No-Vig Odds

No-vig odds are the fair odds for a bet after the bookmaker's margin has been stripped out, so the implied probabilities of the two outcomes add up to exactly 100% instead of more. Because a real betting line always includes a built-in profit margin (the vig, juice or overround), the prices you see overstate each side's true chance of winning. Removing the vig — a process called devigging — reveals the bookmaker's genuine estimate of the probabilities and the break-even price you would need to beat to make money. The standard method converts each price to implied probability, then divides each by the total to rescale the pair back to 100%. Worked example: a market is priced -110 / -110 in American odds. Each side implies 52.38%, and together they sum to 104.76% — that extra 4.76% is the overround. Dividing 52.38% by 104.76% gives 50.0% for each outcome, so the no-vig probability is a clean 50/50. Convert that back and the fair price is +100 (2.00 in decimal). If a bookmaker priced the same event -110 / -110 but you rated one side at true even money, the no-vig line confirms there is no edge; you'd need to find that price better than +100 elsewhere to have value. For affiliates and sharp bettors, no-vig lines from a low-margin sharp book are widely used as a probability benchmark to spot value and measure closing line value against softer books. Compare with vig, overround, implied probability and devigging to understand how margin is added and then removed.