ola777
ola777
Joined: Apr 6, 2019
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December 21st, 2021 at 10:04:01 AM permalink
I want to compare the lay bet and the place to lose bets - per bet resolved when the vig charged on the lay is non standard. The bubble machines in Iowa screw the player by charging vig on the total of bet amount AND the win amount.
Example: lay 4 for $100 and when you win the vig is 5% of $150. Vig only charged on wins.

Note: I do have the percentages for the PL wagers
Thank You.
ChumpChange
ChumpChange
Joined: Jun 15, 2018
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December 21st, 2021 at 10:27:27 AM permalink
So that's the difference between a $2.50 vig and a $7.50 vig? You get paid $142.50 instead of $147.50 including the bet amount?
unJon
unJon 
Joined: Jul 1, 2018
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December 21st, 2021 at 1:33:26 PM permalink
Quote: ola777

I want to compare the lay bet and the place to lose bets - per bet resolved when the vig charged on the lay is non standard. The bubble machines in Iowa screw the player by charging vig on the total of bet amount AND the win amount.
Example: lay 4 for $100 and when you win the vig is 5% of $150. Vig only charged on wins.

Note: I do have the percentages for the PL wagers
Thank You.
link to original post



Just calculate the total vig you pay and divide it by the total amount you bet (not bet plus win, just bet).

ETA: saw you said itís only on wins. So then multiply by % if time you win.

For a 4: $100 bet loses 1/3 and wins 2/3 You pay 5%*$150*2/3 = 5%

Corrected numbers above.
The race is not always to the swift, nor the battle to the strong; but that is the way to bet.
Ace2
Ace2
Joined: Oct 2, 2017
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December 21st, 2021 at 1:43:56 PM permalink
For a $100 lay bet on 4 as you describe, you have a 1/3 chance of collecting zero and a 2/3 chance of collecting $150 x .95.

2/3 * 150 * 0.95 / 100 = 95% return or 5% edge
Itís all about making that GTA
unJon
unJon 
Joined: Jul 1, 2018
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December 21st, 2021 at 1:45:12 PM permalink
Quote: Ace2

For a $100 lay bet on 4 as you describe, you have a 1/3 chance of collecting zero and a 2/3 chance of collecting $150 x .95.

2/3 * 150 * 0.95 / 100 = 95% return or 5% edge
link to original post



Oops. I agree with this. Messed up that itís a lay so win 2/3 not 1/3. Will correct my post above
The race is not always to the swift, nor the battle to the strong; but that is the way to bet.

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