PAYOUT RATE

What percentage of the money wagered on the game a bookmaker pays out to customers.

E.g. if the payout rate is 98%, then the bookmaker will keep 2% (margin) for themselves and pay out 98% to customers.

Alternatively, they keep $2 out of every $100 wagered and pay back $98 to customers.

MARGIN

The bookmaker's cut of a bet. Margin = 100% - Payout rate.

VIG-FREE

Vig is another word for margin. So vig-free = margin free. Vig-free odds = the odds when the bookmaker's margin has been removed.