How exactly do casinos make money off the public?

[GunShard]

Here's my take on it.

The goal of the casino / line makers, whatever you want to call them, is to make the most money off the public.

Let's say a total of 10 people. 5 people bet on the Patriots, 5 people bet on the Giants, both ATS bets, each person risking $100 to win back $191. Total money pot is $1000.

Ok, now let's say the Patriots win. 5 x $191 is $955. $955 goes back the the public, the $45 goes to casino, the casino makes a profit of $45 off the public.

If 4 people bet on the Giants, 6 people bet on the Patriots. The public wins.
If 5 people bet on the Giants, 5 people bet on the Patriots, The casino wins.
If 6 people bet on the Giants, 4 people bet on the Patriots, The casino wins.

The fact that when you risk $100, you are not doubling your money to $200. It's usually $191 on either ATS side, this gives the casino the house edge. Depending on how the public is dumping their money, the value can go above $200 in the publics favor.

There's line movement, but there's also value movement.

Also, watching this video could make you smarter:

[GunShard]

As of right now, most of the public is on the Giants side to risk $100 to win back $180. While the Patriots side is to risk $100 to win back $205. The casinos are making profit here.

[TheCentaur]

This just in, 2+2=4

Sorry man I couldn't resist

[gryfyn1]

awesome you've been here two years and you've figured out how the vig works...

[DrIn$entive]

Over 2600 posts? Another fast learner in sports wagering

Sportsbooks are a business, its not like a bet against friends with no vig

[DrIn$entive]

As of right now, most of the public is on the Giants side to risk $100 to win back $180. While the Patriots side is to risk $100 to win back $205. The casinos are making profit here.

[MadTiger]

[Smoke]

[UntilTheNDofTimE]

Wow i know this was meant as a joke but if not holy f\*\*k. Even a retarded 6 year old can figure out the house edge in sportsbetting.

[Rockets2200]

I just peed my pants from laughing

[crustyme]

they dont always make money. vegas lost $2.6 million the last time these teams met in the sb, thanks to everyone taking giants ml.

[k13]

10 people bet on Patriots -3 (+110)
10 people bet on Giants ML +125

How does the book profit?

[FindTheLock]

10 people bet on Patriots -3 (+110)
10 people bet on Giants ML +125

How does the book profit?

patriots win by 1 or 2 or 3 even

[k13]

patriots win by 1 or 2 or 3 even

Something to think about.

[shari91]

To be fair though, sometimes it takes awhile for the lightbulb to go off. I was like 8yo before I finally understood that people on the radio weren't singing live from the local radio station. Used to beg my parents to drive me to go see Corey Hart

[FindTheLock]

Something to think about.

i understand where you're going with that, but a lot of NFL games end on the key number of 3, and that 2 point window isn't my style. To each their own. That way of betting is no different than laying huge chalk

[FourLengthsClear]

This is ground breaking stuff.

[smoke a bowl]

Thanks for all the insight. I think I have it all down now.

[unluckysob]

10 people bet on Patriots -3 (+110)
10 people bet on Giants ML +125

How does the book profit?

a little risky for book----risking max $250 for a 3 point middle----with 1 and 2 winning both bets 3 a push on one side.

[William Walters]

To be fair though, sometimes it takes awhile for the lightbulb to go off. I was like 8yo before I finally understood that people on the radio weren't singing live from the local radio station. Used to beg my parents to drive me to go see Corey Hart

[Grits n' Gravy]

Parlay and teaser cards are goldmines. Ditto for prop bets.

[shari91]

lol

bloody devastating moment for me

if only...

[rfr3sh]

write a book on this