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Vigorish (also known as juice, under-juice, the cut, the take, the margin, the house edge or simply the vig) is the fee charged by a bookmaker (or bookie) for accepting a gambler's wager. In American English it can also refer to the interest owed a loanshark in consideration for credit. The term came to English usage via Yiddish slang (Yiddish: וויגריש, romanized: vigrish),[1] which was itself a loanword from Russian (Russian: вы́игрыш, romanized: výigryš, lit.'gain, winnings').[2]
As a business practice it is an example of risk management; by doing so bookmakers can guarantee turning a profit regardless of the underlying event's outcome. As a rule, bookmakers do not want to have a financial interest creating a preference for one result over another in any given sporting event. This is accomplished by incentivizing their clientele to wager offsetting amounts on all potential outcomes of the event. The normal method by which this is achieved is by adjusting the payouts for each outcome (collectively called the line) as imbalances of total amounts wagered between them occur.
Within the mathematical disciplines of probability and statistics this is analogous to an overround[3], though the two are not precisely synonymous but rather bijectivereciprocals of one another.[4] Overround occurs when the sum of the implied probabilities for all possible event results is above 100%, whereas the vigorish is the bookmaker's percentage profit on the total stakes made on the event. For example, an overround of 20% results in 16.66%[a] vigorish. The connecting formulæ are:
- where
- v represents vigorish
- o represents overround
Proportionality[edit]
It is simplest to assume that vigorish is factored in proportionally to the true odds, although this need not be the case. Under proportional vigorish, a 'fair odds' betting line of 2.00/2.00[b] without vigorish would decrease the payouts of all outcomes equally, perhaps to 1.95/1.95, once it was added. More commonly though, disproportional vigorish will be applied as part of the efforts to keep the amounts wagered balanced, such as 1.90/2.00, making the outcome with fewer dollars wagered appear more attractive due to the larger payout.
Examples[edit]
The simplest wager[edit]
Two people want to bet on opposing sides of an event and agree to 'fair odds', also known as evens. They are going to make the wager between each other without using the services of a bookmaker. Each person agrees to risk $100 for the chance to win $100. The person who loses receives nothing and the winner receives both stakes. Rather than pay vigorish to someone who will guarantee that the winner will be paid, they both assume the opportunity cost in the event the backer of the losing side refuses to pay the winner at the event's conclusion.
By contrast, when using a sportsbook with the odds set at 1.90/2.00 (10 to 11) with vigorish factored in, each person would have to risk or lay $110 to win $100 (the sportsbook collects $220 'in the pot'). The extra $10 per person is, in effect, a bookmaker's commission for taking the action. This $10 is not in play and cannot be doubled by the winning bettor; it can only be lost. A losing bettor simply loses their $110. A winning bettor wins back their original $110, plus his $100 winnings, for a total of $210. From the $220 collected, the sportsbook keeps the remaining $10 after paying out the winner.
Theory vs. practice[edit]
Vigorish can be defined independent of the outcome of the event and of bettors' behaviors, by defining it as the percentage of total dollars wagered retained by the bookmaker in a risk-free wager. This definition is largely theoretical in practice as it makes the assumption that the bookmaker has balanced the wagers perfectly, such that they make equal profit regardless of the contest result.
For a two outcome event, the vigorish percentage, v is
where the p and q are the decimal payouts for each outcome.This should not be confused with the percentage a bettor pays due to vigorish. No consistent definition of the percentage a bettor pays due to vigorish can be made without first defining the bettor's behavior under juiced odds and assuming a win-percentage for the bettor. These factors are discussed under the debate section.
For example, 1.90/2.00 pricing of an even match is 4.55% vigorish, and 1.95/1.95 pricing is 2.38% vigorish.
Vigorish percentage for three-way events may be calculated using the following formula:[5]
where p, q and t are the decimal payouts for each outcome. For comparison, for overround calculation only the upper part of the equation is used, leading to slightly higher percentage results than the vigorish calculation.
