Craps Lay Bet Vig

Posted : admin On 4/10/2022
Craps Lay Bet Vig Average ratng: 5,6/10 9089 votes

A Lay Bet is a bet that a 7 will roll before the number bet. In either case, the wager is paid according to true odds as shown on the accompanying table. A 5% commission or 'vig' is charged on all Buy and Lay Bets, either on the amount bet, if it is a Buy Bet, or on the amount that can be won, if it is a Lay Bet. Craps: Lay the 4 or 10 Betting Strategy Laying the (4) or the (10) is a relatively popular bet for those playing the dark (don’t) side of craps. It’s easy, simple and puts you on the casino side of the odds at the table. If there is no vig, meaning no house edge at a $10 bet on the 4 or 10, you get paid $20 for a $10 bet. The casino does not take any money from you. The game is breakeven. The payoff for a normal $10 place bet on the 4 or 10 is $18-to-$10. Thus, the house edge is 6.67% or a loss of 67 cents per $10 wagered. It is simplest to assume that vigorish is factored in proportionally to the true odds, although this need not be the case. Under proportional vigorish, a 'fair odds' betting line of 2.00/2.00 without vigorish would decrease the payouts of all outcomes equally, perhaps to 1.95/1.95, once it was added.

Vigorish (also known as juice, under-juice, the cut, the take, the margin, the house edge or simply the vig) is the fee charged by a bookmaker (or bookie) for accepting a gambler's wager. In American English it can also refer to the interest owed a loanshark in consideration for credit. The term came to English usage via Yiddish slang (Yiddish: וויגריש‎‎, romanized: vigrish),[1] which was itself a loanword from Russian (Russian: вы́игрыш, romanized: výigryš, lit.'gain, winnings').[2]

As a business practice it is an example of risk management; by doing so bookmakers can guarantee turning a profit regardless of the underlying event's outcome. As a rule, bookmakers do not want to have a financial interest creating a preference for one result over another in any given sporting event. This is accomplished by incentivizing their clientele to wager offsetting amounts on all potential outcomes of the event. The normal method by which this is achieved is by adjusting the payouts for each outcome (collectively called the line) as imbalances of total amounts wagered between them occur.

Within the mathematical disciplines of probability and statistics this is analogous to an overround[3], though the two are not precisely synonymous but rather bijectivereciprocals of one another.[4] Overround occurs when the sum of the implied probabilities for all possible event results is above 100%, whereas the vigorish is the bookmaker's percentage profit on the total stakes made on the event. For example, an overround of 20% results in 16.66%[a] vigorish. The connecting formulæ are:

v=o(1+o) and o=v(1−v){displaystyle v={frac {o}{(1+o)}}quad {text{ and }}quad o={frac {v}{(1-v)}}}
where
v represents vigorish
o represents overround

Proportionality[edit]

It is simplest to assume that vigorish is factored in proportionally to the true odds, although this need not be the case. Under proportional vigorish, a 'fair odds' betting line of 2.00/2.00[b] without vigorish would decrease the payouts of all outcomes equally, perhaps to 1.95/1.95, once it was added. More commonly though, disproportional vigorish will be applied as part of the efforts to keep the amounts wagered balanced, such as 1.90/2.00, making the outcome with fewer dollars wagered appear more attractive due to the larger payout.

Examples[edit]

The simplest wager[edit]

Two people want to bet on opposing sides of an event and agree to 'fair odds', also known as evens. They are going to make the wager between each other without using the services of a bookmaker. Each person agrees to risk $100 for the chance to win $100. The person who loses receives nothing and the winner receives both stakes. Rather than pay vigorish to someone who will guarantee that the winner will be paid, they both assume the opportunity cost in the event the backer of the losing side refuses to pay the winner at the event's conclusion.

Craps Lay Bet Vigilante

By contrast, when using a sportsbook with the odds set at 1.90/2.00 (10 to 11) with vigorish factored in, each person would have to risk or lay $110 to win $100 (the sportsbook collects $220 'in the pot'). The extra $10 per person is, in effect, a bookmaker's commission for taking the action. This $10 is not in play and cannot be doubled by the winning bettor; it can only be lost. A losing bettor simply loses their $110. A winning bettor wins back their original $110, plus his $100 winnings, for a total of $210. From the $220 collected, the sportsbook keeps the remaining $10 after paying out the winner.

Theory vs. practice[edit]

Vigorish can be defined independent of the outcome of the event and of bettors' behaviors, by defining it as the percentage of total dollars wagered retained by the bookmaker in a risk-free wager. This definition is largely theoretical in practice as it makes the assumption that the bookmaker has balanced the wagers perfectly, such that they make equal profit regardless of the contest result.

