How old bookies make money off you by setting the odds and how WagerGang fixes this AND MORE….
Old bookies make money each time you place a bet on a sports event but many people don’t know that because it can be complicated to figure out. The cut taken by old bookies has many names: the Juice, the Vig, the Margin, the Take.
Let’s see how.
The easiest example is an event with a 50%-50% winning chance like a coin toss. Normally both sides should have a odds of 2.00 on a coin toss because the winning chance is 50–50. But it’s not the case since bookies want their cut. So bookies will set the odds at 1.90 instead of 2.00. So if you bet 10$ and win. You will get a 19$ return (including your bet) and the bookies will take 1$. So the bookie Juice is 10% of your bet or 5% of your total return.
Now let’s see a more complex example.
Let’s take a 3 outcomes bet with the following odds.
Team 1 odds: 2.00
Team 2 odds: 3.90
Draw odds: 3.50
We can calculate the probability with the following calculation:
Team 1 probability: 1 divided by 2.00 = .50
Team 2 probability: 1 divided by 3.90 = .256
Draw probability: 1 divided by 3.50 = 0.286
Now let’s calculate the bookie % cut based on these numbers:
(1 — (1 / 1.042)) x 100% = 0.96
(1–0.96) x 100% = 4 %
So the bookies Cut in this case is 4%
HOW DID WAGERGANG PROTOCOL FIX THIS
No fixed-odds, no bookies cut.
The return is calculated in real-time by our protocol based 100% on the amount that people put on the opposite team.
Don’t forget … even if it’s already a disruptive revolution, WagerGang is much more.
We are building a whole sports and esports ecosystem with:
-NFT partnership with leading figures in sports/esports like major leagues, teams, stars.
-Farming and staking rewards.
-Our own oracle that can be used by other dapps, benefitting GANG token holders.
-And a lot more …….
With a MAXIMUM supply of only 20 million GANG tokens, one of our main goals is to get our WagerGang family brothers and sisters a great return by holding GANG tokens.
Let’s get rid of these old bookies together!
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