Bookmakers charge a cut or amount to bettors for taking a bet to influence the odds in a certain game, leading to bookies taking a profit. That cut, which is known as the vig or Juice in sports betting circles, depends on the sportsbook a punter decides to enter.
Just like an employee or worker in any field or in any position, or an athlete in any sport, sports bettors get better through long years of experience. Punters may not have formal training, but they must have a keen eye on learning on the fly to keep up with this field.
BANKROLL MANAGEMENT IS DIFFERENT IN SPORTS BETTING
Bettors must be smart in managing their available funds before picking the sports events or games they want to place their money on. The current money a punter stores in his bankroll should grow in other ways aside from constantly adding funds through your salary or other side jobs.
The concept of bankroll management is a bettor’s ability to grow his bankroll in his sportsbook account through wise betting habits and smart timing on cashback and other promo offers.
An aggressive approach to betting can only be considered a small risk if a punter starts with a smaller bankroll, but he should only move his wager size around 2.5% of his total bankroll to manage his funds and sustain a stable betting journey.
REMOVE JUICE TO GAUGE TRUE ODDS
Seasoned bettors decide to remove the Juice on each bet on every implied probability so that they can see the true odds for each game. A bettor can get a better and more accurate scenario of what the sportsbook and a betting market think of each time by cutting the vig.
A bettor must learn how to calculate the implied probability (which includes the Juice) of all game results as a major first step in removing the Juice.
Punters should also understand the total implied probability, which includes overground, and he can use this value to find the Juice as a percentage or to remove it from the betting line.
UNDERSTANDING ACTUAL PROBABILITY
Actual probability in sports betting is defined as equal to the team/total implied probability. One must add up both of his actual probabilities to ensure the bettor gets things right. The total should amount to 100 or 1 as a percentage of the decimal.
For example, .71 + .29 – 1.00 or 100%
The actual probability must be calculated by removing the overround – which also removes the Juice – to bring total implied probabilities to 100%. Bettors must also learn to compare actual probability with their own handicapping efforts to know if a line has value.
Wise bettors are keen on removing implied probability to allow them to see the actual probabilities of every outcome. This figure will give the bettor more power to fully understand the actual interpretation of oddsmakers of an outcome or an event.