Other kinds of vigorish[edit]
Casino games[edit]
More generically, vigorish can refer to the bookmaker/casino's theoretical advantage from all possible wagers on any Baccarat, in the house-banked version of baccarat (also mini-baccarat) commonly played in North American casinos, vigorish refers to the 5% commission (called the cagnotte) charged to players who win a bet on the banker hand. The rules of the game are structured so that the banker hand wins slightly more often than the player hand; the 5% vigorish restores the house advantage to the casino for both bets. In most casinos, a winning banker bet is paid at even money, with a running count of the commission owed kept by special markers in a commission box in front of the dealer. This commission must be paid when all the cards are dealt from the shoe or when the player leaves the game. Some casinos do not keep a running commission amount, and instead withdraw the commission directly from the winnings; a few require the commission to be posted along with the bet, in a separate space on the table.
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- Backgammon, the recube vig is the value of having possession of the doubling cube to the player being offered a double.
- Craps, vigorish refers to the 5% commission charged on a buy bet, where a player wishes to bet that one of the numbers — 4, 5, 6, 8, 9 or 10 — will be rolled before a 7 is rolled. The commission is charged at the rate of $1 for every $20 bet. The bet is paid off at the true mathematical odds, but the 5% commission is paid as well, restoring the house advantage. For many years, this commission was paid whether the bet won or not. In recent years, many casinos have changed to charging the commission only when the bet wins, which greatly reduces the house advantage; for instance, the house advantage on a buy bet on the 4 or 10 is reduced from 5% to 1.67%, since the bet wins one-third of the time (2:1 odds against). In this case, the vig may be deducted from the winnings (for instance, a $20 bet on the 4 would be paid $39 – $40 at 2:1 odds, less the $1 commission), or the player may simply hand the commission in and receive the full payout. This rule is commonplace in Mississippi casinos, and becoming more widely available in Nevada.
- Roulette: odds are calculated out of 36 numbers, but the wheel has one or two extra pockets (zero and double zero).
- Slot machines - the payouts and winning combinations available on most slot machines and other electronic gambling systems are often designed such that an average of between 0.1% to 10% (varying by machine and facility) of funds taken in are not used to pay out winnings, and thus becomes the house's share. Machines or facilities with a particularly low percentage are often said to be loose.
- Poker
- In pai gow poker, a 5% commission charged on all winning bets is referred to as vigorish. Unlike baccarat, the commission is paid after each winning bet, either by the player handing in the amount from his stack of chips, or by having the vig deducted from the winnings.
- In table poker, the vigorish, more commonly called the rake, is a fraction of each bet placed into the pot. The dealer removes the rake from the pot after each bet (or betting round), making change if necessary. The winner of the hand gets the money that remains in the pot after the rake has been removed. Most casinos take 5-10% of the pot, typically capping the total rake at $3 or $4.
Other uses[edit]
- In investment banking, 'vig' is sometimes used to describe profits from advisory and other activities.
- In sports, Pittsburgh Pirates announcer Bob Prince coined the term 'hidden vigorish' to describe an underdog's ability to beat the odds in a given situation.
- The term is also used in reference to an auction house's buyers and sellers fees.
See also[edit]
Notes[edit]
- ^Much of the computation inherent to bookmaking is fractional, but frequently in print the decimal representations are used instead. This makes them easier to input into calculators and more agreeably format within any surrounding text. It is to be understood though that these fractions frequently result in a decimal repetend or infinitely repeating set of numbers somewhere to the right of the decimal point. For the sake of balancing clarity and accuracy, wherever possible this article will use a vinculum when there is a repetend, displaying the digits which infinitely repeat with an overline above them.
- ^Betting lines offered as examples below represent the ratio of total payout (stake + winnings) to the original amount risked. In the case of a $1 wager, a fixed-odds betting line of 1.83/2.20 would result in actual winnings of $0.83 and $1.20 for the backers of the respective outcomes, once the original $1 spent to place the wager is subtracted. The amounts and currency used are irrelevant; the calculation is always: a wager of size n offers a total payout of n × the betting line.
References[edit]
- ^'Vigorish dictionary definition | The American Heritage® Dictionary of the English Language, Fifth Edition'. www.yourdictionary.com. Retrieved 2019-06-03.
- ^'Definition of VIGORISH'. www.merriam-webster.com. Retrieved 2019-06-03.
- ^Moya, Fabián Enrique (2012-07-24). 'Statistical Methodology for Profitable Sports Gambling'(pdf). www.stat.sfu.ca. p. 15. Archived(PDF) from the original on 2013-06-12. Retrieved 2019-06-02.