For a two outcome event, the vigorish percentage, v is

v=100(1−pqp+q){displaystyle v=100left(1-{pq over p+q}right)}

where the p and q are the decimal payouts for each outcome.This should not be confused with the percentage a bettor pays due to vigorish. No consistent definition of the percentage a bettor pays due to vigorish can be made without first defining the bettor's behavior under juiced odds and assuming a win-percentage for the bettor. These factors are discussed under the debate section.

For example, 1.90/2.00 pricing of an even match is 4.55% vigorish, and 1.95/1.95 pricing is 2.38% vigorish.

Vigorish percentage for three-way events may be calculated using the following formula:[5]

v=100(1/p+1/q+1/t)−11/p+1/q+1/t{displaystyle v=100{(1/p+1/q+1/t)-1 over 1/p+1/q+1/t}}

where p, q and t are the decimal payouts for each outcome. For comparison, for overround calculation only the upper part of the equation is used, leading to slightly higher percentage results than the vigorish calculation.

Other kinds of vigorish[edit]

Casino games[edit]

More generically, vigorish can refer to the bookmaker/casino's theoretical advantage from all possible wagers on any Baccarat, in the house-banked version of baccarat (also mini-baccarat) commonly played in North American casinos, vigorish refers to the 5% commission (called the cagnotte) charged to players who win a bet on the banker hand. The rules of the game are structured so that the banker hand wins slightly more often than the player hand; the 5% vigorish restores the house advantage to the casino for both bets. In most casinos, a winning banker bet is paid at even money, with a running count of the commission owed kept by special markers in a commission box in front of the dealer. This commission must be paid when all the cards are dealt from the shoe or when the player leaves the game. Some casinos do not keep a running commission amount, and instead withdraw the commission directly from the winnings; a few require the commission to be posted along with the bet, in a separate space on the table.

  • Backgammon, the recube vig is the value of having possession of the doubling cube to the player being offered a double.
  • Craps, vigorish refers to the 5% commission charged on a buy bet, where a player wishes to bet that one of the numbers — 4, 5, 6, 8, 9 or 10 — will be rolled before a 7 is rolled. The commission is charged at the rate of $1 for every $20 bet. The bet is paid off at the true mathematical odds, but the 5% commission is paid as well, restoring the house advantage. For many years, this commission was paid whether the bet won or not. In recent years, many casinos have changed to charging the commission only when the bet wins, which greatly reduces the house advantage; for instance, the house advantage on a buy bet on the 4 or 10 is reduced from 5% to 1.67%, since the bet wins one-third of the time (2:1 odds against). In this case, the vig may be deducted from the winnings (for instance, a $20 bet on the 4 would be paid $39 – $40 at 2:1 odds, less the $1 commission), or the player may simply hand the commission in and receive the full payout. This rule is commonplace in Mississippi casinos, and becoming more widely available in Nevada.
  • Roulette: odds are calculated out of 36 numbers, but the wheel has one or two extra pockets (zero and double zero).
  • Slot machines - the payouts and winning combinations available on most slot machines and other electronic gambling systems are often designed such that an average of between 0.1% to 10% (varying by machine and facility) of funds taken in are not used to pay out winnings, and thus becomes the house's share. Machines or facilities with a particularly low percentage are often said to be loose.
  • Poker
    • In pai gow poker, a 5% commission charged on all winning bets is referred to as vigorish. Unlike baccarat, the commission is paid after each winning bet, either by the player handing in the amount from his stack of chips, or by having the vig deducted from the winnings.
    • In table poker, the vigorish, more commonly called the rake, is a fraction of each bet placed into the pot. The dealer removes the rake from the pot after each bet (or betting round), making change if necessary. The winner of the hand gets the money that remains in the pot after the rake has been removed. Most casinos take 5-10% of the pot, typically capping the total rake at $3 or $4.

Other uses[edit]

  • In investment banking, 'vig' is sometimes used to describe profits from advisory and other activities.
  • In sports, Pittsburgh Pirates announcer Bob Prince coined the term 'hidden vigorish' to describe an underdog's ability to beat the odds in a given situation.
  • The term is also used in reference to an auction house's buyers and sellers fees.

See also[edit]

Notes[edit]

  1. ^Much of the computation inherent to bookmaking is fractional, but frequently in print the decimal representations are used instead. This makes them easier to input into calculators and more agreeably format within any surrounding text. It is to be understood though that these fractions frequently result in a decimal repetend or infinitely repeating set of numbers somewhere to the right of the decimal point. For the sake of balancing clarity and accuracy, wherever possible this article will use a vinculum when there is a repetend, displaying the digits which infinitely repeat with an overline above them.
  2. ^Betting lines offered as examples below represent the ratio of total payout (stake + winnings) to the original amount risked. In the case of a $1 wager, a fixed-odds betting line of 1.83/2.20 would result in actual winnings of $0.83 and $1.20 for the backers of the respective outcomes, once the original $1 spent to place the wager is subtracted. The amounts and currency used are irrelevant; the calculation is always: a wager of size n offers a total payout of n × the betting line.

