Did we ever consider the missing 0.10 in Sports Betting Odds?

[stadus]

Did we ever consider that the missing 0.10 in sportsbook odds is what beats us in the long run?

For example, in an even market like point spread, we usually see:

Code:

Team A: +5.5  1.90
Team B: -5.5 1.90

Most of us just choose between the two because we believe our pick will hit. But of course, there are also bettors on the other side thinking the same thing. And if the line does not move much, maybe that means the action is somehow balanced.

But if it is really an even market, should it not be 2.00 vs 2.00?
So where does that missing 0.10 go?

That is the juice where the sportsbook makes money. It looks small, but if we keep taking that kind of odds are we already at a disadvantage in the long run?

I know sportsbooks need to make profit, but I just want to discuss this angle. Do most bettors really think about the juice, or do we only focus on picking the winning side?

[Dunamisx]

Sportsbook operators are very professional in assigning odds for each game you see them include, and they do this mostly in such a manner when they already suspect that both sides have almost equal chances or opportunities to deliver as they may want. They wouldn't want to risk what they already perceive as the outcome by giving too much of a difference in the odds they provide.

[Oshosondy]

I prefer to go for only just the winning team, which is all I am after.

But did you know that this forum only help most people to know what is going on about house edges? Most people do not know about it but they know that the betting sites setting odds that will only favour themselves/the gambling sites.

[Pandu Geddon]

I’m sure bettors don’t pay attention to that. Most bettors definitely focus on the odds and the potential amount they can win because they know the casino has to make a profit. I also don’t think that kind of odds is what makes bettors lose in the long run. Bettors mostly lose because of their bets, not because the difference in odds cuts their long-term profits.

[freedomgo]

I prefer to go for only just the winning team, which is all I am after.

But did you know that this forum only help most people to know what is going on about house edges? Most people do not know about it but they know that the betting sites setting odds that will only favour themselves/the gambling sites.

It will never favor them in the sense that they are directly trying to beat us, I think that's where some people get confused. They treat sportsbooks like casinos or slot operators where we are basically playing against the house.

But in sports betting, the sportsbook is mainly setting the odds for bettors on both sides and taking the juice, that's the simplest way to understand it so we don't get misled.

[mak013]

~
I know sportsbooks need to make profit, but I just want to discuss this angle. Do most bettors really think about the juice, or do we only focus on picking the winning side?

I know that odds are "not fair" — I think we can say that hedging bets never give you fair odds. That's why the casino always wins.
But for me, it doesn't matter: if I don't like the odds, I just don't bet. It's only my decision. I don't care about the casino's profit — the only thing that matters is whether my bet wins.

[Iranus]

Did we ever consider that the missing 0.10 in sportsbook odds is what beats us in the long run?

Right on target! bro! The thing you are talking about is the biggest silent killer in betting world.
Which you could call Vig or Juice.

Sometime even with our correct prediction or 50% win rate, our bankroll become zero because of this 0.10 or juice.

But if it is really an even market, should it not be 2.00 vs 2.00?
So where does that missing 0.10 go?

You are absolutely right. If a match is true 50/50 event then the fair odds should be 2.00 vs 2.00.
But bookmaker give odds of 1.90 on both side.
The Implied Probability of $1.90 odds is 1/1.90x100 = 52.63
If the two side are combined then the bookmaker's calculation is 52.63% + 52.63% = 105.26%.
This extra 5.26% is the house edge

[Oshosondy]

It will never favor them in the sense that they are directly trying to beat us, I think that's where some people get confused. They treat sportsbooks like casinos or slot operators where we are basically playing against the house.

But in sports betting, the sportsbook is mainly setting the odds for bettors on both sides and taking the juice, that's the simplest way to understand it so we don't get misled.

With sportbooks, we are also playing against the betting site. It is either we win or they win, but the way they set the odds, they are the one that would win in the long time of betting. They also have the house edge which they are using to set the odd in a way that will favour them. But it is true that casinos are different from sportbooks, but they have the same aim and house edge that will make them to be able to achieve the profit from the gamblers.

[Ashawowo(OS)]

I know sportsbooks need to make profit, but I just want to discuss this angle. Do most bettors really think about the juice, or do we only focus on picking the winning side?

I've never considered this my whole involvement in betting, I've always gone straight with the winning side and not taken not of the little edge in such scenarios. You're right with that 0.10 being the house edge in sports betting. It might look very little, but if they are able to gain such advantage over lots of winners of such bets, then they've saved up quite a lot for themselves. Finally, we can never beat the house, they always have the upper hand.

[KTChampions]

~
That is the juice where the sportsbook makes money. It looks small, but if we keep taking that kind of odds are we already at a disadvantage in the long run?

I know sportsbooks need to make profit, but I just want to discuss this angle. Do most bettors really think about the juice, or do we only focus on picking the winning side?

Of course, I always think about who will win, but that doesn't mean I don't consider the profitability/loss of betting on an event. That is, even if I'm confident a team will win, I don't always place a bet because the odds may be too skewed against that pick. If we're talking about trying to make money, then of course we shouldn't choose outcomes we like, but rather odds that might be profitable. Incidentally, thanks to prediction markets, it's possible to reduce that 0.1 you mention to 0.02, sometimes even less.

