How to Use a Vig Calculator
Using a vig calculator is easy. Simply enter the odds for both sides of a wager to determine the juice or "vig" of a given sportsbook. The OddsJam vig calculator will show you how much the sportsbook is charging to accept wagers in that market. Odds should be entered in American format. The vig, or "vigorish", or juice in sports betting, is also referred to as the house edge. The vig calculator will tell you how much profit the sportsbook is making per $100 wagered on their platform. As an example, if the vig is 5%, then the sportsbook is earning $5 in profit for every $100 wagered. The higher the vig (or "juice"), the more money the sportsbook is making. You should use the OddsJam vig calculator to find wagers that minimize the vig. Decreasing the vig will help you earn more money in the long run as a sports bettor. As an example, imagine the Boston Celtics are playing the Los Angeles Lakers. The Celtics have the best odds on Fanduel at +250, and DraftKings has the best odds on the Lakers, sitting at -250 Lakers moneyline odds. The vig calculator will show you that the juice, or hold, of this market is 0; in other words, for this specific market, the sportsbook has no mathematical edge over the bettor. This is a terrific scenario for a sports bettor since you have to pay nothing extra to place your wager. It's like getting a 50/50 coin flip at +100 odds, and you can pick heads or tails. Sports bettors use the OddsJam vig calculator in one of two ways. First, you can use the vig calculator with odds from the same sportsbook to determine how much a sportsbook charges bettors who wager only on their platform. In other words, you can compare Fox Bet sportsbook to Bet Fred sportsbook and see which bookmaker is charging a higher juice. You of course want to use sportsbooks that charge a lower juice, like Circa! Fox Bet, as an example, charges roughly 2x more juice than Circa sportsbook. Sharp sports bettors also use the OddsJam vig calculator to determine the “hold” of a market. Market hold is the vig percentage across two different sportsbooks, where you choose the best “price” from each side of the market. We showed an example above with the Celtics +250 moneyline odds on Fanduel, and the Lakers -250 moneyline odds on DraftKings.