- ^'A Refresher on Overround and Vig'. Matter of Stats. Retrieved 2019-06-03.
- ^'Profit margin calculator | Pinnacle'. www.pinnacle.com. Retrieved 2019-06-03.
'Kennedy and Heidi' | |||
---|---|---|---|
The Sopranos episode | |||
Tony and Christopher meeting with Phil Leotardo and Butchie. | |||
Episode no. | Season 6 Episode 18 | ||
Directed by | Alan Taylor | ||
Written by | Matthew Weiner David Chase | ||
Produced by | David Chase | ||
Featured music |
| ||
Cinematography by | Alik Sakharov | ||
Editing by | William B. Stich | ||
Production code | S618 | ||
Original air date | May 13, 2007 | ||
Running time | 52 minutes | ||
Guest appearance(s) | |||
Episode chronology | |||
| |||
The Sopranos (season 6) | |||
List of The Sopranos episodes |
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'Kennedy and Heidi' is the 83rd episode of the HBOtelevision seriesThe Sopranos, the sixth episode of the second half of the show's sixth season, and the 18th episode of the season overall. Written by Matthew Weiner and series creator and showrunner David Chase, and directed by Alan Taylor, it premiered in the United States on May 13, 2007.
Starring[edit]
- James Gandolfini as Tony Soprano
- Lorraine Bracco as Dr. Jennifer Melfi
- Edie Falco as Carmela Soprano
- Michael Imperioli as Christopher Moltisanti
- Dominic Chianese as Corrado Soprano, Jr. *
- Steven Van Zandt as Silvio Dante
- Tony Sirico as Paulie Gualtieri
- Robert Iler as Anthony Soprano, Jr.
- Jamie-Lynn Sigler as Meadow Soprano
- Aida Turturro as Janice Soprano Baccalieri
- Steven R. Schirripa as Bobby Baccalieri
- Frank Vincent as Phil Leotardo
- John Ventimiglia as Artie Bucco
- Ray Abruzzo as Little Carmine Lupertazzi
- Dan Grimaldi as Patsy Parisi
- Sharon Angela as Rosalie Aprile
- Kathrine Narducci as Charmaine Bucco
* = credit only
Guest starring[edit]
- Julianna Margulies as Julianna Skiff
- Sarah Shahi as Sonya Aragon
- Daniel Baldwin as Himself
- Gregory Antonacci as Butch DeConcini
- Max Casella as Benny Fazio
- Cara Buono as Kelli Lombardo Moltisanti
- Michael Countryman as Dr. Richard Vogel
- Michael Drayer as Jason Parisi
- Frances Ensemplare as Nucci Gualtieri
- Frank John Hughes as Walden Belfiore
- Marianne Leone as Joanne Moltisanti
- Arthur Nascarella as Carlo Gervasi
- Dennis Paladino as Al Lombardo
- Joseph Perrino as Jason Gervasi
- Bambadjan Bamba as Cyclist
- Al Roffe as Operations Manager
- Phyllis Kay as Rita Lombardo
- Mark La Mura as Alan Kaplan
- Joey Perillo as John Stefano
- Elizabeth Dennis as Andrea
- Chris Bashinelli as Kevin
- Lindsay Campbell as Professor Kline
- Christiana Anbri as Heidi
- Leah Bezozo as Kennedy
- Gregory Zaragoza as Croupier
- William DeMeo as Jason Molinaro
- Artie Pasquale as Burt Gervasi
- John Wu as Morgan Yam
- Matt Sauerhoff as Victor Mineo
- Edward Furs as Driver
- Alexander Flores as Kid
- Ray DeMattis as Gerry Gaultieri
- Maureen Van Zandt as Gabriella Dante
- Denise Borino-Quinn as Ginny Sacrimoni
- Elizabeth Bracco as Marie Spatafore
- Danielle Di Vecchio as Barbara Soprano Giglione
- Anthony J. Ribustello as Dante Greco
- John Cenatiempo as Anthony Maffei
- John 'Cha Cha' Ciarcia as Albie Cianflone
- Jonathan LaPaglia as Himself
- Vinnie Orofino as Bryan Spatafore
- Ed Vassallo as Tom Giglione
- Joe Pucillo as Beppy Scerbo
- Michelle Maryk as Jo Lewis
- Dina Pearlman as Ellen Reinstein
- Mickey Pizzo as Sal Pisano
- Sejal Shah as Chandrakanta Pisano
- Zuzanna Szadkowski as Elżbieta
- Marc Wolf as Mark Lewis
Synopsis[edit]
A.J.'s therapist sees that the drugs are working: he is happier and calmer, and taking college courses again. He continues to spend time with Jason Parisi and Jason Gervasi at their frat house. They laugh about Victor, who had his toes amputated after they injured him with sulfuric acid. The two Jasons and others assault a Somali student while A.J. stands by, distressed, and he relapses into depression. 'Why can't we all just get along?' he says.
