For every service rendered, there is always a service fee. Just like the service that a pay per head company provides to bookmakers. They need to pay a fee for every active player they have on a specific week, hence the name “pay per head.” A bookie fee, on the other hand, is different from pay per head and is charged by bookmakers to his players.
What is a Bookie Fee?
You might not have heard of a bookie fee frequently. It is the same with vig, juice, or take. This the fee that bookmakers charge to a bettor every time he places his bet. It is also referred to as the difference between what a bettor should settle at true odds and what it does stake at posted odds. Besides sports betting, it is also applicable to all kinds of betting.
Remember that the game cannot be played without it. Bookmakers need to get a percentage for taking action on any side. However, there is no sense in providing them any more than what they charge.
What is the Standard Fee?
The bookie fee has no standard amount since it depends on the bookmaker’s overall expenditures and various types of markets. With respect to Asian bookmakers, they charge between 2% to 5%. International sports betting companies, on the other hand, set an average of 10% bookie fee on each event.
How Much Fee Must Bookmakers Charge?
Most people think if it is proper for bookmakers to mark up bets and underprice payouts. But given the circumstances, they provide services involving numerous expenses. These are associated with setting odds, handling of bets, and processing of payouts. So, it is difficult to dispute against them from taking their cut of the player’s action.
Bettors like you have now better advantage with online sportsbooks since you can shop- around for spread or money line which has the least amount of vig. Search for a betting site that offers the best payout for the smallest amount risked or even the highest payout on a $100 bet.
It is a fact that you are still paying the bookie fee. However, if you are paying less for the exact return you will have at another sports betting site, or if you will earn more for the same exact wager, then you are giving less to the bookmaker’s take.
The bookie fee will stay and bettors need to pay it. There may be some bookmakers that decrease the vig but would not get rid of it. It is the only fee they will impose for doing business. This also ensures them of a little cash on bets. If they would not charge even a small amount of bookie fee, they will be out of business.
Why is it Important in Sports Betting?
Bookie fee or vig is very important in sports betting, most especially for bookmakers. They use this to obtain a specific amount of profit on any games or sports events, whatever the outcome may be. Generally, bookmakers don’t pay attention to whose side will emerge as the victor. Rather, they will try to balance the full amount of bets to procure a small percentage.
If the bookie fee is higher, the lower your profits are going to be. Oftentimes, bettors disregard this who sue to high odds on risky markets. The rates and yields both play a key role if you want to achieve long-term gains. It must be always considered before placing your bets.
Bookmakers have diverse methods of adjusting the odds, particularly after they have begun taking the initial bets. Some will instantly adjust the odds based on how much money is wagered on every game results. They will lower the odds accordingly on a certain outcome, making it less attractive to bettors. However, they will increase odds on the other outcomes to make the total amount of bets even.
The computation of the bookie fee and keeping an eye on odds adjustments of certain bookmakers can provide some lucrative opportunities to a watchful bettor. So, if you are a bettor you have to be extra cautious and knowledgeable before placing your bets on higher odds.
Still, you can take advantage of an opportunity when the betting website or the bookmaker offers value odds. For instance, there is an offer for better odds on an “away win or draw.” This will ensure the bookmaker will have a commission. You, as a bettor, can wager on two outcomes and acquire these improved odds, or even fill in an initial “home win” bet.
How to Avoid Excessive Fee?
No bettors can avoid paying a bookie fee. However, they can avoid paying excessive bookie instead. They just need to bet on few games as much as possible. It is better to bet on a single game instead of multiple events. Placing your bets on several games may amplify your possible profits, but it will also increase the bookie fee as well.
It is important to closely check any odds transitions that might arise from extravagant betting on a specific outcome. You might notice that there are times where bookmakers or sportsbooks offer diverse odds among each other. This is due to the competition between them.
A bookmaker who wants to get a bigger share on the total bets may begin offering his odds before other bookmakers do. This could result in impulsive computations since not every factor is appropriately evaluated. Thus, the result will be a great advantage to a well-informed bettor.
Due to the huge number of sportsbooks operating in the sports betting market, extreme competition cannot be avoided. This leads to the “0% commission” matches. In terms of promotional bets, odds are being offered without a bookie fee which means betting against a player for 2 reasons. First, bookmakers want to have a better place on different betting odds comparison sites. Second, they want to attract potential bettors who will bet in other matches aside from the one being offered.
