The house sets vigs on any game they allow you to bet on. It is your responsibility to play only those games where the vig is not prohibitive. Let's take one more look at how vigorish works for the house.

The bookmaker's mean profit per dollar bet is called vigorish or “the vig.” In our example, 11 + 11 = $22 is bet, and the bookmaker wins $1 so the vig is 1/22 = 4.5%.

The vig is like your "tax" paid on a bet which goes to the bookie. For example, every $100 I would bet, I had a vig of $10. So if I bet $500 and lost that bet, I would owe $550. Trust me, when you don't win, the vigs add up quick!

1973, Martin Scorsese, Mardik Martin (screenplay), Mean Streets, quoted in 2009, Ellis Cashmore, Martin Scorsese's America, page 118,
“You charged a guy from the neighborhood $1800 vig?” he asks incredulously (“vig” is short for vigorish, meaning a rate of interest from a loan from an illegal moneylender).

The guy was probably professional muscle, a leg breaker who collects vig for a loan shark. (Vig is a mob term for interest on loans to a loan shark.)

"Look, I know I owe you and I know I'm late but I'm good for it. I am. In fact I'll pay you triple what I owe. Triple! Plus the missing vigs, but I need some help first."

Vig

Meaning

Noun

Name

Synonyms

Related

Rhymes