No-Vig Odds
The true fair odds after removing the sportsbook's built-in margin.
No-vig odds (also called fair odds or true odds) represent what the odds would be if the sportsbook charged zero commission. They're calculated by removing the overround from the implied probabilities and converting back to odds.
No-vig odds are valuable because they represent the market's true estimate of each outcome's probability. Many sharp bettors use no-vig odds from sharp books like Pinnacle as a proxy for the true probability of an event.
Comparing the no-vig line to the odds you're getting tells you whether you're getting value on a bet.
Example
If odds are -130/+115 (IP: 56.5%/46.5%, total 103%), removing vig gives true probabilities of 54.9%/45.1%, or no-vig odds of -122/+122.
Related Terms
Vig (Vigorish)
The commission a sportsbook charges on a bet, built into the odds.
Implied Probability
The probability of an outcome as implied by the betting odds, including the bookmaker's margin.
True Odds
The actual mathematical probability of an outcome, without any bookmaker margin.
Closing Line Value (CLV)
The difference between the odds you bet at and the final odds at market close.
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