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% Document Info
\author{BetBetter}
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  /Title (bookmaker-margin-by-bet-type.pdf)
  /Creator (Cheatography)
  /Author (BetBetter)
  /Subject (Bookmaker Margin by Bet Type Cheat Sheet)
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\noindent
\begin{multicols}{3}
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    {\parbox{\dimexpr\textwidth-2\fboxsep\relax}{\noindent
        \hspace*{-6pt}\includegraphics[width=5.8cm]{/web/www.cheatography.com/public/images/cheatography_logo.pdf}}
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    \vspace{-2pt}\large{\bf{\textcolor{DarkBackground}{\textrm{Bookmaker Margin by Bet Type Cheat Sheet}}}} \\
    \normalsize{by \textcolor{DarkBackground}{BetBetter} via \textcolor{DarkBackground}{\uline{cheatography.com/219378/cs/48583/}}}
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\noindent
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  \mymulticolumn{2}{p{5.377cm}}{\bf\textcolor{white}{Cheatographer}}  \\
  \vspace{-2pt}BetBetter \\
  \uline{cheatography.com/betbetter} \\
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  \mymulticolumn{1}{p{5.377cm}}{\bf\textcolor{white}{Cheat Sheet}}  \\
   \vspace{-2pt}Published 9th November, 2026.\\
   Updated 9th November, 2026.\\
   Page {\thepage} of \pageref{LastPage}.
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  %\includegraphics[width=48px,height=48px]{dave.jpeg}
  Measure your website readability!\\
  www.readability-score.com
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\begin{multicols*}{3}

\begin{tabularx}{5.377cm}{X}
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\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{What the margin is}}  \tn
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\mymulticolumn{1}{x{5.377cm}}{Every price implies a chance: {\bf{chance = 1 / decimal odds}}. \newline % Row Count 2 (+ 2)
Add up the chances for every outcome in a market. A fair market adds up to exactly 100\%. Anything above 100\% is the bookmaker's {\bf{margin}} (also called the vig, juice or overround). \newline % Row Count 6 (+ 4)
{\bf{Example:}} both sides priced at 1.909 (American -110) \newline % Row Count 8 (+ 2)
1 / 1.909 = 52.4\% for each side \newline % Row Count 9 (+ 1)
52.4\% + 52.4\% = 104.8\% \newline % Row Count 10 (+ 1)
Margin = {\bf{about 4.8\%}}% Row Count 11 (+ 1)
} \tn 
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\mymulticolumn{1}{x{5.377cm}}{The margin is why both sides of an even game pay less than double your stake.}  \tn 
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\begin{tabularx}{5.377cm}{X}
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\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{Work it out from the prices}}  \tn
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\mymulticolumn{1}{x{5.377cm}}{Two outcomes, decimal prices {\bf{a}} and {\bf{b}}: \newline % Row Count 1 (+ 1)
{\bf{Margin = 1/a + 1/b - 1}} \newline % Row Count 2 (+ 1)
Three outcomes (home, draw, away): add all three chances, then subtract 1. \newline % Row Count 4 (+ 2)
Fair (no-margin) chance of side A: \newline % Row Count 5 (+ 1)
{\bf{(1/a) / (1/a + 1/b)}} \newline % Row Count 6 (+ 1)
For 1.909 v 1.909 this gives 50\% each. \newline % Row Count 7 (+ 1)
Convert any price format first: \{\{link="https://betbetter.world/tools/odds-converter"\}\}betbetter.world/tools/odds-converter\{\{/link\}\}% Row Count 10 (+ 3)
} \tn 
\hhline{>{\arrayrulecolor{DarkBackground}}-}
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\mymulticolumn{1}{x{5.377cm}}{Dividing by the total is the simplest way to remove the margin; other methods spread it unevenly.}  \tn 
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\begin{tabularx}{5.377cm}{X}
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\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{Average margin by bet type}}  \tn
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\mymulticolumn{1}{x{5.377cm}}{{\bf{Two-way match winner:}} about 4.8\% \newline % Row Count 1 (+ 1)
{\bf{Over/under (totals):}} 5.6\% in July, 6.4\% in early September \newline % Row Count 3 (+ 2)
{\bf{Three-way (draw possible):}} about 7.5\% \newline % Row Count 4 (+ 1)
{\bf{Player stats:}} about 7.6\% \newline % Row Count 5 (+ 1)
A bet on a player's statistics carried roughly {\bf{60\% more margin}} than a simple match-winner bet. \newline % Row Count 7 (+ 2)
Player-stat markets were also the biggest group: 23.8 million of the 69.6 million markets studied.% Row Count 9 (+ 2)
} \tn 
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\mymulticolumn{1}{x{5.377cm}}{Averages across 53 providers, 1 July to 8 September 2026.}  \tn 
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\begin{tabularx}{5.377cm}{X}
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\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{Match-winner margin by sport}}  \tn
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\mymulticolumn{1}{x{5.377cm}}{{\bf{Lowest:}} baseball (MLB), 4.3\% \newline % Row Count 1 (+ 1)
{\bf{Highest:}} international T20 cricket, 6.2\% \newline % Row Count 2 (+ 1)
The type of bet moved the margin more than the sport did: the gap between match-winner and player-stat bets (4.8\% v 7.6\%) is bigger than the gap between the cheapest and dearest sport.% Row Count 6 (+ 4)
} \tn 
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\mymulticolumn{1}{x{5.377cm}}{Two-way match-winner markets only.}  \tn 
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\begin{tabularx}{5.377cm}{X}
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\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{Where the numbers come from}}  \tn
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\mymulticolumn{1}{x{5.377cm}}{{\bf{69.6 million}} pre-game markets \newline % Row Count 1 (+ 1)
{\bf{53}} providers, {\bf{14}} sports \newline % Row Count 2 (+ 1)
Observed 1 July to 8 September 2026 \newline % Row Count 3 (+ 1)
Each provider's prices were turned into chances; the margin is how far those chances add up above 100\%, weighted by the number of markets. Competitions with fewer than 1,000 observations were left out. \newline % Row Count 8 (+ 5)
Full tables, free under CC BY 4.0: \{\{link="https://betbetter.world/studies/state-of-the-vig-2026"\}\}State of the Vig 2026\{\{/link\}\}% Row Count 11 (+ 3)
} \tn 
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\mymulticolumn{1}{x{5.377cm}}{Source: Bet Better open study.}  \tn 
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\begin{tabularx}{5.377cm}{X}
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\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{Key terms}}  \tn
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\mymulticolumn{1}{x{5.377cm}}{{\bf{Margin / vig / overround:}} how far a market's implied chances add up above 100\%. \newline % Row Count 2 (+ 2)
{\bf{Implied chance:}} 1 divided by the decimal price. \newline % Row Count 4 (+ 2)
{\bf{Fair chance:}} the implied chance with the margin taken out. \newline % Row Count 6 (+ 2)
{\bf{Two-way market:}} two possible results (win or lose, over or under). \newline % Row Count 8 (+ 2)
{\bf{Three-way market:}} a draw is also possible. \newline % Row Count 9 (+ 1)
{\bf{Player stats market:}} a bet on one player's numbers, such as points or strikeouts.% Row Count 11 (+ 2)
} \tn 
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% That's all folks
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