let me say first off that I enjoyed developing intellectual knowledge of sports betting through this subforum. But I have a question: How do sportsbooks develop the -110 line that is so standard for so many books? This is no accident. A history of its development to this point would be very beneficial. Well, a history and an analysis. Any published works on this?
the evolution of the -110 line for sportsbooks
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stealthyburritoSBR Posting Legend
- 05-12-09
- 21562
#1the evolution of the -110 line for sportsbooksTags: None -
suicidekingsSBR Hall of Famer
- 03-23-09
- 9962
#2let me say first off that I enjoyed developing intellectual knowledge of sports betting through this subforum. But I have a question: How do sportsbooks develop the -110 line that is so standard for so many books? This is no accident. A history of its development to this point would be very beneficial. Well, a history and an analysis. Any published works on this?Comment -
statnerdsSBR MVP
- 09-23-09
- 4047
#3here is some useless knowledge. the term vig, short for vigorish, entered the American Vocabulary courtesy of the mafia. however, the word actually is Yiddish, derived from the Russian word vyigrysh which means gains.
the Books are merely middlemen anyway. nothing more than glorified stock brokers providing investors, both informed and uninformed, a market place.Comment -
raiders72002SBR MVP
- 03-06-07
- 3368
#4here is some useless knowledge. the term vig, short for vigorish, entered the American Vocabulary courtesy of the mafia. however, the word actually is Yiddish, derived from the Russian word vyigrysh which means gains.
the Books are merely middlemen anyway. nothing more than glorified stock brokers providing investors, both informed and uninformed, a market place.Comment -
JaugSBR MVP
- 01-11-09
- 3087
#5Exactly, they are not just middlemen, I would guess a bookie like pinny gets in situations like:
Market line +5.5/-5.5 -105 -105 then pinny has action on the +5.5 effectively at +120 because of their arbs. This bet is of course EV+ and any pro gambler would love to get it.Comment -
sharpcatRestricted User
- 12-19-09
- 4516
#6simply put a bookie needs to charge a fee for his service.Comment -
roasthawgSBR MVP
- 11-09-07
- 2990
#8I'd imagine it was the most profitable price they could charge initially. Simple economics I'd imagine.Comment -
sharpcatRestricted User
- 12-19-09
- 4516
#9Comment -
IrishTimSBR Wise Guy
- 07-23-09
- 983
#10This is what I suspect. If they charged more, say 15-20%, people wouldn't bet because even the masses know that would be a virtually insurmountable house edge. But they realized they wouldn't lose many customers with 10% vig vs. 5%, and the extra 5% juice made up for the few that did bail. Now it's just industry standard.Comment -
JaugSBR MVP
- 01-11-09
- 3087
#11This is what I suspect. If they charged more, say 15-20%, people wouldn't bet because even the masses know that would be a virtually insurmountable house edge. But they realized they wouldn't lose many customers with 10% vig vs. 5%, and the extra 5% juice made up for the few that did bail. Now it's just industry standard.
Poland has got a tax so you have to pay 10% of your bet (or something like that) directly as tax and then you get to bet the other 90% on a juiced line. That probably equals something like -130/-130 as well.Comment -
Joe GuySBR Rookie
- 12-10-09
- 3
#12They do actually charge for the win.
2 people bet 110 on opposite sides of an event through a book. The winner gets 210 - his 110 back and 100 from the other guy. WITHOUT THE BOOK he would have got 220. The WINNER pays.Comment -
BigdaddyQHSBR Posting Legend
- 07-13-09
- 19530
#13That is absolutely correct. The fallacy is in the thinking. You get less if you win. You do not pay more if you lose. If you wager 110, and lose, you have lost it. But if you win, you only get your wager plus 100 back. If you are a 50-50 player, it works out to 4.55%.Comment
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