Word: vigorish
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...McLaughlin-McLean contretemps-a falling-out romantically attributed to a slur on one mug's moll-they theorize that other motives have since arisen. Many of the victims made their living as loan sharks. This is big, if disorganized, business in Boston's lower crust. The "vigorish," or profit, is estimated at $1,000,000 a week. With that kind of take, the competition for trade is bound to be keen. As might be expected, the surplus of bodies has been accompanied by a dearth of witnesses and evidence. Just five of the 43 killings have been solved...
...shifting margins of the law. While bookmaking is illegal in all states except Nevada, federal law demands a 10% tax on all bets accepted. The bite is big enough to put any bookie out of business, for competition has driven the book's margin of profit-"vigorish" or "juice," as it is known to the trade-down to a modest 4.8% on football and basketball, only 2.4% on baseball. Bookies who go through the motions of paying their taxes simply try to get away with listing all bets at 10% of their actual figure, i.e., a $1,000 wager...
Despite the small vigorish, bookmakers find baseball their No. 1 sport. The big action is indicative of baseball's freedom from corruption. No sensible bookie is interested in a crooked game; it is he who would pay off on a fixer's bet. Football ranks No. 2, well ahead of basketball, which has yet to recover from the 1951 scandals. A few bookmakers and gamblers, in fact, are not yet sure the scandals are over. The biggest bet a wise book will take on most college games...