Sportsbooks are catering to punters by providing betting lines for sporting events. Bettors make a wager on these lines in a chance of winning and get cash. These services are not for free, and just like any form of business, sportsbooks use methods to earn profits. Betting sites like Singapore Pools use sports betting margins to gain revenue, however there are only few people who know how it works. In this blog, we will enlighten you about the concept of betting margins and how to calculate them. Sports Betting Margins Explained Sports betting margins are also known by its casual terms, juice and vig. It is basically the portion of the bet that goes to the bookmaker after the results of the game are determined. However, not all punters pay vigs to the sportsbook for every bet made. The vig is paid only by the punter who lost his bet, and the rest of the loser’s bet will be paid to the winner as a prize. In short, the bet of the loser will be divided between the winner and the sportsbook with the latter taking the biggest cut. In a sporting event, the odds are set by SingaporePool with the cut for the vig already included. The odds and the vigs set by the bookmaker depend on the game’s outcome but does not necessarily reflect its result. How to Calculate Betting Margins? You know that in every online sports betting match the bookmaker earns somehow and you want to find out how that happens in order to get ahead. As we mentioned above, bookmakers earn through vigs but how to calculate it? To get the vigs, you need to calculate the probability for both the favourite and the underdog. Buccaneers -560 (Favourites) Saints +320 (Underdogs) Convert the odds for the favourites to probability rate using this formula: Odds/(Odds + 100) X 100 = Probability 560/(560 + 100) X 100 = 84.84% Therefore, the Buccaneers have an 84.84% chance of winning. Next, convert the odds for the underdogs to probability rate using this formula: 100/(Odds + 100) X 100 = Probability 100/(320 + 100) X 100 = 23.80% Therefore, the Saints have a 23.80% chance of winning. Now, add 84.84% and 23.80%, the answer is 108.64%. Subtract 108.64% to 100% and you will get 8.64%. 84.84% + 23.80% = 108.64% 108.64% - 100% = 8.64% (The percentage of the vig) Therefore, in the game between the Buccaneers and Saints, SingaporePool gets 8.64% vig. Tips for New Bettors About Betting Margins?
Before you create an account in a sportsbook, make sure that you understand how the site gets its profit first so that you will know if the platform is taking advantage of their customers. By calculating the vigs yourself, you will know how much the bookmakers get for every bet in a sporting match. Sportsbooks are smart enough not to reveal how they take the opportunity to earn more profits in an event. You should make a list of sportsbooks like SingaporePool that you think are fair when it comes to the vigs that they get and choose the one that really provides you with a satisfying service. Finding the right platform is hard nowadays but that doesn’t mean that they don’t exist. Conclusion Online betting Singapore margins or vigs are a system designed by the bookmakers to make a profit in every sports event. Vigs vary from site to site, and there are many factors that can change the odds that the site offers. Now that you know about the vigs, you can now choose a sportsbook that is right for you.
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February 2023
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