What is a Bookmaker's Margin (Vig) and Payout Rate

PAYOUT RATE

How many percents of the money wagered on the game a bookmaker pays out to customers. E.g. if the payout rate is 98%, then the bookmaker will keep 2% (margin) for themselves and pay out 98% to customers. Alternatively, they keep $2 out of every $100 wagered and pay back $98 to customers. 

MARGIN

The bookmaker's cut of a bet. Margin = 100% - Payout rate. 

VIG-FREE

Vig is another word for margin. So vig-free = margin free. Vig-free odds = the odds when the bookmaker's margin has been removed. 

Sports Betting: A Game of Probability || Ep1 Fundamental Sports Betting Tips & Strategy

This is the first episode in our short video series where Jonas Gjelstad and Marius from http://tradematesports.com/ talk about key concepts that new and aspiring sports traders should be aware of. Jonas Gjelstad aka Liqqa on Pokerstars is one of the founders of Trademate, a professional sports bettor and the 2016 Norwegian Champion in Heads-Up No Limit Texas Holdem.

Odds and Probability || Ep2 Fundamental Sports Betting Tips & Strategy

In this episode we talk about the relationship between odds and probability. Jonas Gjelstad aka Liqqa on Pokerstars joins in to discuss key concepts in betting. Jonas is one of the founders of Trademate, a professional sports bettor and the 2016 Norwegian Champion in Heads-Up No Limit Texas Holdem.

Coin Flips, Edges and Expected Value || Ep3 Fundamental Sports Betting Tips & Strategy

Jonas Gjelstad, aka Liqqa on Pokerstars, joins in to discuss key concepts in betting. Jonas is one of the founders of Trademate Sports, a professional sports bettor and the 2016 Norwegian Champion in Heads-Up No Limit Texas Holdem.

Betting & Risk Aversion || Ep4 Fundamental Sports Betting Tips & Strategy

Jonas Gjelstad, aka Liqqa on Pokerstars, joins in to discuss key concepts in betting. Jonas is one of the founders of Trademate Sports, a professional sports bettor and the 2016 Norwegian Champion in Heads-Up No Limit Texas Holdem.

Bookies Limit Winning Players || Ep5 Fundamental Sports Betting Tips & Strategy

Jonas Gjelstad, aka Liqqa on Pokerstars, joins in to discuss key concepts in betting. Jonas is one of the founders of Trademate Sports, a professional sports bettor and the 2016 Norwegian Champion in Heads-Up No Limit Texas Holdem.

What Happens When You Get Limited? || Ep6 Fundamental Sports Betting Tips & Strategy

Jonas Gjelstad, aka Liqqa on Pokerstars, joins in to discuss key concepts in betting. Jonas is one of the founders of Trademate Sports, a professional sports bettor and the 2016 Norwegian Champion in Heads-Up No Limit Texas Holdem.

The Asian Market Moves First || Ep7 Fundamental Sports Betting Tips & Strategy

Jonas Gjelstad, aka Liqqa on Pokerstars, joins in to discuss key concepts in betting. Jonas is one of the founders of Trademate Sports, a professional sports bettor and the 2016 Norwegian Champion in Heads-Up No Limit Texas Holdem.

Always Take the Best Possible Odds || Ep8 Fundamental Sports Betting Tips & Strategy

Jonas Gjelstad, aka Liqqa on Pokerstars, joins in to discuss key concepts in betting. Jonas is one of the founders of Trademate Sports, a professional sports bettor and the 2016 Norwegian Champion in Heads-Up No Limit Texas Holdem.

How Value Occurs In Sports Betting || Ep9 Fundamental Sports Betting Tips & Strategy

We explain how value occurs by using an example from a cup game between Chelsea and Manchester City. Jonas Gjelstad, aka Liqqa on Pokerstars, joins in to discuss key concepts in betting. Jonas is one of the founders of Trademate Sports, a professional sports bettor and the 2016 Norwegian Champion in Heads-Up No Limit Texas Holdem.

How Lineup Changes Affect the Odds || Ep10 Fundamental Sports Betting Tips & Strategy

We explain how lineup changes, in cup games in particular, can have a large impact on odds. Jonas Gjelstad, aka Liqqa on Pokerstars, joins in to discuss key concepts in betting. Jonas is one of the founders of Trademate Sports, a professional sports bettor and the 2016 Norwegian Champion in Heads-Up No Limit Texas Holdem.

Leaving Emotions Out of Decision Making || Ep11 Fundamental Sports Betting Tips & Strategy

Jonas shares his thoughts on why it is important to leave emotions out of decision making and why you should not follow irrelevant statistics. Jonas Gjelstad, aka Liqqa on Pokerstars, is one of the founders of Trademate Sports, a professional sports bettor and the 2016 Norwegian Champion in Heads-Up No Limit Texas Holdem.

Opening vs Closing Odds in Sports || Ep12 Fundamental Sports Betting Tips & Strategy

Jonas and Marius discuss the difference between the opening and closing odds and why the latter is so important in sports betting. A note with regards to the video is that in-house odds compiling is more common in the European bookmakers, which can be viewed as position takers, than for the Asian bookies, which act more as book balancers.

Jonas Gjelstad, aka Liqqa on Pokerstars, is one of the founders of Trademate Sports, a professional sports bettor and the 2016 Norwegian Champion in Heads-Up No Limit Texas Holdem.

Dealing with Variance and Long Term Thinking in Sports Betting || Ep13 Fundamental Betting Series

Jonas and Marius discuss variance along with up and downswings and why it is important to think about the long-term when you are value betting. Jonas Gjelstad, aka Liqqa on Pokerstars, is one of the founders of Trademate Sports, a professional sports bettor and the 2016 Norwegian Champion in Heads-Up No Limit Texas Holdem.