References[edit]

  1. ^'Vigorish dictionary definition The American Heritage® Dictionary of the English Language, Fifth Edition'. www.yourdictionary.com. Retrieved 2019-06-03.
  2. ^'Definition of VIGORISH'. www.merriam-webster.com. Retrieved 2019-06-03.
  3. ^Moya, Fabián Enrique (2012-07-24). 'Statistical Methodology for Profitable Sports Gambling'(pdf). www.stat.sfu.ca. p. 15. Archived(PDF) from the original on 2013-06-12. Retrieved 2019-06-02.
  4. ^'A Refresher on Overround and Vig'. Matter of Stats. Retrieved 2019-06-03.
  5. ^'Profit margin calculator Pinnacle'. www.pinnacle.com. Retrieved 2019-06-03.
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Laying the (4) or the (10) is a relatively popular bet for those playing the dark (don’t) side of craps. It’s easy, simple and puts you on the casino side of the odds at the table.

It’s widely used by experienced players deploying a number of different positive and negative progressions and is also a great way for the novice craps player to get introduced to the ‘don’t’ side of betting.

In effect, you are betting that a (7) will roll before the (4) or (10) you lay (bet) your money on.

There are a number of reasons Laying the (4) or (10) is a popular way to play the dark side.

  • There are 6 ways to roll a (7) and only 3 ways to roll a (4) or a (10)
  • The odds are in your favor as you’re betting with the casino and not against
  • Laying either the (4) or (10) has a lower ‘House Edge’ than laying the other numbers
    • House Edge (4) & (10) is 2.44%, (5) & (9) is 3.23%, and the (6) & (8) is 4.00%
  • You can ‘buy’ the number so you can get paid out at ‘true odds.
  • You can make the bet, or take it down, at anytime you want (it’s not a contract bet)

Craps Buy Bet Vig

(Secrets Tip #1) How do you know this is one of the better bets on the table? There is no wording on the table that promotes this bet or even let’s you know it’s available.

EASY TO EXECUTE

Just put $20 on the table and tell the dealer to “Lay the (4)” or the (10), whichever you decide to bet against.

  • Let the dealer know you want to ‘buy’ the number. He/she will put a small disc on your bet that says ‘Buy’.
  • For a $20 bet, it will cost you $1 to buy the number to get paid out at full odds. Most casinos don’t charge the vig on this unless you win, where they’ll take it out of your winnings. There are some that take the vig up front and you’re charged win or lose.

Now, if the (7) rolls before the (4) or (10) that you selected, the dealer will pay you $19 in winnings. ($20 in true odds (1 to 2), minus the $1 vig).

(Secrets Tip #2) When laying the (4) or (10), you can hedge your bet by placing a $2 Hardway bet on the number. Paying 9 to 1, you will have effectively eliminated one of the three ways your bet could lose.

The ‘Lay the (4) or (10) Betting Strategy works great on cold and choppy tables, but keep in mind, no betting strategy will change the house edge on the bet.

Lay

Craps Lay Bet Vigilant

VARIATIONS

As simple and effective as this bet is, there are many ways to play this at the tables. Below are just a handful and you can create the version that works best for you.

  • Use ‘flat bets’ and keep the bet size the same after a win or a loss
  • Use a positive progression betting system where you increase the size of your bets after each win
  • Use a negative progression betting system and increase the size of your bet after each loss.
  • Lay the (4) or (10) on the come-out roll when most are ‘trying’ to roll a (7)
  • Lay the bet immediately after the (4) or (10) rolls with the hope that it won’t repeat before the (7)
  • Wait for 3 rolls of the dice before laying your bet, expecting that a (7) will show in the next few rolls
  • Some even lay both the (4) and the (10), although that’s not recommended with this strategy

Like most other betting strategies, the ‘Lay the (4) or (10) Strategy’ has it’s own disadvantages.

  • It does not work well on warm or hot tables
  • Being that it pays at 1 to 2 odds, you’ll collect $10 on a $20 bet, but you’ll give up $20 on a loss – It will take you 2 wins to make up 1 loss

Please feel free to leave any comments, recommendations, suggestions or experiences you’ve had using this strategy in the comments section below.

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In the meantime…

BEST OF LUCK AT THE CASINOS!!!