Phil discovers that the construction/demolition waste that Tony has been sending to Barone Sanitation contains asbestos. At a meeting in New York he says that he will not accept any more unless he receives a 25% cut; Tony refuses. As Christopher drives him back to Newark, Tony admits he may have to yield, but the waste is eventually dumped into a lake.
Chris is restless; Tony begins to look at him carefully. Their car drifts into the opposite lane, then swerves sharply to avoid an approaching car. They go off the road in a severe rollover crash. Tony exits the wreckage in pain but with only minor injuries. Chris, who was not wearing a seatbelt, is seriously injured, with internal bleeding. He manages to tell Tony to call a taxi as he would not pass a drug test. Tony begins to call for help, but desists after noticing the baby seat in Chris's car. He pinches Chris's nose shut so that he cannot breathe, and he chokes to death on his own blood.
Tony dreams that he tells Dr. Melfi that he killed Chris, Pussy, and Tony B. During his actual session, he recalls Chris as a liability and an embarrassment, and says he resents having to feign remorse in front of his family. At the wake, he is disgusted by the display of sorrow. He and Carmela also make an appearance at the wake of Paulie's adoptive mother Nucci, who has died of a stroke; Paulie is angered by the poor attendance.
Tony decides to get away to Las Vegas. He meets Sonya, a stripper who was Chris's mistress. They have sex, smoke marijuana, and take peyote. Playing roulette, he has a winning streak. He mumbles, 'He's dead,' and collapses on the casino floor laughing. With Sonya he watches the sunrise over the Red Rock Canyon. There is a flash in the sky, and Tony cries: 'I get it!'
Deceased[edit]
- Christopher Moltisanti: seriously injured in a car crash and then murdered by suffocation by Tony by squeezing his nose shut when he was gasping for air; he dies after choking on his own blood pouring down his airways. According to Tony, he was killed for using drugs again, being a danger to him and his crime family and generally disappointing Tony in the last few years.
- Marianucci Gualtieri: stroke
Final appearances[edit]
- Ginny Sacrimoni: Johnny Sack's wife
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Title reference[edit]
- Kennedy and Heidi are the names of the teenage girls driving the car that nearly collides with Christopher's vehicle. Heidi refuses to stop after the accident for fear of losing her learner's permit for the curfew violation.
- Tony remarks that Chris's wife, Kelli, behaves and dresses like Jackie Kennedy at Christopher's wake.
- May be a reference to the Chappaquiddick incident, in which Senator Ted Kennedy left Mary Jo Kopechne to die in a car crash.
References to prior episodes[edit]
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- Tony and Phil mention the Barone Sanitation sale, which happened in 'The Fleshy Part of the Thigh.'
- Tony has been involved in a number of car accidents in the past, and, as in this episode, was not harmed seriously in any of them. He crashed his truck when escaping hitmen in 'Isabella,' crashed it when passing out from a panic attack in 'Guy Walks into a Psychiatrist's Office...,' and, in 'Irregular Around the Margins', when a wild animal runs in front of an Escalade during a nighttime ride, Tony and Adriana flip the truck and it is totalled.
- In the pilot episode, when Christopher is first introduced, he is wearing a baseball cap and driving Tony to New York City. Right before he dies, he is wearing a baseball cap and driving Tony back from New York. According to an article in TV Guide, Michael Imperioli states that he does not know if this is intentional or a coincidence.
