Re: I don\'t usually do this sort of thing...
I'm taking bets on the outcome of the SuperBowl cointoss. It's confirmed to be a fair coin. I'm offering +100 on heads and -120 on tails because I know my clients love tails and I will take balanced action.
Who's paying the vig? Does it matter who wins?
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I think the vig is the difference between the odds you "should" be getting and the odds you're given and it's paid when you make the bet. In my mind there are 2 reasonabe definitions of "should". 1.) The true odds of the outcome - in this case +100. or 2.) The fair market odds you could get if you entered into a vigless transaction with the bettors on the other side - in this case the midpoint between the offers -110. Trying to define where the money comes from after the result has been decided is all just semantics.
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