Bookie's Edge
generalThe bookie's edge, also known as the margin, vigorish, or juice, is the built-in advantage or profit margin that a bookmaker includes in their odds. This ensures that the bookmaker makes a profit regardless of the outcome of an event. It's the reason why the total implied probability of all outcomes in a betting market is greater than 100%.
Key Takeaways
- 1The bookie's edge, also known as the margin, vigorish, or juice, is the built-in advantage or profit
Bookie's Edge
The bookie's edge, also known as the margin, vigorish, or juice, is the built-in advantage or profit margin that a bookmaker includes in their odds. This ensures that the bookmaker makes a profit regardless of the outcome of an event. It's the reason why the total implied probability of all outcomes in a betting market is greater than 100%.
Example
In a coin toss, the true odds for heads or tails are even (2.00 or +100). However, a bookmaker might offer odds of 1.91 (-110) for both outcomes. This slight reduction in the payout represents the bookie's edge, guaranteeing them a profit over the long term.
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