- Christopher dies in large part due to his drug addiction (it both contributed to him crashing the truck, as he was intoxicated, and as one of the motives for his murder by Tony). Christopher struggled with his drug addiction for many years, most notably since the trip to Naples, Italy, seen in the Season 2 episode 'Commendatori', where he picked up the habit of injecting heroin from the Italian gangster Tanno. Following the drug intervention in 'The Strong, Silent Type' (Season 4) and his stay in rehab, Christopher's life was marked with periods of being clean and relapses after particularly stressful experiences. Additionally, in 'The Strong, Silent Type,' Tony asks Junior for advice on how he should deal with Christopher, after having learned of his addiction. Junior tells him that he should be 'put out of his misery,' as it used to be done by the mob in the old days.
- In 'The Strong, Silent Type', when Tony discovers during the intervention that Christopher accidentally sat on and suffocated Adriana's dog Cosette, he remarks that he 'ought to suffocate' Christopher. Coincidentally, Christopher dies suffocating on his own blood as Tony smothers him.
- In 'Long Term Parking,' in one of his rants about Tony to Adriana, Christopher says: 'That’s the guy, Adriana. My uncle Tony. The guy I’m going to hell for.' In 'From Where to Eternity' (Season 2) he believed that he went to hell when clinically dead.
- Right after the scene when Christopher's death is confirmed to Carmela, Tony awakes suddenly from a dream of Kelli hearing the news to the sound of a crow cawing, just prior to Silvio and Paulie's entering Tony's room to offer condolences. Christopher saw a crow at his making ceremony initiating him into the mafia in 'Fortunate Son', which he interpreted as a bad omen.
- Carmela tells Tony that it was Christopher who comforted her in the hospital when Tony got shot by Junior ('Join the Club').
- At the end of the episode, Tony sees a flash of light over the canyon with the sunrise, and shouts, 'I get it!' This may be the same flash of light he sees (but looks away from) in his hotel room during his coma at the end of 'Join the Club'.
- In 'Chasing It', Carlo relates to Tony the Twilight Zone episode, 'A Nice Place to Visit', in which a dead gangster, Rocky Valentine, finds himself unable to lose when gambling and able to have any woman or any other pleasure he desires. Originally, he believes himself in Heaven, until it is revealed he is actually in Hell. In this episode, Tony finds himself in a similar situation while in Las Vegas, winning at roulette and having sex while high on peyote. Also, at one point during this trip, he encounters a flashing red devil logo on a slot machine.
Other cultural and historical references[edit]
- Al Lombardo, angry, says that Syracuse is losing a basketball game when in the family gathering after Christopher's death.
- Hanging out with the Jasons, A.J. and a girl compare antidepressants Lexapro and Wellbutrin.
- A.J.'s English professor talks about Wordsworth.
- A.J. says he took a class about and is interested in the Arab–Israeli conflict, and remarks that 'nobody knew who started it.'
- Carmela is watching an old episode of The Dick Cavett Show wherein Cavett is interviewing Katharine Hepburn.
- At Christopher's wake, Tony comments, 'fucking James Brown', when Joanne breaks down crying. He also says the mourning Kelli looks like Jackie Kennedy with her appearance and the sunglasses.
- After witnessing the savage beating of the unarmed black cyclist, A.J., distressed, asks his therapist, 'Why can't we all get along?' Rodney King, a black man beaten by Los Angeles police in an incident that sparked national protests and riots, famously asked the same question.
Music[edit]
- The song that Christopher puts on the car stereo and on full volume as he is driving Tony right before the crash is Pink Floyd's 'Comfortably Numb', performed by Roger Waters featuring Van Morrison & The Band, the first track from the soundtrack of The Departed.
- The song playing when Tony is first being driven in a taxi in Las Vegas is 'Are You Alright?' by Lucinda Williams.
- The song playing in the background when Tony first meets Sonya is 'Outta My Head' by M. Ward.
- The song playing in the background as Tony and Sonya are having sex is 'The Adultress' by The Pretenders.
- The song playing in the background when Tony and Sonya are talking in bed is 'Space Invader' by The Pretenders, which was also featured in the season 2 episode 'House Arrest.'
- The song played over the end credits is 'Minas de Cobre (for Better Metal)' by Calexico.
Awards[edit]
- The episode's director, Alan Taylor, won the Primetime Emmy Award for Outstanding Directing for a Drama Series at the 59th Primetime Emmy Awards.
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External links[edit]
- 'Kennedy and Heidi' at HBO
- 'Kennedy and Heidi' on IMDb
- 'Kennedy and Heidi' at TV.com