Vig

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."

“Charlie, sign here, here and here.” “So, you're giving me all your money.” “Charlie, for the 500th time, I'm not giving it to you. It's not yours. I'm just setting up a temporary account in your name. What my wife can't find, she can't get.” “Right. That's-- This is good. This is shady, Frank. I like this kind of stuff.” “But you will be handsomely rewarded if you just keep your hands off of this money.” “Right, right. So what's the vig?” “The vig?” “Yeah, man. Like. You know, that's-- what's the vig on this action here?” “Do you even know what "vig" means?”