No-vig odds (fair odds)
What does "No-vig odds (fair odds)" mean in sports betting?
No-vig odds are a market's prices with the sportsbook's margin removed, showing the probability the market really gives each side.
Every two-sided market has the vig baked in, so the implied probabilities of both sides add up to more than 100%. To find the no-vig odds, convert each side to implied probability, add them up, then divide each side by that total. What's left adds to exactly 100%.
No-vig odds are a useful reference point. If the fair price on a side is -109 and a book offers it at +100, that book is paying more than the market's own estimate. If another book has it at -125, you're paying well above fair.
Example
A game is priced -120 on one side and +100 on the other. Implied probabilities are 54.55% and 50.00%, which add up to 104.55%. Divide each by 1.0455 and you get 52.17% and 47.83%. As American odds, that's about -109 and +109.
Related terms
Vig (juice)
The vig, also called juice or the hold, is the commission a sportsbook builds into its prices so it profits no matter which side wins.
Implied probability
Implied probability is the win chance a price suggests. It turns odds into a percentage so you can compare them with your own estimate.
American odds
American odds show how much you risk to win $100 (minus numbers) or how much you win on a $100 bet (plus numbers).
Expected value (EV)
Expected value (EV) is the average amount a bet would win or lose per play if you could make it many times. Positive EV (+EV) means the price is better than the true chance.
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