what is a vig
2. vig. 1)the interest payment on a loan paid back to the creditor by a certain percent. 2)short for vigorish used in gambling;When wagering on a straight wager (point spread or total), you lay a certain amount of money to win a smaller amount of money.)the interest payment on a loan paid back to the creditor by a certain percent. 2)short for vigorish used in gambling;When wagering on a straight wager (point spread or total), you lay a certain amount of money to win a smaller amount of money.