11/19/2022 0 Comments Moneyline converter![]() In any case notice the gap between -600 and +450 is 150 cents yet the Bookmaker has just a 3.75% advantage here. The juice is roughly the same on each as remember 6 cents added to a -594 price is peanuts, because the fair price of -600/+450 is -471/+471 (this was mentioned two paragraphs up). The bookmaker has a large enough advantage here so with the desire to use round about numbers he’ll most likely set the odds at -600 / +450. To see what these are in American odds, head over to our odds converter and in the implied probability field enter 85.59% to see this is -594. For example if he has the probabilities as 82.5% favorite / 17.5% underdog and he wants to keep around 3.75% of the wagered amount on balanced action he’ll add this to each probability.825*1.0375=0.8559 (85.59%) and 0.175*1.0375=0.1816 (18.16%). The bookmaker first decides on how much advantage he wants to add to a betting line. How do Bookmakers Add Vig?Īt the risk of losing the casual reader I’ll go ahead and answer this question. Meanwhile although still –EV getting +465 when all other sites had +450 would be a FAR better bet, and here he’s only found 15 cents better as opposed to the 100 cents better on the favorite. On -600/+450 beating the favorite line by 100 cents is still –EV (negative expected value). As shown in this illustration that’s often not the case. The reason this illustration is important is because a novice bettor finding -500 when all other sites have -600 will be overly excited feeling he’s most certainly found a +EV (positive expected value) bet. The novice bettor mistakes the fair odds as -525/+525 while our tool shows the actual no-vig odds are -471 / +471. If you’re thinking okay what’s 2 cents worth… try doing the same for Saints -600 / Lions +450. This is a mistake, enter -160 and +140 into our no-vig calculator and you’ll see the actual no-vig odds are -148 / +148. For example, if the moneylines of an NFL football game are NY Giants -160 / Atlanta Falcons +140 novice bettors often make the mistake of assuming the fair odds without juice are Giants -150 / Falcons +150. The tool to the left can be used to calculate no-vig odds and no-vig win probabilities. Click Here for our 3-Way No-Vig Calculator No-Vig Fair Odds Calculator ![]()
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