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Where do sportsbooks get their money?

rotowire.com - How do sports betting companies make money? - RotoWire.com

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How do sports betting companies make money?

Sports betting companies make money by collecting a commission on losing bets, which is often called the vigorish. Vig, or vigorish, is the cut or amount charged by a sportsbook for taking a bet, also known as juice in slang terms. The sportsbook only collects the vig if the bettor loses the wager. For example, a point spread is often listed with -110 odds. If the Eagles are -6.5 point favorites, that would be at -110 odds. If there was no vig, it would be at even odds, or +100. With the vig, a $100 bet would result in a $190 payout. If there was no vig, a $100 bet would result in a $200 payout. If you want to win $100 at -110 odds, you'd have to bet $110 because of the vig and when the bet loses, that $10 goes straight to the sportsbook. Without the vig, you could win $100 on a $100 bet. Of course, not all sportsbooks are the same and sometimes regular odds are listed at -115 or -120. As more states legalize sports betting, the variety in vigs across states will be a talking point. That's because a lot of in-person sportsbooks take a higher cut of bets than online sportsbooks, who receive more bets because they are more widely accessible. While each state has different rules, there are certain states where sportsbooks have a higher vig across the board, no matter where you wager. There are also situations where -110 odds would push to -120 or higher because that bet is getting a lot of money. If a lot of people are betting the Eagles at -6.5 (public money) and the sportsbook doesn't want to move that number to -7, they'll push the odds to -120 or -130, meaning a $100 bet would result in an even smaller payout.

Why do people gamble if they know they will lose?

In a survey of 5,500 gamblers, the prospect of the chance to “win big money” was the strongest factor. But it was followed closely by “because it's fun” and “because it's exciting”. "Even when you're losing while you're gambling, your body is still producing adrenalin and endorphins," he says.

bbc.com - Why gamblers get high even when they lose - BBC Future

No one likes to lose – even pathological gamblers. And yet they keep on betting. If the house always wins, why roll the dice again? People addicted to gambling frequently report that, despite losses stacking up, the buzz keeps bringing them back to the card table or slot machine. “I wanted to gamble all the time,” one former addict recalled to Scientific American in 2013. “I loved it — I loved that high I felt.” And recently, one Wall Street executive admitted defrauding family, friends and others out of $100 million to feed his habit. “It was just a way for me to get money to feed a gambling addiction,” he told the court.

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