Word: vigorish
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Dates: during 1956-1956
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...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...