The Vig or "juice" is the bookmaker's commission on losing bets. In a fair market, the total probability would be 100%. The difference between the total implied probability and 100% represents the sportsbook's edge.
No-Vig Fair Odds represent the "true" odds of a betting market without the sportsbook's commission (known as vig, juice, or margin). When you see odds at a sportsbook, they include a built-in profit margin that ensures the bookmaker makes money regardless of the outcome.
For example, a typical point spread for an NFL game might have both sides at -110 odds. This implies a 52.4% probability for each outcome, which adds up to 104.8% — an impossibility in a perfectly fair market. By removing the vig, we get the "fair odds" that represent the bookmaker's true assessment of the probabilities.
Fair odds are important for several reasons: they help you identify value bets, determine your true expected value, and better understand the real probabilities of sporting events. Many professional bettors use fair odds as a baseline for their betting decisions.
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