When you place a $10 bet with your friends and win, you know you’re going to get $10. Sweet! But when you place a bet through a bookie, you won’t get the full amount. Huh?
The reason why is because the bookie charges a fee for their service.
But why does a bookie charge a fee and how much is it? The fee differs depending on the bookmaker and the betting event, so let’s dive in. Read on to learn how much you should pay a bookie.
What Is a Bookie Fee?
A bookie fee is also known as the vig, juice, cut, or the take. It is the fee that bookies charge each bettor to place a bet. A bookie fee is applicable in sports betting and all other types of betting as well.
Bookmakers charge a fee in order to gain a small profit on taking bets. Bookies don’t focus on trying to outsmart the bettors against the odds. They instead balance their bets so no matter who wins, they earn a small percentage at the end of the day.
Bookies aim to make a profit no matter the outcome. A pay per head bookie service will allow a bookie to manage more bets, thus increasing their take on each event.
How Much Is the Fee?
There is no standard bookie fee, per se, but you can expect to pay a fee of around 5% to 10%. With the high number of betting services available, it has become extremely competitive, so no commission bets aren’t unheard of.
The most common rate is 10%, or -110. This means that for every $1.10 bet, the bettor stands to win $1. So if you placed a $10 bet with -110 odds, the most you could win is $9.
Do You Have to Pay a Bookie Fee?
If you’re wondering how to get out of paying a bookie, you’re dreaming. There is work involved in running a bookmaking operation. Bookies must set odds, handle and record bets, and process payouts.
It is totally reasonable for bookmakers to take a cut of their bettor’s winnings. Think of it as a service charge. If you don’t pay, you can’t play. Not paying a bookie just isn’t an option.
How to Compute a Bookie Fee?
In order to make sure your bookie isn’t overcharging, it’s in your best interest to compute the bookie fee yourself. This way you can ensure you aren’t getting ripped off and end up paying a higher percentage than you were led to believe.
To check your bookie fee, first convert the odds to a decimal. Then double-check the odds on a reputable sports betting website of your choosing. Then divide the odds by one.
So, How Much Should You Pay a Bookie?
Whether or not you want to, you’re going to have to pay a bookie. They will set the fee, but compute the rate to make sure you aren’t overpaying. In the sports betting industry, the average fee is 10%.
If you found this article helpful, check out the sports section of our blog for more great info.
