No Vig Odds
The true odds of an event after removing the bookmaker's margin (vig), representing the actual implied probability without any house edge built in.
The Formula
To remove the vig from a two-way market:
- Convert both sides to implied probability
- Divide each probability by the total (which exceeds 100% due to vig)
No-Vig Probability = Implied Probability / Sum of All Implied Probabilities
Then convert back to odds format.
Practical Example
A game is listed at:
- Team A: -150 (1.667 decimal) → implied probability = 60.0%
- Team B: +135 (2.35 decimal) → implied probability = 42.6%
Total implied probability: 60.0% + 42.6% = 102.6% (the extra 2.6% is the vig)
No-vig probabilities:
- Team A: 60.0% / 102.6% = 58.5% → fair odds of -141
- Team B: 42.6% / 102.6% = 41.5% → fair odds of +141
The market’s true assessment is -141/+141, not -150/+135. The vig inflates both sides.
Why It Matters for Bettors
No-vig odds are the foundation of value betting. By stripping the margin from sharp bookmakers like Pinnacle, you get the market’s best estimate of true probability. You can then compare these fair odds against other sportsbooks to find +EV opportunities.
If a recreational book offers +150 on a team whose no-vig fair odds are +141, you’re getting better odds than the true probability warrants, that’s a value bet.
Applications
- Closing Line Value (CLV), Compare your bet odds against the no-vig closing line to measure your edge
- Power ratings, Use no-vig odds from sharp books as a baseline for your own models
- Odds screening, Tools that flag +EV bets use no-vig lines as the benchmark