The Vig (or "juice") represents the bookmaker's commission on bets. In a fair market, the total probability would be 100%. Any amount over 100% is the bookmaker's theoretical edge.
Vig, also known as "juice" or "margin," is the commission that bookmakers charge on bets. It's essentially how sportsbooks make their money, regardless of the outcome of an event. The vig is built into the odds offered by the bookmaker.
For example, in a typical point spread bet with -110 odds on both sides, you need to bet $110 to win $100. If a sportsbook gets equal action on both sides, they pay out $100 to the winners while collecting $110 from the losers, guaranteeing them a $10 profit regardless of the outcome.
The vig is reflected in the total implied probability of all possible outcomes. In a fair market with no vig, the total probability would add up to exactly 100%. When the total is higher (e.g., 105%), that extra percentage represents the bookmaker's theoretical edge.
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