[bitbollo]

bookmakers can already take a cut in each odd. Likewise they are just cutting few percentage by BOTH options and not only one.
this apply witha any odd. if you have both teams > @2.01 you can try to find arbitrage within the bookmaker and have a sure profit.

this can be just casual. most of bookmakers are not just hedging inside their own bookie but also using others.
this could lead to avoid "large odds" available or other discrepancies...

[DanWalker]

But if it is really an even market, should it not be 2.00 vs 2.00?
So where does that missing 0.10 go?

That is the juice where the sportsbook makes money. It looks small, but if we keep taking that kind of odds are we already at a disadvantage in the long run?

I know sportsbooks need to make profit, but I just want to discuss this angle. Do most bettors really think about the juice, or do we only focus on picking the winning side?

Let me explain it simple way, suppose we have 10 people who bet $100 on heads in toss.
And the other 10 people bet $100 on tails.

In this event bookmaker's total collection will be $2000.
Now whichever side win, bookmaker will give them $1900 at odds of 1.90.
And bookmaker take the remaining $100 as his share of the profit as managing this event of operating cost. This is how every casino work.

So I do not think there is much point in thinking about casinos profit at all. Rather it is more important to me to find out which odd will make me good profit.

[Natalim]

Let me explain it simple way, suppose we have 10 people who bet $100 on heads in toss.
And the other 10 people bet $100 on tails.

In this event bookmaker's total collection will be $2000.
Now whichever side win, bookmaker will give them $1900 at odds of 1.90.
And bookmaker take the remaining $100 as his share of the profit as managing this event of operating cost. This is how every casino work.

So I do not think there is much point in thinking about casinos profit at all. Rather it is more important to me to find out which odd will make me good profit.

That is understandable, I think there is no need to explain how sportsbooks operate, what the OP is probably trying to discuss is how bettors should look at the odds.

Bookies offer different kinds of odds like 1.20, 1.50, 1.70, 1.90 and so on, and those lower odds don't even return 100% profit on your bet. So if you're really concerned about winning in the long run, maybe looking for odds above 2.00 can make sense, even if the implied probability is lower.

But implied probability is not always the actual probability, and that's where finding value really matters.

[Agbe]

Op frankly I have not thought that 0.10 odds because all my focus is always on the winning teams and even at that we are still losing. When I want to bet I will not think of other things or the profit the casino will make because it is a 50/50 lucky game. If I win the casino will still win from other losers and if I loss the casino would win from my end. So I select what is best for me.

[Danydee]

Let me explain it simple way, suppose we have 10 people who bet $100 on heads in toss.
And the other 10 people bet $100 on tails.

In this event bookmaker's total collection will be $2000.
Now whichever side win, bookmaker will give them $1900 at odds of 1.90.
And bookmaker take the remaining $100 as his share of the profit as managing this event of operating cost. This is how every casino work.

So this is about 5% house edge, right?!

Don't looks too high relatively, also considering that events/sports bets necessitate much work and monitoring behind the scenes!



A good point/advice you should keep on sports betting, don't get too mad about the odds.. They can be sometimes tricking and influence your decision! A too high or too small odds may trick you to change opinion!

[Rashlyowl]

Not at all, I'm not considering anything other than the betting choice I'm about to make. We all know that gambling is a business & has become a massive industry, it is normal for them to make profit from every bet we place as players. I don't care about the system used by the bookmaker, as long as the site where I play still pays out. Sometimes we go too far, so we forget the basics.

[BALIK]

Do most bettors really think about the juice, or do we only focus on picking the winning side?

To be honest I never thought about this juice. When I bet my entire focus is on which team will win and whether my analysis is correct or not.

To me, betting is not just any money war or number war against bookmaker. When I back a team, I just wanna enjoy the excitement of watching them play and seeing whether my prediction was right. Bookmaker is providing me with a market, odds and betting service and in return they keep some margin, I see it as a normal cost of service.

[Japinat]

Op frankly I have not thought that 0.10 odds because all my focus is always on the winning teams...

Seems not so relevant, because probably most of us would still pick 1.90 over 2.00 if the line is better, so it's not really about the odds alone but the line itself.

For example, if a favorite is at 1.90 with -3.5, while at 2.00 the line is -5.5, of course I would rather take the -3.5, because you only need them to win by at least 4 points to cover, while at -5.5 you need them to win by 6.

[crwth]

There is a break even rate when we are talking about 1.90 odds.

Code:

Break-even rate = 1 / Odds
1/1.90 = 52.63%

This is the direct thing that shows the missing 0.10 and how much you need to win just to break-even. The thing to consider here is that it's not 50%. It would really rack up if you always lose and like any other chance based stuff, it is detrimental in the long run.

[Ruttoshi]

But in sports betting, the sportsbook is mainly setting the odds for bettors on both sides and taking the juice, that's the simplest way to understand it so we don't get misled.

Of course, that's what they do to make profit. They try as much to balance the odds to make sure that they get profit no matter the outcome of the game.

I could remember way back, when I use to gamble face to face with my friends on poker. They guy's house that we do use to gamble will always cut a little amount of money from whomever wins the game and that's after every two games. The money he cuts belongs to him for using his home but sportbook set the odd and take like 5% from the game.