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Here's a concrete illustrative example which can also be applied to racing.

Posted By: VM
Date: 20 May 02, 9:44 am

Say Book 1 offers Team A @ +100 while Book 2 offers Team A @ -125.

Bettor 1 bets $100 on Team A at both books.
Bettor 2 bets $100 on Team A at Book 1 and $125 on Team A at Book 2.

Bettor 1 realizes that if Team A loses, both bets lose $100, and only if Team A wins, is there a difference in results (+$100 versus +$80). Therefore, he concludes that "only winners pay the vig."

Bettor 2 realizes that if Team A wins, both bets win $100, and only if Team A loses, is there a difference in results (-$100 versus -$125). Therefore, he concludes that "only losers pay the vig."

Both conclusions SEEM reasonable; but they cannot both be correct. The fact is "ALL bettors pay the vig."

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Here's a concrete illustrative example which can also be applied to racing. -- VM -- 20 May 02, 9:44 am

 


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