports betting term?. Odds expressed in terms of money, with $ being the standard. If the odds are minus (–), then that amount of money must be wagered. The vigorish – also known as vig or juice – is the price sportsbooks charge for making a bet. The most common vig used for each side of a wager is That means for every $ wagered, the. What is Juice, Vig or Vigorish in sports betting. If you are just starting out in your sports betting adventure, you might have heard the terms “juice” or “vig” many times, but likely don't know what it means.

Gambling Terminology

Whale: A whale , also referred to as high roller, is a player who wagers massive amounts of money. By using this site, you agree to the Terms of Use and Privacy Policy. More commonly though, disproportional vigorish will be applied as part of the efforts to keep the amounts wagered balanced, such as 1. Under proportional vigorish , a "fair odds" betting line of 2. For example, 1. Home Gambling Terminology.

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All In: In poker, going all in means betting your entire stack on a single hand. Bean: In poker, a bean or an ante bean is a term that refers to the ante or the chip that is used to place the ante. Chalk: In sports betting, picking the chalk or betting the chalk means betting on the favorites. Cooler: In poker, a cooler is a case in which somebody plays a very strong hand that justifies placing the maximum bet, but is still beaten by an even stronger hand.

Cover: In most cases, covering the bet simply means accepting the bet for play or putting enough money on the line to pay for the action. Double Down: Double down is a blackjack term and is the name of one of the decisions that a player can make as the game goes on. EV: EV , or expected value, is what the player could expect to win or lose per a single game if he was to place the same bet in the same situation an infinite number of times.

Fade: To fade means to bet against, particularly when referring to betting against a person. Heater: A heater is a series of events in any game of chance occurring within a short, concise time frame, and resulting in a positive outcome for the player involved. Handle: In sports betting lingo, the term handle is often used by the bookmakers to describe the total amount of money wagered over a specific period of time.

Hedge: In online sports betting, to hedge means to make a bet or a series of bets that take the opposite site of your original position in order to reduce the risk involved or lock in some profit. Juice: Juice , also referred to as vigorish, vig, the take or the cut, is the amount charged by a live bookmaker or a sports betting site for its services. Kitty: In home poker games, a kitty is a pool of money that has been built by collecting small, predetermined amounts from specific pots or even every single pot.

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Details

Vigorish also known as juice , under-juice , the cut , the take , the margin , the house edge or simply the vig is the fee charged by a bookmaker or bookie for accepting a gambler's wager. In American English it can also refer to the interest owed a loanshark in consideration for credit. As a business practice it is an example of risk management ; by doing so bookmakers can guarantee turning a profit regardless of the underlying event's outcome. As a rule, bookmakers do not want to have a financial interest creating a preference for one result over another in any given sporting event.

This is accomplished by incentivizing their clientele to wager offsetting amounts on all potential outcomes of the event. The normal method by which this is achieved is by adjusting the payouts for each outcome collectively called the line as imbalances of total amounts wagered between them occur. Within the mathematical disciplines of probability and statistics this is analogous to an overround [3] , though the two are not precisely synonymous but rather bijective reciprocals of one another.

It is simplest to assume that vigorish is factored in proportionally to the true odds, although this need not be the case. Under proportional vigorish , a "fair odds" betting line of 2. More commonly though, disproportional vigorish will be applied as part of the efforts to keep the amounts wagered balanced, such as 1.

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Two people want to bet on opposing sides of an event and agree to "fair odds", also known as evens. They are going to make the wager between each other without using the services of a bookmaker. The person who loses receives nothing and the winner receives both stakes. Rather than pay vigorish to someone who will guarantee that the winner will be paid, they both assume the opportunity cost in the event the backer of the losing side refuses to pay the winner at the event's conclusion. By contrast, when using a sportsbook with the odds set at 1.

Vigorish can be defined independent of the outcome of the event and of bettors' behaviors, by defining it as the percentage of total dollars wagered retained by the bookmaker in a risk-free wager.

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