How to Use a No-Vig Calculator
A no vig fair odds calculator is used to back out "fair" odds from a market. This tool can be used to compare markets and odds, as well as find the implied win percentages for a given team. If you learn how to calculate fair odds with no vig, or juice, you'll know when your bets are mathematically profitable, positive expected value to sharp bookmakers, such as Circa. The business of sportsbooks is to charge a "spread" on all wagers - the prices they are offering are typically not "fair." This is referred to as the "vig," "juice," or "house edge". Let's say, as an example, the moneyline odds for the Phoenix Suns vs. Boston Celtics is -110 Celtics, -110 Suns. Imagine one bettor places $110 on the Celtics, and another bettor wagers $110 on the Suns. Obviously, one bettor will win, and one will lose. The sportsbook will pay $100 profit ($110 bet at -110 odds) to the winner, and they'll collect $110 from the losing bettor. The sportsbook earns $10 profit, and this is the business model of these companies. Bookmakers attempt to have as many bettors as possible place equal and opposite wagers, so they profit with no risk. Odds are always associated with win probability. Because vig is included in odds means that the resulting associated win probability won’t be “fair” as it will include the vig. An example would be Ohio State is a -180 favorite against Utah, a +155 underdog. Using an odds converter we can get the associated win probabilities for each line - Ohio State should win 64.3% of the time and Utah should win 39.2% of the time. You’ll notice those probabilities add up to 103.5% - which shouldn’t be. That’s because that additional 3.5% is the juice. The no-vig calculator essentially backs out the “fair” odds by backing out the 3.5% from both win probabilities, then finding the odds associated with the now “fair” win probabilities. The “fair” win probability for the above example is that Ohio State should win the game 62.1% (vs 64.3% before) and Utah should win the game 37.9% (vs 39.2% before). You can see that these probabilities now add up to 100%. The “fair” odds for this market would be -163.93/+163.93.
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