Common slang for Vigorish
, or simply "the vig
," which is the fee--usually a percentage--charged by a bookie
on all bets. Another term commonly used to mean the same thing is "the take
According to Wikipedia, vigorish is derived from Yiddish slang originating from the Russian word for "winnings," vyigrysh. Bookmakers use the concept of a vigorish to generate earnings from their books
regardless of the outcome of the event being bet on. However, there is no standard formula for calculating vigorish though they are generally formulated so the bookie receives equal action on both sides of the event, therefor having a "balanced" book.
In the U.S. "the juice" can also refer to the interest on a loan/debt--generally in relation to a loan shark
With a 4.55% vig, the juiced odds require a gambler to lay
$110 in order to win $100, while using fair odds the gambler only has to lay $100.
You've got until Friday to pay up; meanwhile, the juice is running.